WALBING receives payment service licence from BaFin
The B2B fintech company, WALBING, has obtained a Payment Service License from the German Federal Financial Supervisory Authority. This license, only the second of its kind issued in 2023, enables companies based in Germany to provide payment services in accordance with the German Payment Services Supervision Act (ZAG).
The BaFin license marks a significant milestone for WALBING, who facilitates streamlined access to trade finance tools for B2B businesses through its innovative platform and Embedded Finance solutions.
Jörg Hörster, co-founder and CEO of WALBING, comments: “BaFin rightfully sets high standards for its licensees, and we are pleased to have met them. Obtaining the license solidifies our independent position in the market and reinforces our commitment to helping our customers optimize and automate their payment processes.”
WALBING offers straightforward access to trade finance for the global B2B trade, with a particular focus on small and medium-sized enterprises. Established in Hamburg in 2019, WALBING provides FinTech solutions to B2B companies, including B2B marketplaces and platforms that manage capital for trade credit financing as well as risk capacity for trade credit insurance.
Distinguishing itself from other fintechs that provide Buy Now, Pay Later solutions in the B2B sector using their own capital resources, WALBING directly connects numerous capital providers, including private debt and trade receivables funds, with receivables sellers through an AI-supported marketplace and standardised contracts. This approach enables potentially infinite scalability in marketplace orchestration and real-time matching for immediate trade credit financing and insurance decisions at the point of sale or checkout.
Regarding its unique digital trade credit insurance solution, WALBING has secured esteemed partners such as Aon One Underwriting as a managing general agent, and Great Lakes Insurance of Munich Re as the first participating trade credit insurer. As a pioneer in trade payments, WALBING will also soon introduce its Track & Pay solution. This innovative product replaces the Letter of Credit and, utilizing Internet-of-Things technology trackers, allows trading partners to automate payments based on location and transport conditions. The implementation of Track & Pay is a collaboration with Lufthansa Industry Solutions.