sennder enters partnership with FinTech JITpay™
● sennder and JITpay™ have formed a partnership to digitally fast track payments in the freight industry
● The two companies have developed a product for carriers that simplifies the invoicing process and significantly shortens payment times
● sennder and JITpay™ are helping carriers strengthen their cash-flow and liquidity during the challenging economic environment caused by the COVID-19 pandemic
Berlin, 3 September 2020 - sennder, Europe’s leader in the digitalization of road freight transport and JITpay™, a German-based FinTech provider of accounting, claims management and financing solutions to the logistics sector, jointly announce a new strategic and commercial partnership.
Through this partnership, the two companies have developed a new invoice-factoring product for carriers in Germany and Poland that simplifies the invoicing process and pays carriers within 24 hours of them submitting an invoice.
sennder is already offering a fast payment option to carriers when they are driving directly for sennder. But, many carriers in the industry are faced with long, manual processes to onboard new customers to their factoring arrangements – often requiring in-person meetings with numerous third parties.
Now, sennder and JITpay™ are providing a fully digital invoice-factoring solution that gives carriers the ability to register their clients to a centralized invoicing system in only 15 minutes. The service is low cost, cutting down on third party expenditure, and has no minimum amount or shipping volume.
A timely solution
Many small and medium-sized transport companies often operate with long payment terms and with the risk of customer defaults, so cutting payment times is an attractive proposition. Strong financial liquidity and access to cash is vital for small and medium-size businesses, particularly in the current economic environment. The ability of sennder and JITpay™ to provide access to invoice factoring through an entirely digital process and in less than 24 hours is a unique offering to the logistics sector.
Collaboratively driving digitization
The partnership is a natural fit, both sennder and JITpay™ share the commitment to drive digitalization of the logistics sector. This new product has been created collaboratively, with sennder providing counsel on the practical challenges the carriers face and JITpay™ using its in-depth technological and financial knowledge to assemble the product.
Felix Hellmann, Head of Services at sennder, says: “We are delighted to offer our carriers greater flexibility over their payment terms at such a critical time. The industry has gone through a turbulent time over the past five months. The digitalization of the industry is now more important than ever. We are pleased to partner with JITpay™, providing an innovative invoicing and payment solution which makes life easier for carriers.”
Dr. Daniel Steinke, CEO at JITpay™, says: “We are pleased to be working with sennder to collaboratively help digitalize the logistics industry. Payments play a key part in this and we look forward to expanding our solution across Europe later this year.”
Initially, the service will be available for transport carriers in the Polish and German markets. Broader rollout across the European market is expected later in the year.
About sennder GmbH
sennder was founded in 2015 by David Nothacker, Nicolaus Schefenacker and Julius Köhler and is now the leading digital European freight forwarder that connects commercial shippers with small trucking companies. As a data-based company, sennder contributes to a fit for the future logistics industry and ensures transparency and efficiency within the procurement and distribution of cargo.
sennder manages over 10.000 trucks across Europe with a 400-people strong team. Through their in-house developed technology, sennder primarily focuses on route optimization and reducing empty load kilometers and downtimes.
sennder is backed by Accel, Lakestar, HV Holtzbrinck, ProjectA, Next47, Scania Growth Capital, and Perpetual. Additionally, sennder joined forces with industry champions Scania and Siemens to assure innovation and state of the art offerings.
For further information, please visit us on our website and LinkedIn.
JITpay™ is a rapidly growing payment service provider specialising in the logistics sector. Founded in 2016, JITpay™ GmbH digitalises and bundles the billing and payment processes in logistics. As part of the central accounting system (ZAL®), JITpay™ handles the accounting of all logistics costs for shippers, freight forwarders and transport companies. JITpay™ combines central invoicing with a specially developed (reverse) factoring programme, which enables immediate payment of service providers as well as flexible payment terms for their customers.