Basware has emerged in the last six months as a leading digital cash flow management service for business across the globe through both corporate and government partnerships. Now, the company has announced a new partnership to expand its already extensive e-financing services.
Basware gave notice of its latest partnership with Arrowgrass Capital on Thursday (March 12), revealing plans of a joint venture to develop a new e-invoicing financing service. That product, Basware said, would be supplier-driven to facilitate cash flow management and working capital, the firm said.
Together, Basware and EU asset manager Arrowgrass have reportedly established a new entity for the project, which aims to release the new financing service globally by the end of the year. The initiative will remain within Basware’s Financing Services portfolio, the companies said.
The company announced their partnership on the NASDAQ stock exchange and did not include any financial details or executive insight into the deal.
Basware has been quite busy in recent months in terms of developing and strengthening its B2B financing services offerings. By the time the company had welcomed a new chief financial officer last November, Basware had become the first service provider to integrate into Belgium’s Federal Government e-procurement system, known as Mercurius.
Just last month, the company revealed a collaboration with ING to curb late-payments to small vendors.