Months in the making, Apruve’s partnership with MSTS will expand more credit lines to more merchants around the world in areas of manufacturers, wholesaling and distribution.
Their shared objective is to provide an alternative payment and credit solution that competes directly with credit cards and Apruve will leverage MSTS’s Credit as a Service offering to market the offering.
Apruve’s role revolves around facilitating business to business (B2B) revolving lines of credit for merchants to offer credit terms for the end buyers of their products This extends their purchasing power and it’s like Sezzle, but for business.
MSTS is a global B2B credit solutions provider and underwriter with eight figure lending capacity, an industry powerhouse that will bolster Apruve’s own customer acquisition prospects significantly in 2018 and beyond.
“This means that we can step up to serve much larger clients, such as those found within the Fortune 100 and 500,” explains Apruve CEO Michael Noble.
“It increases our lending capacity, our back end processes will improve, and the end to end lifecycle of a customer will become that much more efficient. Overall, this makes us bigger, better and faster.”
The more credit that Apruve can help others offer, the more purchases can be made by their customers, and the more revenue Apruve can make. That’s the cycle and the significance of this new relationship between Apruve and MSTS.
MSTS currently facilitates transactions for its customers in over 190 countries and territories with over 35 years of experience underwriting businesses for credit and is currently providing underwriting in 52 countries. They underwrite nearly $4B in transaction volume annually, and will greatly increase the lending capacity of Apruve’s merchants.
“Apruve is an ideal partner for us. Both companies have a strong belief that credit cards are not the smartest credit option for B2B companies,” said Brandon Spear, President of MSTS. “This partnership provides businesses, of all sizes, access to MSTS’s Credit as a Service platform.”
Apruve was founded in 2012 by CEO Michael Noble and remained largely bootstrapped until raising $2.25m in June of 2016 from TTV Capital and Allegis Capital. Noble declined to cite revenues or customer counts, but did mention recently signing Texas Instruments — the $100 billion dollar Texas tech firm know to most by way of the TI-85 graphing calculator.