Eurobits and Spanish non-bank financing company Borrox will work together to facilitate the financing of SMEs and freelancers with the electronic billing service of Eurobits.
Although founded in March 2017, Borrox's founding team has successfully implemented and managed projects for more than ten years thanks to its innovative technology and know-how in the non-bank financing sector. Borrox differentiates from the rest of the companies in the sector thanks to powerful predictive algorithms and invoice management, creating a user-oriented platform.
The Borrox team is made up of professionals who come from commercial banking and investment, as well as consultancies and large corporations which allows having a global vision of the alternative financing business.
Invoices in advance and discounts of promissory notes
Among the services offered by Borrox are discounts on invoices and promissory notes with a series of principles that differentiate the company from many others in the sector. Borrox is committed to transparency, efficiency, commitment, and innovation.
In the case of the invoices in advance, Borrox offers the possibility of advancing the collection of invoices, through short-term financing, to be able to collect these invoices without having to wait for their expiration. This service allows SMEs and freelancers to have access to finance while covering the potential risk of default by their customers. It also allows the possibility of facilitating the tasks of collection management. When Borrox transfers the loan, they will be in charge of the collection management of the invoices.
On the other hand, the discount of promissory notes allows advancing the collection of promissory notes and direct deposit payments. This service enables discounting the financial effects of a company in an agile and transparent way, without tedious procedures. SMEs and freelancers can access these services within 24 hours.
An important agreement
For Eurobits, this agreement is a great opportunity. Through the electronic billing service of Eurobits, Borrox will be able to offer its clients and users an alternative for the financing of SMEs and freelancers in a simple, agile and online way. Both Eurobits and Borrox customers can benefit from this new service starting next autumn 2018.