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Blockchain platform Factorin to transform the trade finance market in Russia

Thursday 4 June 2020 10:59 CET | News

Since its launch in 2019, Factorin has attracted 30 banking entities, has processed financing for 246,000 invoices and supplies, and its transactional turnover has exceeded USD 500 million.

The technology company offers a distributed platform that automates the interaction of the customers’, suppliers’, and factors’ accounting systems, and removes all manual work in the preparation, verification, and approval of documents, according to the official release.

Factorin addresses trade finance for small and medium-sized businesses. Furthermore, the team behind Factorin plans to launch a new platform in Europe. Few details are currently available, but this will be an advanced decentralised platform that combines all the expertise the team gathered on the frontier of distributed ledger technology.

Factorin is a large blockchain-powered supply chain finance platform in CEE and the largest in Russia. The company was founded in 2018 by Andrei Maklin with venture builder Digital Horizon. The platform launched in June 2019.

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Keywords: blockchain, trade finance, suppliers, payments, Russia, automation, supply chain
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Russian Federation
This article is part of category

Banking & Fintech