Virtaus is a provider of smart financing for today’s digital and
networked economy
Basware,
the leading provider of e-invoicing and purchase-to-pay solutions, and
Arrowgrass Capital Partners LLP (“Arrowgrass”), a European focused
alternative asset manager, have today announced the introduction of a
new company, Virtaus. Virtaus is a provider of smart financing for
today’s digital and networked economy, providing businesses of all sizes
with online and immediate access to short-term working capital.
Esa Tihilä, CEO, Basware, comments: “Paying invoices or getting them
paid on time is a challenge for many companies, especially for small and
medium enterprises (SMEs). The benefits of offering real-time and
flexible financing alternatives impacts both suppliers and buyers,
improving their bottom line and empowering companies of all sizes to
optimize cash and working capital, which enables further investment and
potential growth. Virtaus, the financing engine and joint venture
between Basware and Arrowgrass, has been created to offer financing
across the open Basware Commerce Network, connecting over 1 million
organizations globally today, offering a fresh, easy and online
alternative to traditional lending options.”
Henry Kenner, CEO, Arrowgrass Capital Partners, comments: “Arrowgrass’
strategic partnership with Basware and the launch of Virtaus aim to
solve the problem of businesses not having immediate access to
short-term working capital. The financing solutions that will be
provided by Virtaus, in essence, aim to be simple and easy to deal with,
open and transparent in their approach, and able to make funds available
in an instant, not days or weeks. The joint technology platform and
real-time risk engine enable us to offer lending that is at once
flexible, highly competitive and responsible.”
Virtaus enables any B2B network such as the Basware Commerce Network to
offer innovative new financing services. Basware Advance – the first
innovation of Virtaus – is a new, powerful online solution that allows
small and medium enterprises to receive early payment for invoices and
to gain better control and management of their cash flow. Basware
Advance gives SMEs timely access to robust financing options, offering
companies the liquidity they need to maintain a stable cash flow. It is
a global solution that will be available initially in the UK in early
2016.
Basware and Arrowgrass announced the signing of an agreement in March
2015 under which the parties agreed to jointly develop Basware Advance
and to connect businesses with the financing engine now called Virtaus.
Virtaus is a joint venture between the two companies, based in the UK.
It manages Basware Advance and will develop other new smart financing
innovations. Basware Advance is the latest innovation in Basware’s
Financing Services product suite, following previous launches of Basware
Pay and Basware Discount.
More information:
Basware Financing Services: www.basware.com/financing-services
For more information on Basware Advance, please sign up at: www.basware.com/basware-advance-signup
About Basware
Basware is the global leader in providing purchase-to-pay and
e-invoicing solutions in the world of commerce. We empower companies to
unlock value across their financial operations by simplifying and
streamlining key financial processes. Our Basware Commerce Network, the
largest open business network in the world, connects 1 million companies
across 100 countries and enables easy collaboration between buyers and
suppliers of all sizes. Through this network, leading companies around
the world achieve new levels of spend control, efficiency and closer
relations with their suppliers. With Basware, businesses can introduce
completely new ways of buying and selling to achieve significant cost
savings and boost their cash flow.
Find out how Basware helps money move more easily and lets commerce flow
at www.basware.com.
www.twitter.com/basware
www.facebook.com/BaswareCorporation
www.linkedin.com/company/basware
About Arrowgrass
Arrowgrass Capital Partners LLP is a London headquartered alternative
asset manager. Arrowgrass has more than 100 employees operating from
offices in London and New York, and has approximately €4.5B in AUM.
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