According to the official press release, Factris has reached EUR 1 billion in invoices in 2023’s first quarter, and this new funding from Aegon Asset Management will help it maintain its momentum and fulfil its ongoing mission to help businesses move forward with innovative financial tools such as invoice financing, debt management, and insurance.
The EUR 50 million funding line will also help Factris to expand its SME financing services into Estonia in Q2 of 2023, as well as provide more business funding opportunities in existing EU markets such as the Netherlands, Belgium, Poland, Lithuania and Latvia.
The company entered into several other partnerships in 2022 and received lines of funding that allowed it to reach a 58% increase in cumulative financing volume year over year for their pan-European market and an 83% financing-volume increase in the Netherlands according to Factris.
Aegon officials commented on the new funding line and expressed their desire to support Factris’ growth. They also talked about their partnership with the Netherlands-based fintech and how it can result in attractive financing solutions for institutional investors and SMEs.
According to the company press release, Factris was founded in 2017 and is now active in five EU countries. The company is gearing up to expand its presence in a sixth country by the end of 2023 as it works towards its goal of becoming the leading Pan-European source of alternative funding for SMEs.
In March 2022, Factris has partnered with Eurowag, which is a Pan-European integrated payments and mobility platform, to offer a pilot product named ‘Eurowag Cash.’ The product was designed to help transport and logistics companies finance invoices and secure cash flow.
Eurowag Cash allows SMEs in the Commercial Road Transportation (CRT) Industry to receive working capital within 24 hours by financing unpaid invoices via factoring. The product also enables customers to submit factoring applications on their Client Portal, while Factris provides the factoring capabilities and customer onboarding via their Financing Automation for Business platform.
In January 2021, Factris closed a funding round with the private debt fund Dexteritas for EUR 5 million. Factris used the funds to support more factoring companies, acquire loan portfolios, and free up trapped investment capital. The funds were also used to propel the company forward to become a well-known working-capital provider to SMEs in the EU.
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