Tech company Yoba Smart Money is working with Nets, a European payments services provider, to debut a new payment service for small- to medium-sized businesses (SMBs), according to a press release.
The release stated the partnership will let companies pay costs via a credit card, while accessing on-demand liquidity alongside cost management tools.
Nets will provide the full-scale solution and offer a corporate credit and debit solution using digital services, enterprise card management and security tools, the release stated.
“Nets has the required benefits of scale, modularity and innovative technology and mindset to help us reach our strategic goal of being the smarter way to pay for [SMBs], said Yoba CEO Atte Suominen in the release.
Torsten Hagen Jørgensen, CEO of Issuer and eSecurity Services with Nets, said in the release the company is “looking forward to ensuring improved payment experiences for all Yoba customers in Europe” by using Nets’ digital and open technologies.
The service is expected to launch in 2021 in Luxembourg after regulatory processes, and after that it will be debuted in other European markets, the release stated.
Earlier this month, Nets established an agreement with Italian rival Nexi for an “all-share” merger deal to create a “one-stop-shop” for payments, with better capabilities and more reach overall, offering more products and services and offering a broader exposure to eCommerce, PYMNTS reported. After being bought by Hellman & Friedman in 2017, the company scaled its business and has begun to focus more on eCommerce after a deal with Mastercard.
Also in November, Nexi reached an agreement to merge with its FinTech domestic rival SIA. The $5.4 billion stock deal will create one of Europe’s biggest payment platforms. The deal gives Nexi’s shareholders 70 percent of the combined new company; SIA investors get the remaining 30 percent.
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