Isabel Group, which provides B2B banking access, identity, payment, and invoicing flows, has purchased French cash collection solution Clearnox for an unknown sum.
The acquisition is part of the Belgian fintech’s strategy to further bolster its position in the home market and accelerate its European expansion.
Clearnox is a cloud service that enables efficient cash collection through tracking, dunning, and payment of invoices.
The service, which is said to manages the daily reminders of over 120,000 companies, has existing partnerships with software providers SAGE and CEGID.
According to Isabel Group CEO Jean Crane, Clearnox fits perfectly into the range of services offered by Isabel.
Crane said: “During this pandemic, payment terms were delayed by up to 18.6 days, compared to 10.9 days before. The follow-up of unpaid invoices is key to improve the cash flow of companies.
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“We therefore wanted to offer a reliable, automated and collaborative solution to complete our value proposition in the order-to-cash chain.”
Clearnox president and founder Mathias Eleaume said: “Our cloud solution answers a major challenge companies face: a timely payment of their invoices. By improving the visibility, collaboration and communication around cash collection we reduce the payment delay with 50% and thus optimize the organization’s cash flow.
“As part of Isabel Group, we benefit from 25 years of expertise and a greater force to expand our solution and reach.”
European growth strategy
Isabel started its global expansion in the last few years. The company first made its entry Luxembourg by marketing its products in the country. It later expanded to the Netherlands securing several partnerships for its Ponto solution.
Ponto transfers banking information and initiates payments directly from its partners’ solutions for over 650 European banks.
The latest acquisition accelerates the company’s European growth strategy, starting in France.