The Financial Service Provider JITpay™ Launches in Czech Republic in March

The logistics-focused payment service provider JITpay™ not only meets the regulatory requirements for Germany and Poland but is also set to launch in the Czech Republic in March, available in the local language. This year, two to three more countries are expected to follow, focusing on countries with a high number of transport companies.

(Braunschweig) Founded in 2016, the German FinTech now offers its SaaS product for the logistics industry in its third European country. At the core is a self-developed digital order management system with telematics and billing system. This includes a financial product for immediate invoice payment. Dr. Daniel Steinke, the CEO of the group, describes it as follows: “In principle, a transport entrepreneur only needs a truck and an order, as the entire commercial processing can then be handled through JITpay™.”

Process Improvements for Clients

The effects are significant: JITpay™ automatically generates invoices for all orders processed through the order management system “JITfleet”, sends them to the clients, and pays the transport entrepreneur in full within 24 hours. Thus, JITpay™ not only takes care of the immediate payment for the service but also manages the entire administrative billing process, accounts receivable management, and the risk of freight failure.

Clients also benefit from significant process improvements: Since JITpay™’s billing is based on both order data and actual fulfillment data from telematics, agreed stand fees, for example, are automatically calculated based on actual geo-windows. Furthermore, JITpay™ provides real-time tracking data, proof of load, proof of delivery, and all other billing data fully digitally after the transport entrepreneur’s approval to the clients.

Enormous Revenue Growth

The numbers speak for themselves: JITpay™ recorded a revenue growth of 1375% in 2020. Dennis Wallenda, the managing director of JITpay™ Financial GmbH, which is regulated by BaFin and the Federal Bank, announces a further increase in the pace of expansion: “In 2021, we will meet the regulatory requirements for the JITpay™ system in at least 2-3 more European countries.” In particular, countries with a high proportion of transport entrepreneurs are the focus according to company statements.

JITpay™ currently employs over 50 staff with locations in Berlin and Duisburg. The company’s headquarters is in Braunschweig.

Photo: © JITpay
www.jitpay.eu