Awarded: LABEST receives award for "the best idea for the credit process of the future."

Berlin, November 6, 2019. LABEST was awarded at the 9th Euroforum Annual Conference “Credit Processes of the Future” for its innovative business model, with over 100 participants from banks and savings institutions in attendance. The business event took place on November 4th and 5th in Nuremberg.

The corporate banking sector is particularly attractive for banks. The increasing competition among house banks, as well as competitive offers from digital credit platforms or players like Paypal and Amazon in the trade sector, are increasing the pressure. Banks need innovative and customer-friendly services to retain businesses. One potential that is often overlooked is credit lines based on a company’s inventory. However, the evaluation of these inventories has been associated with high costs for the institutions.

Philipp Dahten, Head of Operations at LABEST, presented the business model and the numerous features of the software through a live demo. With LABEST, companies can use a digital interface to present their inventory as collateral to banks. By a simple click, they receive current market prices linked to the positions in the customer’s warehouse. This allows companies to utilize the capital tied up in their inventory for important investments. “We are delighted to have been part of the Credit Processes Event this year,” said Dahten. “Bringing home the award to Berlin is fantastic feedback from one of our most important customer groups.”

The Euroforum Annual Conference “Credit Processes of the Future” brings together decision-makers from private and cooperative banks, savings banks, associations, and selected service providers. Kathrin Dietrich-Pfaffenbach, Conference Director of the event, thanks LABEST: “Philipp Dahten has impressed our participants with an innovative idea for the credit process of the future. The company is rightfully the winner of the start-up pitch.”

About LABEST:

Stefan Franke and Dirk Piethe founded LABEST in 2016, at a time when many had already predicted the end of the fintech boom. However, they were undeterred by this and proceeded with the development of their cloud-based solution. The company initiated several pilot projects with various financial institutions. Since August 2018, LABEST has been a partner of Erste Bank, Austria’s largest savings bank, among others. The company aims to establish further partnerships in Germany and Europe within the next six months. Additionally, businesses now utilize LABEST to negotiate better conditions with their lenders. The company is not reliant on the banking sector and is considering offering financing independently in the future. LABEST is actively engaged in discussions with Private Debt Funds to further progress this fintech initiative.

LABEST has been recognized with prestigious awards, including the KPMG SMART AWARD in 2018 and the weXelerate Fintech Award in 2019. Additionally, the company participated in the Plug&Play Fintech Europe program in 2019. These accolades highlight the innovative and impactful contributions of LABEST in the fintech industry.

Press contact:

Ruven Börger

DIE PR-BERATER GmbH

Tel.: +49 (0)221 800 471 27

E-Mail: labest@dieprberater.de

Awarded: LABEST receives award for “the best idea for the credit process of the future.”