What Workinvoice does

Workinvoice S.r.l., founded in Milan in 2013 and operating since 2014, is Italy's first and leading digital invoice trading marketplace. The platform enables Italian small and medium enterprises (società di capitali) to sell individual commercial invoices starting from €10,000 (VAT included) through an online auction mechanism, transferring credit risk to investors on a pro-soluto basis and delivering liquidity to sellers within 48 hours. As of the end of 2022 the platform had intermediated over €700 million in invoices for more than 10,000 companies, and it also operates Smart Reverse, a reverse factoring product that lets large buyer companies (capo-filiera) extend payment terms to suppliers while those suppliers obtain immediate payment, and Invoice 360, a portfolio visibility and cash flow planning tool launched in 2024.

Workinvoice monetizes through three fee streams: an average seller fee of approximately 0.5% of invoice value (varying with duration and urgency), a 20% commission on the profit earned by investors on the auctioned invoices, and one-time entry fees charged to both qualified buyers (with a €50,000 minimum investment threshold) and sellers with quality client portfolios. The marketplace connects Italian SMEs on the supply side with a diversified pool of roughly 20 active investment vehicles and broader institutional capital (European insurers, pension funds, family offices, and asset managers), and it relies on strategic partners for credit data (Cribis/CRIF), payment infrastructure (Lemonway, an ACPR-licensed French payment institution for which Workinvoice acts as agent), distribution (Banca Sella, Sparkasse), and risk management (Willis Towers Watson). Go-to-market is primarily digital and self-serve for SME sellers via a web application, with direct enterprise sales for large corporate clients and institutional investor onboarding.

In July 2018 Workinvoice raised approximately €3 million in a round led by CRiF, on top of an earlier €1.6 million from business angels. In January 2017 it completed the first Italian securitization of marketplace receivables (€5 million with Factor@Work), and in 2024 GeneralFinance acquired a 96% controlling stake, ending Workinvoice's status as an independent founder-controlled company. The platform's addressable market is the Italian invoice trading segment, reported at over €1 billion in size with 40% annual growth, against a backdrop of €600 billion in annual commercial credits produced in Italy and Italian SME payment terms averaging 78-90 days versus a 35-47 day EU average.

Name

Workinvoice

Legal name

Workinvoice S.r.l.

Website

https://workinvoice.it

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Workinvoice is an Italian digital marketplace, founded in Milan in 2013, that enables SMEs to sell commercial invoices to institutional investors through online auctions, delivering liquidity within 48 hours and intermediating over €700 million since 2015 for 10,000+ companies.

Ownership category

akta.pro rank

Product category

Invoice Trading & Reverse Factoring Marketplace

NAICS

Accounting, Tax Preparation, Bookkeeping, and Payroll Services (54121)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Invoice Trading / Receivables Marketplace (P2P) (FSAKAHAH)

akta.pro secondary industries

B2B / Invoice-Based BNPL (Trade Credit at Checkout) (FSAGAIAC), Bill Pay, Invoicing & Payables Platforms (BPAMAFAF)

Keywords

• Invoice trading
• Reverse factoring
• Supply chain finance
• Receivables marketplace
• Alternative lending

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Digital Commerce or Content

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Transaction Fees - Sellers: Companies selling invoices pay a fee to the platform that varies based on duration; on average approximately 0.5% of the invoice value. This is the primary revenue stream from the SME client side.
2. Transaction Fees - Investors: Investors purchasing invoices pay 20% of the profit generated to the platform as commission for the investment opportunity and platform access.
3. Entry Fees: One-time onboarding fee charged to both buyers (minimum investment €50,000) and sellers (companies with good quality client portfolios) for platform access.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels10 records

Core offering

Workinvoice operates a B2B digital marketplace that enables Italian SMEs to sell their commercial invoices (starting from €10,000) via an online auction mechanism to qualified institutional investors, providing liquidity within 48 hours on a pro-soluto basis. The platform also offers Smart Reverse, a reverse factoring solution for large enterprises to extend payment terms to suppliers while providing those suppliers with immediate liquidity.

Product overview

Workinvoice operates as a digital marketplace platform for invoice trading and reverse factoring, consisting of three main solutions: Invoice Trading (core marketplace for selling invoices to obtain immediate liquidity), Smart Reverse (reverse factoring tool for supply chain finance optimization), and Invoice 360 (add-on module for portfolio visibility and financial planning). The platform connects SMEs with institutional investors, enabling creditworthy invoices to be sold through an auction mechanism.

Differentiator

Problem solved

Functional benefit

Products and services

• Invoice Trading Digital invoice trading marketplace enabling Italian SMEs (società di capitali) to sell their commercial invoices (starting from €10,000 VAT included) through an online auction mechanism to obtain immediate liquidity, transferring credit risk to institutional investors on a pro-soluto basis. Provides funds within 48 hours with no impact on bank credit lines.
• Smart Reverse Reverse factoring platform enabling large buyer companies (capo-filiera, typically with annual revenue over €50 million) to extend payment terms to suppliers while allowing those suppliers to obtain immediate liquidity by selling their receivables on the marketplace. Helps CFOs optimize working capital and procurement teams support suppliers.
• Invoice 360 Comprehensive portfolio visibility and cash flow planning tool that provides companies with a complete view of their customer portfolios and cash flows, facilitating financial planning and offering concrete solutions for accessing new liquidity channels.

Quantifiable outcome

• Over €700 million in invoices monetized for Italian SMEs since 2015
• +7 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Willis Towers WatsoncoreStrategic or Co-development Partner · 28 June 2017Exclusive collaboration agreement between Workinvoice and Willis Towers Watson, an international consulting, brokerage, and risk management company. The partnership aims to bring more Italian companies to the commercial credit market managed by Workinvoice. Willis Towers Watson's global risk management capabilities enable Workinvoice to offer integrated finance and risk management solutions.
• CribiscoreTechnology or IntegrationPartnership for credit data and market information. Cribis (CRIF group) provides payment behavior data and credit risk information essential for evaluating invoices and debtors on the Workinvoice platform. Joint surveys on payment delays and liquidity challenges have been conducted.
• Banca SellacoreTechnology or IntegrationOpen banking partnership for digital financial services development. Banca Sella and Workinvoice collaborate to build fintech services for corporates, integrating invoice trading capabilities with banking services.
• SparkassecoreChannel Partner/ Reseller/ DistributorAgreement with Sparkasse (Südtiroler Sparkasse) to provide digital financial services to businesses in the territory. Partnership enables Sparkasse customers to access Workinvoice invoice trading services.
• PayTipper (Gruppo Enel X)minorStrategic or Co-development PartnerPartnership with Enel X's PayTipper subsidiary for providing financial services to SMEs. Co-developed Ecosistema Impresa platform integrating invoice trading with other business services.
• LemonwaycoreTechnology or IntegrationWorkinvoice operates as agent of Lemonway, a French payment institution licensed by ACPR (Autorité de Contrôle Prudentiel et de Résolution) under number 16568. Lemonway provides the payment infrastructure and regulatory framework for platform transactions.

Scale indicators15 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• MarketInvoice: UK-headquartered invoice trading marketplace (acquired by Santander in 2019) that enables SMEs to sell invoices to institutional investors through an online auction — directly comparable in marketplace model and core product offering to Workinvoice's invoice trading platform.
• Credimi: Italian digital lending platform providing invoice advance and working capital solutions to SMEs, often cited alongside Workinvoice as one of Italy's primary fintech invoice financing providers serving the same customer base with overlapping products.
• C2FO: Global working capital marketplace connecting businesses with institutional capital for early invoice payment; directly comparable marketplace architecture with auction/discovery mechanism, serving SMEs and large enterprises in supply chain finance.
• Factris: Netherlands-headquartered invoice financing platform providing factoring and invoice discounting to European SMEs; comparable in target customer (European SMEs), product (invoice liquidity), and institutional capital sourcing model.

Emerging players

• Taulia: Supply chain finance platform (owned by SAP) offering early payment programs, dynamic discounting, and invoice financing — overlapping with Workinvoice's Smart Reverse reverse factoring product in addressing large-enterprise supplier financing needs.
• Tradeshift: Digital supply chain and invoice finance platform combining marketplace financing with B2B e-invoicing; partial overlap with Workinvoice in providing invoice-backed liquidity and integrated fintech infrastructure for SMEs.

Broad incumbents

• PrimeRevenue: Established global supply chain finance platform serving large enterprises with multi-bank reverse factoring programs; broader and more global incumbent competing for the same Italian enterprise reverse factoring opportunities as Smart Reverse.
• BlueVine: US-headquartered online platform providing invoice factoring and lines of credit to SMEs — comparable customer segment (working-capital-constrained SMEs) and product category (invoice-based financing), though operating in a different geography.
• GeneralFinance: Italian parent company and factoring specialist that acquired 96% of Workinvoice in 2024; provides traditional factoring services to Italian SMEs and corporates, with Workinvoice serving as its digital/marketplace arm — a hybrid of parent and adjacent competitor.

Others

• Ebury: UK-based fintech specializing in international payments, FX, and trade finance for SMEs — Workinvoice is an integration partner with Ebury for cross-currency invoice financing, making Ebury an adjacent ecosystem participant rather than direct marketplace competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCuCLJkV2mBfQoxveK_ExgTA
• Facebookfacebook.com/workinvoice
• LinkedInlinkedin.com/company/5114057
• Xx.com/workinvoice

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Workinvoice