This license, only the second of its kind issued in 2023, enables companies based in Germany to provide payment services in accordance with the German Payment Services Supervision Act (ZAG). The BaFin license marks a significant milestone for WALBING, who facilitates streamlined access to trade finance tools for B2B businesses through its innovative platform and embedded finance solutions.
Expressing his thoughts on this milestone, Jörg Hörster, co-founder and CEO of WALBING, said that BaFin rightfully sets high standards for its licensees, and they are pleased to have met them. Obtaining the license solidifies their independent position in the market and reinforces their commitment to helping customers optimise and automate their payment processes.
WALBING offers easy access to trade finance for the global B2B trade, with a particular focus on SMEs. Established in Hamburg in 2019, WALBING provides fintech solutions to B2B companies, including B2B marketplaces and platforms that manage capital for trade credit financing as well as risk capacity for trade credit insurance.
Distinguishing itself from other fintechs that provide Buy Now, Pay Later (BNPL) solutions in the B2B sector using their own capital resources, WALBING directly connects numerous capital providers, including private debt and trade receivables funds, with receivables sellers through an AI-supported marketplace and standardised contracts. This approach enables potentially infinite scalability in marketplace orchestration and real-time matching for immediate trade credit financing and insurance decisions at the point of sale or checkout.
Regarding its unique digital Trade Credit Insurance solution, WALBING has secured partners such as Aon One Underwriting as a managing general agent, and Great Lakes Insurance of Munich Re as the first participating trade credit insurer. As a pioneer in trade payments, WALBING will also soon introduce its Track & Pay solution. This innovative product replaces the Letter of Credit and, utilizing Internet-of-Things technology trackers, allows trading partners to automate payments based on location and transport conditions. The implementation of Track & Pay is a collaboration with Lufthansa Industry Solutions.
WALBING simplifies access to trade finance by eliminating liquidity barriers imposed by conventional banks and factoring companies. To orchestrate the required capital and capacity for its B2B solutions, WALBING operates an AI-supported marketplace for institutional investors and participating trade credit insurers.
With WALBING Cash Direct, B2B companies can effortlessly finance their receivables through the WALBING Marketplace. Through WALBING Cash Embed, B2B Marketplaces can offer their customers receivable financing via a single API integration. WALBING Pay Later and WALBING Pay Guard are Buy Now, Pay Later solutions for B2B online shops, based on receivable financing or trade credit insurance at the point of sale, respectively. WALBING Track & Pay replaces the cumbersome Letter of Credit using IoT trackers to monitor shipments and automatically trigger trade payments once delivery conditions are fulfilled.
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