“There was a rush of restaurants whose requests we had to decline” – Banxware founder Miriam Wohlfarth

About a year ago, founder Miriam Wohlfarth started her new financing fintech Banxware. A conversation about business figures, the difficulties of the start-up phase and the next growth plans.

In the US, powerful tech firms like Paypal, Shopify, and Square have shown how the product works. For example, Shopify gives its online retailers financing that they can repay with their earnings. The Canadian company pays out several hundred million dollars a month. The offer appears directly in the dealer portal, says Banxware founder Miriam Wohlfarth.

She started her fintech a year ago and is still in the start-up phase – with a small volume: Banxware has awarded 13 million euros. But already in a year 150 million are targeted, says the series founder. Contracts with several large partners have been signed.

Scaling across the partners

The food delivery service Lieferando is currently one of the largest customers, and restaurateurs can use it to obtain financing. But the fintech team had to learn from the product: For example, which potential customers the offer is shown to. “There was a rush of restaurants whose inquiries we had to reject,” says Wohlfarth, because, for example, sales from the past six months were missing to assess the creditworthiness.

Banxware also plans to better integrate its product with new partners. Further dealers and customer groups have already been added. Doctors, for example, receive financing through Fintech Fleming.

In the podcast she talked about why customers thought their product was too expensive – and how she sees the hype surrounding “Buy now, pay later”, which her first company Ratepay runs.

Advertising partners for this episode are Valantic and ZeedIn.

In the FinanceFWD podcast, Wohlfarth talks about …

… the name of the financing product
… the starting difficulties
… the promising partnerships
… her farewell to Ratepay
… the problems with identity theft from payment providers

The FinanceFWD podcast is also available on Spotify, Deezer or iTunes. If you like the format, we look forward to every positive rating!