Today in FinTech: BNPL Without Banks

In today’s FinTech news, Factris uses its latest funding to strengthen its efforts to help smaller companies with cash flow problems due to late invoice payment. In addition, Apple uses its own money to fund its purchase now, Pay Later (BNPL) venture Apple Pay Later.

Factris secures € 10 million to finance invoices for European SMEs

Start-up of small businesses with working capital Facts will use €10 million ($ 10.6 million) raised to grow its company that offers capital to small and medium-sized enterprises (SMEs) in Europe.

The Amsterdam-based startup relies on factoring to get small businesses money on unpaid invoices quickly, instead of having to wait 30 days or longer. Factris, which expanded to Poland and Belgium in the first quarter of this year, works with SMEs in five EU countries.

Apple Ditching Banking Partners in BNPL Scheme

Apple’s BNPL product Apple Pay Later handles the lending aspect itself and uses its own balance sheet instead of collaborating with a bank. By maintaining control over underwriting and lending through the Apple Financial subsidiary, it will earn brokerage fees from each transaction and control the data.

Backbase raises $ 128 million from Motive Partners to increase engagement banking

The investment banking platform Backbase spends $ 128 million it secured in growth stock financing to expand the company’s position in the commitment banking area and “take it to the next level.” The company has a valuation after financing of 2.66 billion dollars.

Western Union collaborates with Mambu for European Digital Banking

The cloud banking platform Mambu and the global money transfer giant Western Union are working together to deliver digital banking products to Europe.

Using Mambus technology, Western Union’s digital banking app WU + will be able to integrate more functions to facilitate money movement, card handling and transaction activity.

Klar raises $ 90 million to promote digital consumer finance in Mexico

Start-up of digital financial services Klar uses its new capital to expand its platform and create solutions that will be tailored to the people of Mexico.

Klar provides financing solutions for consumers, including credit, mobile payments, a rewards program, personal loans, pay advances and BNPL services. The start-up said that 40% of their customers are first-time users of digital banking services and 50% of the population are without a bank.