Bizcuit and Rabobank to offer embedded lending

Friday 7 October 2022 10:54 CET | News

Bizcuit, a Netherlands-based financial administration company, and Rabobank have partnered to offer businesses integrated invoice financing.

Small business owners can immediately see how much finance they can receive and apply for it within one minute, without having to make a step out from their Bizcuit business app. Rabobank is one of the first banks in Europe to offer this facility in an integrated form.

Once a business owner sees that its cash flow is insufficient, pre-financing an invoice becomes an option. From now on, applying for Invoice Financing can be done entirely in the Bizcuit small business app. Business owners don’t have to go to a bank branch or website to make a separate application. The necessary data needed for financing is automatically collected by Bizcuit, with the consent of the business owner, and sent along with the application. This way, a financing request can be made within one minute. Once the application is approved, the business receives an offer. After its approval, the money is wired to the account within 24 hours.

New bank links, new services

Bizcuit uses all three available Rabobank accounting links. These accounting links ensure that data is displayed in real time. Previously, bank data was only updated daily. Bizcuit, following several accounting software providers, is one of the first platform partner to use this new bank link. Business owners choose what best suits their business needs.

Bizcuit, a Netherlands-based financial administration company, and Rabobank partner to offer businesses integrated invoice financing.

In August 2022, Rabobank discontinued its bank link and replaced it with the PSD2 link and the Rabo Accounting Link. They use the bank link to automatically import bank mutations into administrations. Through the PSD2 link, customers authorise Rabobank to send information from their bank account to their records in Exact Online. This permission can also be withdrawn at any time.

Bizcuit bundles services relevant to entrepreneurs in one single app. From banking, scanning, and recognising documents, creating and sending sales invoices, approving and paying purchase invoices to making batch payments from linked accounting software platforms. Receipts, invoices, and bank transactions are automatically delivered to the accountant.

Embedded lending

Embedded lending refers to a financial service embedded into non-financial products, thereby removing the need for using third parties. The embedding is invisible and offers a simpler lending experience to the users in a few clicks. It saves the costly infrastructure as it happens at the backend with simple Application Programming Interface (API) calls.

The entire lending ecosystem becomes lighter as the reliability of many participants like a lender, banking institutions are reduced. Credit risks are almost zero as the lender has access to the customer’s credit history and spending pattern. Based on these analytics, the lender can set the amount to be disbursed as a loan. They can further use these analytics to offer attractive rewards as an incentive. It also narrows down the gap between businesses and consumers.

Financial services are no longer seen as a standalone domain. It has now become the kith and kin of all the businesses that focus on sales.

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Keywords: partnership, product launch, embedded finance, e-invoicing, banks
Categories: Banking & Fintech
Companies: Bizcuit, Rabobank
Countries: Netherlands
This article is part of category

Banking & Fintech




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