In Spain, Bankia Fintech Venture has signed a participatory loan with Smart Escrow, a startup that specializes in granting and managing loans to suppliers. This was reported by Banking News.
As explained in this medium, Smart Escrow is a project developed by the Flipsimply platform that collaborated on the IV Call from “Bankia Fintech by Innsomnia”.
“”Flipsimply presented a project that evolved into Smart Escrow. a payment management tool geared towards the customer-supplier relationship, ”they explained.
“With this tool, customers can offer their suppliers instant and flexible financing channels at the time of the order. It is located in the communication chain between customer and supplier via the connectors, via which the information from the electronic data interchange (EDI) used between them can be called up. Collection and payment management is done through wallets linked to bank accounts, ”they added later.
In the Banking News article, Ignacio Cea, Corporate Director of Innovation and Cybersecurity at Bankia said: “It is a great achievement to be able to support a startup on its way to becoming a consolidated company in the fintech space in Spain. These companies show us their ability to learn and flexibility in adapting to work in more robust environments like a financial institution like Bankia each year. “
On the other hand, Gregorio López Traviño, CEO of Smart Escrow, also spoke and said: “It is always said that accelerators help you get up, but in our case they acted as an incubator as Smart Escrow is the result of the process with Bankia Fintech and Innsomnia. An idea that was picked up, sketched and tested during the acceleration program and accompanied at all times by Bankia employees who fought for us as if they were part of our team. This is absolutely necessary for a fintech startup to be able to work with a large bank. “
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