Eurowag enters into a strategic partnership with JITpay™ Group
W.A.G payment solutions plc ("Eurowag"), a leading pan-European integrated payments & mobility platform focused on the commercial road transportation (“CRT”) industry, has entered into a strategic partnership with JITpay™ Group (“JITpay”), a Germany-based payment service provider specialising in the logistics industry. This move will allow Eurowag to expand its product portfolio by offering invoice discounting, digitalised billing and receivables managementsolutions. As part of the strategic partnership, Eurowag has acquired a minority stake in JITpay, with the flexibility for a potential increase of its ownership over time subject to regulatory approvals.
Eurowag’s customers will gain access to JITpay’s market leading invoice discounting and management products, expanding a key pillar of its payment and mobility platform. JITpay's proprietary technology will also enable Eurowag to further improve the efficiency of the CRT industry. In addition, the move will strengthen Eurowag's presence in Germany, the largest trucking market in Europe.
Martin Vohánka, Chief Executive Officer of Eurowag, commented:
“We are delighted to form this strategic partnership with JITpay. It will allow us to offer critically important financing solutions to our customers and strengthen our position in Germany. We look forward to working with JITpay’s team and we believe that with JITpay’s invoice discounting and management capabilities combined with our industry leading platform, Eurowag is well placed to scale new heights.”
Dr. Daniel Steinke, Chief Executive Officer of JITpay, added:
“Our customers are at the forefront of all our considerations, and we are pleased that they will now have access to Eurowag’s unrivalled range of integrated end-to-end payment and mobility solutions and industry leading platform. It is an exciting milestone in our development joining forces with such an established and well-known market player, and together we can further drive digitalisation and increase efficiency across the CRT industry.”
Head of Investor Relations
Tim McCall, Galyna Kulachek, Bryn Woodward
IR and international media
Eurowag was founded in 1995 and is a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry. Eurowag’s innovative solutions make life simpler for small and medium businesses in the Commercial Road Transportation industry across Europe through its unique combination of payments solutions, seamless technology, a data-driven digital eco-system and high-quality customer service.
JITpay™ is a fast-growing payment service provider specialising in the logistics industry, founded in 2016. The core product and revenue driver is its own fully digital, BaFin-regulated factoring company. In an ecosystem, JITpay™ offers supplementary services together with partners and combines these intelligently with the core product of factoring. As of August 2022, JITpay™ has around 100 employees and more than 1.800 customers throughout Europe rely on the services of JITpay™. Target customers are small and medium-sized transport companies in Europe. More information: www.jitpay.eu