The Luxembourg-based technology company partners with the US digital payment group for credit card services to European SMEs.
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“Yoba Smart Money is planning to launch a new VISA credit card for Small and Medium-sized Enterprises,” the fintech company said in a recent press release.
The startup specializes in cloud-based financial services to SMEs. Its partnership with the US digital payment group will allow its corporate customers to pay their business costs and to benefit from financial management services via Yoba’s online platform.
The project is yet to receive approval from the Commission de Surveillance du Secteur Financier (CSSF) – Luxembourg’s financial regulator. The service is due to be launched in 2021, first in Luxembourg, followed by other European markets.
“VISA and Yoba can together provide a very competitive payment and on-demand liquidity solution for SMEs,” said Atte Suominen, CEO of Yoba. “Entrepreneurs and companies will be able to benefit from the same convenience, security, and near-instantaneous speed that has been so valuable to consumers during 2020”.
Yoba 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.
Last November, Yoba Smart Money signed off a partnership on credit, debit facilities, and digital financial services to SMEs with Nets, a Danish pay-tech firm which operates digital payment processing solutions.