Workinvoice launches securitisation vehicle for marketplace receivables

By Lisa Walls-Hester on Thursday 12 January 2017

Alternative Lending

Workinvoice, the Italian invoice trading platform, has just launched and funded the first Italian securitisation vehicle for marketplace receivables.

Factor@Work, an Italian based portfolio manager, has completed the purchase of 5m of corporate receivables through a securitisation vehicle. All the assets have been originated by Workinvoice, the Italian invoice trading platform.

A first for Italy’s securitisation market, the deal was arranged by Workinvoice, while Zenith Service1 acted as SPV provider and master servicer. The receivables being securitised were sold by SMEs through Workinvoice’s invoice trading platform.

As part of this new securitisation model, Italian SMEs utilise the platform developed by Workinvoice to offer for sale some of their trade receivables held against their clients; the investor may then enter into a credit insurance agreement with an insurance company.

Commenting on the transaction, CEO of Workinvoice, Matteo Tarroni, said: "We are pleased to continue developing new sources of financing for Italian SMEs, particularly in this instance on a market first transaction, demonstrating the capability of the firm's origination model and our role as one of the leading marketplaces in the fast growing FinTech sector."

Arrow Global Group PLC, one of Europe's leading purchasers and managers of debt, announced on December 6, 2016, its intention to enter the Italian market having agreed on terms to acquire Zenith Service SpA. The transaction is subject to regulatory approval by the Bank of Italy.

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