The B2B payment deferral platform, born in Amsterdam in 2021, also extends to Spain the goal of conquering the European market and strengthening an alternative financing model, able to mitigate delays, expand the liquidity capacity of companies, manage payments and carry out international transactions without having to rely on different suppliers. His mission, he assures Juan Espinosa, co-founder and CEO of SprinqueIs “Enable merchants to use credit and payments as strategic tools to build a thriving, cross-border business.” The challenge ahead is enormous. “B2B commerce, payments and lending have seen little innovation in the last century.”
Spain ranks second in the world in the list of countries with the greatest growth in digital commerce. According to the latest report from Salesforce, E-commerce increased its activity by 11% in the first quarter of 2023, 19% more than in 2021.
Currently, B2B e-commerce is multiplying the size of B2C e-commerce by five times. Nevertheless, companies face major challenges, such as: B. Delays in collecting invoices. The latest data from the D&B report on the payment behavior of Spanish companies shows that these delays represent a direct cost to the entire Spanish business fabric of 2,974 million euros.
The comprehensive solution Sprinkle responds to these challenges, but also represents a turning point for a booming sector that experts point out will continue to gain ground on traditional banking. In fact, according to the Spanish Factoring Association, one in five euros is already financed through a factoring transaction.
Risk-free and in less than three seconds
Sprinkle offers a financing model that allows e-commerce companies to extend terms to their customers with the option for them to pay between 7 and 90 days later, without taking on additional risks or operating costs.
When shoppers create an account with the merchant or select “pay by invoice,” Sprinque performs a real-time credit and fraud risk assessment – which takes 2.5 seconds. Once the application is approved, Sprinque will issue a revolving line of credit that can be used for multiple purchases. The platform pays the merchant at the time of purchase, eliminating the risk of non-payment and the delay component. The approval rate, which is almost unique in the B2B market, is 95%.
With a deep understanding of B2B commerce, Sprinque’s founding team aims to become the preferred BNPL provider for businesses, helping its customers improve conversion, retention and cash flow by developing targeted products that meet the complexities of eCommerce businesses become.
“With Sprinque we provide cross-border capacities. Our customers implement a single tool to cover all businesses and countries in which they operate, creating a secure, reliable and more profitable international network. We eliminate the friction often associated with international trade. By providing a seamless and trustworthy experience, merchants improve their global reach and maximize their sales opportunities.” insured Jaime de Wenetz, Sprinque country manager in Spain.
Spain, spearhead of Europe
After its success in Holland, Sprinque has chosen Spain as its European hub, aware of the importance of this market (68% of global factoring activity takes place in Europe) and the acceleration that the B2B BNPL (Buy Now Pay) sector is experiencing. will be experienced. Later), better known in our country as “online factoring”.
A trend confirmed by organizations such as the Spanish Factoring Association (2022), which reveals in its latest report that almost 20% of its gross domestic product is financed through a factoring and confirmation operation (F&C), putting Spain 5 points ahead of the average The European Union. Factoring alone, which accounts for 49.5% of all orders, grew by 29% in 2022.
Sprinque’s expansion into Spain comes after a successful start to 2023, which saw the company secure its €6 million seed funding round and acquire a €20 million credit line from Avellinia Capital. “Our goal is to become the reference BNPL provider for B2B, with a simple, digital and secure business model that puts the needs of our customers first.”It says Jaime De Wenetz, country manager of the company in Spain.
