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La Hulpe, Belgium – 25 January, 2023, 8.00 a.m. CET - Banqup Group (Euronext: UPG) announces a strategic partnership with Munich Re, acting through Talaria One DAC, to provide invoice financing to the users of Banqup’s SME platform Banqup.
Banqup, market leader in electronic invoicing (e-invoicing) solutions, and Munich Re, one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions and acting through the Ireland-based Talaria One DAC, will co-create a functionality integrated in Banqup’s SME platform Banqup. This allows users to get their outstanding invoices paid immediately and in this way unlock liquidity for the SME. As Munich Re’s insurance expertise and financial capacity are combined with Banqup’s technology and customer base, the synergies for this partnership are significant. The first launch will be done in Germany with the short-term ambition to expand the functionality to multiple countries Banqup is operating in.
Banqup and Talaria One DAC signed the cooperation agreement on 24 January 2023 and plan to kick off the integration in the second quarter of 2023.
Commenting on this strategic partnership, Hans Leybaert, CEO and founder of Banqup, stated:
“This kind of invoice-to-cash solutions are often not accessible for SMEs, however the latter do experience working capital constraints even more than mid and large enterprises. We are proud to close this partnership with TALARIA ONE DAC. Our strengths and common values complement each other and form the basis for a successful cooperation.”
Andreas Moser, Head of Embedded Trade Finance Solutions at Munich Re:
“Considering these challenging times, small and medium sized businesses currently demand for flexible financing solutions and financial security. Our invoice-to-cash solution does both by increasing liquidity and protecting businesses against non-payment of invoices. We believe that the most user friendly way to offer such a solution, is embedding it into existing platforms used by small and medium sized businesses. Today, Banqup already connects a very large number of small and medium sized business all over Europe with their clients and suppliers. Therefore it is an ideal partner for a seamless integration of our invoice-to-cash solution.”
About Banqup Group
Banqup is a leading cloud-based platform for SME business services built on “Documents”, “Identity” and “Payments”. Banqup operates and develops a 100% cloud-based platform for administrative and financial services that allows real-time and seamless connections between Banqup’s customers, their suppliers, their customers, and other parties along the financial value chain. With its one-stop-shop solutions, Banqup’s mission is to make administrative and financial processes simple and smart for its customers. Since its founding in 2001, Banqup has grown significantly, expanding to offices in 32 countries, with more than 500 million documents processed in 2021, reaching over 1,600,000 SMEs and more than 2,500 Corporates across its platform today.
Noteworthy facts and figures:
Established in 2001, with a proven track record
2021 turnover €171 million
1400+ employees
Diverse portfolio of clients across a wide variety of industries (banking, leasing, utilities, media, telecommunications, travel, social security service providers, public organisations, etc.) ranging from large internationals to SMEs
Banqup Payments, a fully owned subsidiary, is recognised as a payment institution by the National Bank of Belgium
Certified Swift partner
International M&A track record
Listed on the regulated market of Euronext Brussels, symbol: UPG
(*) Warning about future statements: The statements contained herein may contain forecasts, future expectations, opinions and other future-oriented statements concerning the expected further performance of Banqup Group on the markets in which it is active. Such future-oriented statements are based on the current insights and assumptions of management concerning future events. They naturally include known and unknown risks, uncertainties and other factors, which seem justified at the time that the statements are made but may possibly turn out to be inaccurate. The actual results, performance or events may differ essentially from the results, performance or events which are expressed or implied in such future-oriented statements. Except where required by the applicable legislation, Banqup Group shall assume no obligation to update, elucidate or improve future-oriented statements in this press release in the light of new information, future events or other elements and shall not be held liable on that account. The reader is warned not to rely unduly on future-oriented statements.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance- related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2019 Pacific typhoon season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyberattacks. Munich Re is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
Disclaimer Munich Re
This media release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of Munich Re. Munich Re assumes no liability to update these forward-looking statements or to make them conform to future events or developments.
Information correct as of press release publish date 25th January 2023.