Factris acquires Lithuanian factoring company DebifoGo to the news page
Factris announced the successful conclusion of the 100% acquisition of “Debifo” for an undisclosed purchase price. Debifo is a leading working capital provider in Lithuania with a 35% market share in the alternative lending space and growing rapidly.
The acquisition of Debifo represents another step in executing the Factris pan-European strategy. Speedinvest and Optima Investments support Factris with additional funding for acquisitions of European working capital providers.
“We are excited to be working with Debifo. They are a really driven team that has achieved strong results in Lithuania. We are looking forward to fostering Debifo’s talent as Factris expands across Europe to become the leading working capital provider to SMEs” said Brian Reaves, Factris, CEO.
Justas Šaltinis, CEO and founder of DEBIFO, will join Factris management board as Chief Operational Officer (COO).
“Our team is delighted to join Factris. Together we will be able to improve our financing capabilities, expand the range of services and offer more competitive prices for our customers.” – commented Justas Šaltinis, Debifo CEO
In December 2018, Factris concluded a EUR 100 million credit facility agreement through a Swiss investment advisor Ruvercap. The credit facility will be used to provide working capital to small and medium-sized businesses throughout Europe.
Factris is re-inventing the provision of working capital to small and medium sized businesses using new technologies, a personal approach and scalable credit solutions. We have focused on simplifiying the financing process while truly understanding customers funding requirements. Factris offers stability and scalability through technology and shared processes and resources, while partners offer the personal and local approach that customers need.
Debifo started operations in mid-2015 providing invoice financing solutions for small and medium-sized businesses in Lithuania. Debifo have taken a leading position in Lithuania providing more than 85 million euros in working capital to more than 350 companies. Debifo has won the award of the financial service of the year by the Lithuanian Business Confederation.
Find out more: www.debifo.com
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.