Yoba Smart Money, a Luxembourg-based fintech company that specializes in cloud-based financial services to Small and Medium-sized Enterprises, has announced a partnership with Nets, a Danish paytech firm, which operates digital payment processing solutions. Together they will provide credit, debit facilities, and digital financial services to SMEs.
Photo: Atte Suominen, Chief Executive Officer of Yoba Smart Money / Credits © Yoba
Yoba will provide its customers with on-demand liquidity and payment products, including a credit and debit card. Nets will provide corporate credit and debit card solutions such as e-bill payments, instant payments, digitized services, and e-security solutions.
Yoba’s offering is yet to receive approval from the Commission de Surveillance du Secteur Financier (CSSF) – Luxembourg’s financial regulator.
The fintech company plans to launch its service in 2021, first in Luxembourg, followed by other European markets.
Yoba Smart Money aims at offering financial solutions to SMEs that struggle to find financial solutions and face slow onboarding, lack of innovation in payment solutions, difficulty in access to liquidity, or non-transparent foreign exchange pricing from the traditional banking sector.
Founded in February 2016 Nets A/S specializes in card payment, invoice handling, credit transfer transactions, and merchant services. Headquartered in Copenhagen, Nets serves merchants, corporates, banks, and issuers; it employs over 4,000 people.