This new funding source will help Belgium-based SMEs access larger amounts of capital via factoring. This expansion, part of a larger pan-European strategy for Factris, will bolster hundreds of thousands of small and medium-sized businesses, accounting for 99.85% of all firms in Belgium.
Factoring has already seen steady growth in Belgium, averaging EUR 4.12 million growth in volume year-over-year over the past five years. However, Factris looks to expand this exponentially, focusing on automation and AI-powered risk management, making applications easier and approval faster, all while invoicing larger amounts than other factoring companies can offer, the official press release states.
The fintech already finances SMEs in several European countries, including Lithuania, Latvia, and the Netherlands. Factris is also slated to expand into two other markets by the end of 2022.
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