Traxpay, a Frankfurt-based fintech firm, has signed a new agreement to secure an investment from Deutsche Bank.
The financial details of the investment were not divulged by the German lender.
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Traxpay offers a software-as-a-service platform to help companies manage their cash flow. According to the website, companies use Traxpay financing platform to provide its suppliers access to dynamic discounting, reverse factoring and factoring solutions.
Following the investment, Deutsche Bank plans to use Traxpay platform to expand its supply chain finance offering.
On the other hand, the agreement expands Traxpay’s shareholder circle as the company aims to attract more banks to join its platform.
Deutsche Bank Trade Finance and Lending global head Daniel Schmand said: “The current crisis acts like a catalyst to the market. Numerous companies are reviewing their strategic relations with their suppliers and are identifying substantial potential in terms of financing.
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By GlobalData“Recent developments we’ve seen as a result of Covid-19 show how important liquidity is for our clients. With Traxpay we have an experienced partner with a good track record. We can work with them to offer our clients further solutions in this area.”
Traxpay founder and CEO Markus Rupprecht said: “With Deutsche Bank, we have gained a strategic investor with a leading role in supply chain financing across the globe.”
In April, Deutsche Bank launched a new instant payments service PromptPay in Thailand.
