JITpay™ and Eurowag expand partnership – major shareholder holds 28% in Braunschweig logistics payment service after exercising a second option
Braunschweig/London, 05.07.2023 –The Braunschweig-based logistics payment service provider JITpay™ is intensifying its cooperation with its Czech partner Eurowag as part of its internationalisation strategy and backing this up with a closer capital link..
Eurowag has now acquired a further 18.01 percent of JITpay™ following its entry in September 2022 and now holds 28%. The transaction is subject to customary closing conditions and requires approval by the Bundesaufsichtsamt für Finanzdienstleistungsaufsicht (BaFin) and is expected to be completed in the first half of 2024.
With this planned expansion of the strategic partnership, JITpay™ is taking the next step to further expand its position as a leading digital billing and payment service provider for the transport industry in Europe.
Eurowag is one of the largest pan-European payment and mobility platforms focusing on commercial road transport and is also listed on the London Stock Exchange. After completion of this option, the old shareholders of JITpay™ still remain the largest shareholders with a combined 72%.
“This is an important step for our partnership with Eurowag. Together, we are demonstrating how we will efficiently and successfully drive our business model and consistently tap into the fragmented European market,” said Daniel Steinke, CEO and founder of JITpay™. “We are counting on an even closer exchange with Eurowag. This means synergies on the product level and the next stage of our digital eco-system for medium-sized transport companies. This is exactly what our existing and potential customers across Europe expect,” said Steinke. The partners combine their proven strengths in en-route supply (Eurowag) and financial services (JITpay™) for transport operators and are already leaders in their respective markets.
OPTION FOR FURTHER INCREASE FROM 2025
After completion of this transaction Eurowag will have acquired a total of 28% of the shares in the JITpay Group. The transaction includes € 10 million which will be used as primary capital for JITpay™´s further growth. There are Put and Call arrangements in place which will allow Eurowag to also acquire the remaining 72% of the shares from 2025 onwards.
JITpay™, which also has locations in Basel/Zurich (Switzerland), Wroclaw (Poland), Bucharest (Romania) and most recently Barcelona (Spain), is a trusted partner of logistics companies: For its steadily and strongly growing customer base of more than 2,100 customers – mostly small and medium-sized transport companies – JITpay™ digitises the complete invoicing process and has purchased and paid out more than 160,000 invoices in the past 12 months. JITpay™ stands for “Just In Time payment”. The company, headquartered in Braunschweig, obtains a BaFin-regulated factoring license and brings its digitalisation and financing know-how together with a strong customer base from Germany and Poland to the partnership. Eurowag specialises in cashless en-route services, including fuel, tolls and VAT refunds. Headquartered in Prague and with a total of 18 branches across Europe and the Middle East, the company also has a large client base of more than 15,000 customers across Europe.