Today in FinTech: Factoring in Europe; BNPL Without Banks; Engagement Banking

In today’s FinTech news, Factris is using its latest funding to bolster efforts to help smaller firms with cash flow problems due to late invoice payments. Plus, Apple is using its own money to fund its buy now, pay later (BNPL) venture Apple Pay Later.

Factris Secures €10M to Finance Invoices for European SMEs

Small business working capital startup Factris will use the €10 million ($10.6 million) it raised to grow its firm that offers capital to small- and medium-sized enterprises (SMEs) in Europe.

The Amsterdam-based startup relies on factoring to get small businesses money on unpaid invoices fast, instead of them having to wait 30 days or longer. Factris, which expanded into Poland and Belgium in the first quarter of this year, works with SMEs in five countries in the European Union.

Apple Ditching Banking Partners in BNPL Scheme

Apple’s BNPL product Apple Pay Later is handling the lending aspect itself and using its own balance sheet instead of partnering with a bank. By keeping control of underwriting and lending through its Apple Financial subsidiary, it will earn interchange fees from each transaction and control the data.

Backbase Raises $128M From Motive Partners to Increase Engagement Banking

Engagement banking platform Backbase is using the $128 million it secured in growth equity funding to build out its company’s position in the engagement banking space and “take it to the next level.” The company has a post-funding valuation of $2.66 billion.

Western Union Partners with Mambu for European Digital Banking

Cloud banking platform Mambu and global money transfer giant Western Union are working together to deliver digital banking products to Europe.

Using Mambu’s technology, Western Union’s digital banking app WU+ will be able to integrate several features to facilitate money movement, card management and transaction activity.

Klar Raises $90M to Advance Consumer Digital Finance in Mexico

Digital financial services startup Klar is using its new capital to grow its platform and create solutions that will be customized for people in Mexico.

Klar provides finance solutions for consumers including credit, mobile payments, a rewards program, personal loans, salary advances and BNPL services. The startup said that 40% of its customers are first-time users of digital banking services and 50% of the population is unbanked.