Brunswick/London, 30 September 2022 – The logistics payment services company JITpay™ is bringing a strategic partner on board, taking the next step in its growth towards becoming the leading digital billing and payment services provider for the SME logistics sector in Europe. The far-reaching cooperation with the Czech company W.A.G payment solutions plc (Eurowag), a leading pan-European payment and mobility platform with a focus on commercial road transport, has been agreed. Eurowag is listed on the London Stock Exchange. The first sub-projects, such as integration of the first JITpay™ services into the Eurowag ecosystem, are to be implemented this year. The partners are combining their proven strengths in the area of en-route supply (Eurowag) and financial services (JITpay™) for transport operators, with both companies already leading their respective markets.
The goal of the partnership is to create a comprehensive digital ecosystem for transport companies
JITpay™ is thus expanding its powerful offering. The partnership is reinforced by Eurowag taking an equity stake in JITpay™ in the single-digit percentage range. Further details of the agreement remain undisclosed. Volksbank eG Braunschweig Wolfsburg (Brawo) continues to hold over 20 percent of JITpay™ as a long-standing anchor investor.
Together, JITpay™ and Eurowag want to build a comprehensive digital ecosystem for small and medium-sized transport companies. “In the medium term, we will jointly create a new, digital industry standard for companies in the logistics sector. By entering into this strategic partnership, we are focusing on the systematic expansion of our market position in Europe,” said Dr Daniel Steinke, CEO and founder of JITpay™. “We want to become Europe’s leading settlement and payment service provider in the logistics industry.” Martin Vohánka, CEO and founder of Eurowag, emphasised: “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.”
JITpay™ brings digitisation expertise to the partnership
JITpay™, which also has locations in Basel/Zurich (Switzerland), Wroclaw (Poland) and Bucharest (Romania), acts as a trusted partner to logistics companies. Specifically, it undertakes and digitises the complete service settlement between the client and the contractor and combines this with a specially developed factoring programme that enables immediate payment of the contractors as well as flexible payment terms for the clients. JITpay™ stands for just-in-time-pay. Headquartered in Brunswick, Germany, the company is primarily bringing its digitisation know-how to the partnership. Eurowag specialises in cashless en-route supplies, including fuel, tolls and VAT refunds. The Prague-based company has a large base of 15,000 customers across Europe.
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, with more than 1,800 customers throughout Europe relying on the services of JITpay™. Target customers are small and medium-sized transport companies in Europe. More information: www.jitpay.eu
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. More information: www.eurowag.com
+49 176 10366532