Signed partnership agreement with the Norwegian bank BRAbank ASA
24SevenOffice has signed a partnership agreement with the Norwegian bank, BRAbank ASA. With this partnership 24SevenOffice has a solid partner with the required banking licenses in order to continue to deliver financial services to its existing client base and to new customers. The partnership agreement covers both the possibility to deliver financial services on the Pay by 24SevenOffice technology and through the 24SevenOffice ERP system.
“I am happy to announce that we have secured a banking partner for our continued work to help businesses with their financing needs in a much easier and flexible manner than what exists in the market today. Our vision and strategy for business financing though the integration with 24SevenOffice remains as a huge new revenue opportunity”, says CEO Staale Risa in 24SevenOffice Group AB
The first market for the launch is Norway. However, BRAbank has the required licenses to operate in Sweden as well. The commercial terms with profit margins on financial services such as financing of invoices, deferred payments and Pay by 24SevenOffice are competitive. The margins, however, are lower in the partnership agreement with BRAbank than we had with Optin Bank.
BRAbank ASA has a leading technology stack, however, it is on a different platform than Optin Bank which requires new technical integrations. Following finalizing the commercial terms and conditions we will now start on the technical integrations and expect the first financial services to be launched within the next one to two quarters.
About BRAbank ASA
BRAbank ASA is a Norwegian digital bank offering consumer loans, savings accounts, automated invoice purchase and SME financing operating in the Nordic market. The bank is listed on Euronext Growth in Oslo
About 24SevenOffice Group AB
24SevenOffice's vision is to empower businesses for the future, through delivering world class cloud based business systems. The system is currently used by 64,200 companies, with PwC, among others, as accounting partner. The business system is module-based, where the modules are provided independently or packaged as complete solutions. For more information see www.24sevenoffice.com
