Advanon partners with Wirecard to launch online factoring platform in Germany

Wirecard Banks offers Advanon’s its full bank licence and assumes responsibility for payment processing.

Advanon offers pre-financing invoicing by buying all of a companys receivables against third parties and settles the outstanding amount in real-time. Advanons online factoring platform is an online marketplace where SMEs can secure funding from investors for outstanding customer invoices in real-time.

In 2016, the German factoring industry recorded turnover of approximately EUR 216.9 billion. Nearly 30,000 customers took advantage of factoring for funding purposes as an alternative to short-term bank loans. This represents a year-on-year increase in customers of around 33.8% in 2015.

Wirecard is a global technology group that supports companies in accepting electronic payments from all sales channels. You can view Wirecard’s full profile by visiting our online payments company database.