Europe-based fintech company Factris has announced the rollout of a new funding collaboration with Brand New Day Bank, with the firm obtaining a EUR 100 million facility.
With the newly acquired capital, Factris aims to finance SME factoring across Europe, planning to assist sellers in nine countries and manage receivables from debtors in 27, primarily EU markets. This underlines the company’s capabilities and the reach of its cross-border platform.
Factris’ development strategy
The agreement with Brand New Day Bank supports Factris’ commitment to facilitate efficient, accessible, and flexible financing to underserved SMEs across Europe. The EUR 100 million facility will directly help Factris’ invoice factoring operations, allowing more businesses to benefit from working capital and advance their capabilities and reach. Additionally, the securitisation facility focuses on scaling significantly, falling in line with the increasing demand for SMEs.
Commenting on the achievement, representatives from Factris mentioned that, as the company continues to expand across Europe, this collaboration with Brand New Day Bank ensures that it can meet the need for alternative financing and provide SMEs with the liquidity they require to grow their operations.
Currently having hubs in the Netherlands and Lithuania, Factris serves clients in nine countries and is actively working on further expanding across the EU. This news comes after a period of growth and adoption of Factris’ factoring management features. Brand New Day Bank operates as a neobank offering pension savings and investment solutions, which positions Factris as a suitable partner in assisting SMEs with risk management solutions.
Since the start of its operations in 2017, Factris has centred its efforts on supporting SMEs through financial technology with personalised guidance. The company has worked on making financing more accessible and created technology that enables customers to optimise their tasks. In the future, Factris aims to acquire multiple portfolios, make platform-to-platform integrations, open Factris DE1, and enter banking partnerships and integrations.
