Factris Disrupts Traditional European Financing with New PlatformGo to the news page
The platform forges new ways to make financing easier and more available for small and medium businesses
Fintech company Factris has launched a new version of their Finance Automation for Business platform or the “FAB” platform for short. This new platform is a crucial piece of the puzzle for Factris that will be used to support their aim of reinventing and improving how business financing takes place. The FAB platform will allow the Amsterdam-based company to support their local sales teams and partners in cities across Europe, which will significantly increase the quality and speed of their financing services to small and medium enterprises (SMEs) throughout the continent.
It’s no secret that the current financial system in Europe can be crippling to SMEs; not only are banks closing branches and making it difficult to speak to a person, SMEs also struggle to gain access to much-needed capital, as this recent study by the World Bank identified. The study found that difficulty obtaining financing was one of the top-three constraints SMEs face when doing business. Factris has taken note of the limitations imposed on SMEs by the current financial system and has responded by developing powerful financing tools and services such as Factoring and Invoice Financing, along with a focus on service at a local level. “Financing is an inherently local business, and Factris has solved the problem by “scaling local” We’re providing the tools to enable local people to work together efficiently,” said Brian Reaves, CEO of Factris.
The new FAB platform can now put these technological and financial solutions offered by Factris into the hands of local businesses, delivering personalised services sorely needed in this challenging financial climate.
“This new platform positions us to make a real impact in helping SMEs with their financing needs. To us, business is personal, and clients are never just a number.” - Brian Reaves.
Factris closes series A round to increase reach
Factris has concluded a EUR 5M Series-A equity funding round led by AB Ventures, the corporate venture capital arm of the Arab Bank. Current investors participating in the round included Speedinvest and Optima Investments, along with high networth investors.
Factris and NN Investment Partners agree on European financing agreement
Factris has closed a new EUR 50m secured financing agreement with asset manager NN Investment Partners (NN IP). The facility will be used to provide financing to European SMEs via the purchase of their trade-related invoices.
What is factoring?
Alternative forms of financing, like factoring, have never been more important for your business. Learn how factoring works for your SME. Factoring (or invoice financing as it’s also known) is well known to many businesses.