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The assault on credit cards just won’t stop.
B2B fintech companies MSTS and Apruve announced Wednesday a payment process obviating the need to leverage capital and resources to provide credit and payment terms.
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“The solution makes extending a credit line as easy as accepting a credit card,” Apruve CEO Michael Noble said in a statement.
The new service enables automated instant credit approval, buyer onboarding, billing, customer service and collections services while allowing business clients to eschew the high transaction fees of credit cards.
“Both companies have a strong belief that credit cards are not the smartest credit option for B2B companies,” MSTS President Brandon Spear said in a press release.
Underwriting nearly $4 billion in annual transactions, MSTS is expected to increase the lending capacity of Apruve’s clients through its credit-as-a-service platform.
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Apruve's Noble said the company is excited to partner with MSTS.
"... They bring established business intelligence processes to drive faster credit automation, proven credit management practices and a significant track of success,” Noble said. “With major retailers and manufacturers as customers, MSTS has enterprise-level SLA’s in place and can also meet the needs of smaller, B2B suppliers looking to grow their business.”
The team said they're collaborating on a solution for an unidentified online retailer to be released early this year.
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Apruve CEO Michael Noble. Courtesy photo.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.