Basware introduces a new company with Arrowgrass Capital Partners LLP for immediate access to short-term working capital

2 November 2015

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Virtaus is a provider of smart financing for today’s digital and networked economy

LONDON, UK, November 2, 2015 Basware, the leading provider of e-invoicing and purchase-to-pay solutions, and Arrowgrass Capital Partners LLP (“Arrowgrass”), a European focused alternative asset manager, have today announced the introduction of a new company, Virtaus. Virtaus is a provider of smart financing for today’s digital and networked economy, providing businesses of all sizes with online and immediate access to short-term working capital.

Esa Tihilä, CEO, Basware, comments: “Paying invoices or getting them paid on time is a challenge for many companies, especially for small and medium enterprises (SMEs). The benefits of offering real-time and flexible financing alternatives impacts both suppliers and buyers, improving their bottom line and empowering companies of all sizes to optimize cash and working capital, which enables further investment and potential growth. Virtaus, the financing engine and joint venture between Basware and Arrowgrass, has been created to offer financing across the open Basware Network, connecting over 1 million organizations globally today, offering a fresh, easy and online alternative to traditional lending options.

Henry Kenner, CEO, Arrowgrass Capital Partners, comments: “Arrowgrass’ strategic partnership with Basware and the launch of Virtaus aim to solve the problem of businesses not having immediate access to short-term working capital. The financing solutions that will be provided by Virtaus, in essence, aim to be simple and easy to deal with, open and transparent in their approach, and able to make funds available in an instant, not days or weeks. The joint technology platform and real-time risk engine enable us to offer lending that is at once flexible, highly competitive and responsible.

Virtaus enables any B2B network such as the Basware Network to offer innovative new financing services. Basware Advance – the first innovation of Virtaus – is a new, powerful online solution that allows small and medium enterprises to receive early payment for invoices and to gain better control and management of their cash flow. Basware Advance gives SMEs timely access to robust financing options, offering companies the liquidity they need to maintain a stable cash flow. It is a global solution that will be available initially in the UK in early 2016.

Basware and Arrowgrass announced the signing of an agreement in March 2015 under which the parties agreed to jointly develop Basware Advance and to connect businesses with the financing engine now called Virtaus. Virtaus is a joint venture between the two companies, based in the UK. It manages Basware Advance and will develop other new smart financing innovations. Basware Advance is the latest innovation in Basware’s Financing Services product suite, following previous launches of Basware Pay and Basware Discount.

More information:
Basware Financing Services: www.basware.com/financing-services

For more information on Basware Advance, please sign up at: www.basware.com/basware-advance-signup

About Basware
Basware is the global leader in providing purchase-to-pay and e-invoicing solutions in the world of commerce. We empower companies to unlock value across their financial operations by simplifying and streamlining key financial processes. Our Basware Network, the largest open business network in the world, connects 1 million companies across 100 countries and enables easy collaboration between buyers and suppliers of all sizes. Through this network, leading companies around the world achieve new levels of spend control, efficiency and closer relations with their suppliers. With Basware, businesses can introduce completely new ways of buying and selling to achieve significant cost savings and boost their cash flow.

Find out how Basware helps money move more easily and lets commerce flow at www.basware.com.

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About Arrowgrass
Arrowgrass Capital Partners LLP is a London headquartered alternative asset manager. Arrowgrass has more than 100 employees operating from offices in London and New York, and has approximately €4.5B in AUM.

Contacts:

Basware:

Sirje Ahvenlampi-Hyvönen
Communications Director
sirje.ahvenlampi@basware.com, tel. +358 50 557 3822

Arrowgrass:
Nick Lord
Communications Consultant
nick.lord@arrowgrass.com, tel. +44 7408 876357

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