Zuora, Inc., a cloud-based subscription management platform provider, and BNP Paribas Leasing Solutions, international equipment finance player, announced a partnership to offer new usage-based solutions for professional equipment. Part of one of the world’s 10 largest banks, BNP Paribas Leasing Solutions provides financing services for professional equipment across 20 countries around the world, and together with Zuora, will enable its industrial partners to nurture and monetize ongoing customer relationships with usage-based offerings.
“BNP Paribas Leasing Solutions, an established European leader in equipment finance, is now at the forefront of financial services transformation as they embrace the Subscription Economy with new monetization strategies,” said Robbie Traube, President and Chief Revenue Officer at Zuora. “Now on Zuora, BNP Paribas Leasing Solutions will have the flexibility and agility to make critical equipment more accessible and tailored to companies’ individual needs, all while providing more sustainable options.”
With Zuora, BNP Paribas Leasing Solutions will enable its partners to offer new usage-based solutions to their own clients, eliminating the need for companies to maintain the equipment, with customized invoicing based on how and when machinery is used. These services also aim to provide a more sustainable approach by prolonging equipment’s lifetime, reducing upgrade costs and enabling the purchase of second-hand and refurbished equipment.
“As the Subscription Economy expert, Zuora is the ideal partner to combine an offer with our equipment finance expertise,” said Isabelle Loc, CEO at BNP Paribas Leasing Solutions. “Their innovative and evolutive platform will allow us to provide flexible financial solutions, constantly adapting to the actual usage of the equipment. Our future financing offers will be driven by the equipment consumption and optimization through additional services such as maintenance and lifecycle management. This will help companies deliver on their core business while closely managing their budget and quality of service to their customers.”
BNP Paribas Leasing Solutions’ usage-based offerings will first launch in France and Germany, with a goal to expand across Europe.