- Business-to-business funder Butn (BTN) enters a strategic partnership with Freightlancer, expanding its position in the freight marketplace and management sector.
- Butn will provide Freightlancer with Butn Terms, an automated end-to-end business transaction funding solution which can provide Freightlancer customers with a range of payment terms, assisting in their cashflow needs
- The agreement is for an initial term of two years, and rollout is expected to commence with the Australian market in the first half of the year
- Shares are down 1.56 per cent to 31.5 cents
Business-to-business funder Butn (BTN) has entered a strategic partnership with Freightlancer, expanding its position in the freight marketplace and management sector.
Freightlancer is a subsidiary of Freelancer (FLN), the world’s largest freelancing and crowdsourcing marketplace by the number of users and jobs posted, according to Butn’s announcement.
BTN says Freightlancer simplifies the supply chain for freight owners and transport companies, enabling fast, reliable, and cost-efficient transport of freight via its global marketplace.
Under the agreement, Butn will provide Freightlancer with a customised solution, Butn Terms, that combines features across the Butn product range.
Butn Terms is an automated end-to-end business transaction funding solution that can provide Freightlancer customers with a range of payment terms, assisting in their cashflow needs.
Butn expects revenue from this partnership to be material over time, due to the size of the market opportunity and the extensive Freightlancer customer base.
Freelancer CEO Matt Barrie stressed the importance of the partnership given supply chain issues elevated by the COVID-19 pandemic.
“By integrating Butn’s platform into our leading marketplace and app, we are simplifying the way owners and operators can manage the demands of invoicing, providing them with an easy-to-use solution that offers terms against invoices on job completion.”
Co-founder and Co-CEO of Butn, Rael Ross said the partnership cements BTN’s position as a leading small and medium-sized enterprises (SME) cashflow solutions provider in the freight sector.
“It’s another example of Butn’s competitive advantage, embedding into partner platforms, providing end business users with the cashflow they need in seconds,” he said.
“It allows Butn to leverage Freightlancer’s leading market position to deliver a powerful cashflow solution to their customers at this time of increased demand.”
The agreement is for an initial term of two years, and rollout is expected to commence with the Australian market in the first half of the year.
Shares are down 1.56 per cent to 31.5 cents at 1:42 pm AEDT.