Bankia Fintech Venture signed a participation loan with the startup Smart Escrow9. November 2020
Smart Escrow is a startup that specializes in granting and managing supplier credit
In Spain, Bankia Fintech Venture has signed a participating loan with Smart Escrow, a startup that specializes in granting and managing supplier credit. This was reported by Noticias Bancarias.
As explained in that media, Smart Escrow is a project developed by the Flipsimply platform, which collaborated in the IV Call of „Bankia Fintech by Innsomnia“.
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„Flipsimply presented a project that evolved into Smart Escrow, a payment management tool aimed at the customer-supplier relationship,“ they explained.
„This tool allows customers to offer immediate and Crypto Bull flexible financing channels to their suppliers at the time of the order. It is located in the communication chain between customer and supplier by means of connectors, which allow information to be obtained from the electronic data interchange (EDI) used between them. The management of collections and payments is carried out by means of wallets associated with bank accounts,“ they later added.
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According to the article in Noticias Bancarias, Ignacio Cea, corporate director of Innovation and Cybersecurity at Bankia, said: „It is a great success to be able to support a startup on its way to becoming a consolidated company in the fintech field in Spain. Every year, these companies show us their capacity for learning and their flexibility in adapting to work in more robust environments, such as a financial institution like Bankia“.
On the other hand, Gregorio López Traviño, who is CEO of Smart Escrow, also spoke and said: „It is always said that accelerators help to take off, but in our case they have acted as an incubator, since Smart Escrow is the result of the process with Bankia Fintech and Innsomnia. An idea that was taken up, outlined and tested during the acceleration programme and accompanied at all times by Bankia staff, who have fought for us as if they were part of our team. For a Fintech startup to be able to work with a large bank, that is absolutely necessary“.