Factris' CEO Brian Reaves wins CEO Awards 2019Go to the news page
We are proud of our CEO, Brian Reaves, who has been awarded this year! It is a recognition of the whole Factris team for achieving desired goals and being driven forward by such CEO. Read the full item here, on page 22.
About Brian Reaves, CEO of Factris
Brian Reaves is both a global student and a natural entrepreneur. His education includes a bachelor's degree in business and finance from Lander University as well as post-graduate studies from Moscow State University. Before starting his entrepreneurial path, he gained experience in large multi-national corporations growing numerous companies, including the hiring of over 500 people. As an entrepreneur, he was involved in raising more than $100 MM in debt and equity for projects, along with co-investing in a variety of companies. After much frustration and little help from traditional banks, Brian set out to create a better option for funding small businesses in 2016 by laying the groundwork for what would eventually come to be the fintech company Factris.
The fintech company Factris, with offices in the Netherlands, Lithuania and Latvia, has been disrupting the financial system with its innovative solutions to traditional banking since 2017. The company focuses on assisting SMEs by providing low-cost working capital, along with other custom-tailored financial services.
The primary weapon in Factris' arsenal is an innovative method called "factoring". Instead of the traditional, complicated process of acquiring a small loan from a bank, factoring allows an SME to receive almost-instant capital by Factris purchasing their unpaid invoice and managing its collection for a fee.
What Factris has been remarkably able to achieve is to place the power and resources of a multi-country financial company into the hands of local SMEs across Europe. This is achieved by means of a focus on customer service on a local scale, while at the same time harnessing the power of automation technology through Factris’ “Financing Automation for Business” platform, or FAB Platform, allowing the Amsterdam-based company to support SMEs throughout Europe. All of these financial solutions and products are designed to be customisable to match the unique needs of each small business.
Milestones that have helped grow Factris include Swiss funding in 2017 to power Factris with a € 25 MM credit line, launching their first factoring platform in 2018 and acquiring Crown Finance Group the same year, then acquiring the Lithuanian fintech company Debifo in 2019 and establishing their Latvian base.
Their hard work continues to pay off with an increase of 861% in revenue growth by mid-2019 in just one year, as well as a 50% increase in the number of clients compared to the same period in 2018.
Factris receives EU funding for AI-based SME risk-management system
Factris received a grant of 1,4MM from the EU to fund the development of an automated risk-management system that uses artificial intelligence (AI) technology. This new system will solve an enormous problem that affects small businesses across Europe.
“Factoring” changed how SMEs did business in 2019
New financing solutions changed how SMEs did business throughout Europe last year, as shown by the year-end results from Factris. The results from the Netherlands-based company revealed a sharp increase in alternative-financing activity in 2019.
Netherlands Construction and Manufacturing Slows
Dutch construction and manufacturing companies are hampered by reduced demand, emissions issues and skilled labour problems. Recent reports from the credit insurance company Atradius reveal signs of a slowdown in Dutch construction and manufacturing.