Factris announces the expansion and investment plans in LithuaniaGo to the news page
Factris intends to scale its development team and operations in Lithuania to accelerate the development of its factoring platform and execute on its ambition to become the Pan-European leader of working capital solutions for SMEs.
Factris provides working capital to SMEs throughout Europe by purchasing their unpaid invoices. Their state-of-the-art platform combines in-depth financial know-how with new technologies, enabling easy processing, strong risk mitigation, and automated credit management. Factris is backed by European venture capital firm Speedinvest and has strong financial partners allowing them to provide competitive pricing to SMEs.
Over the last years, Debifo has become one of the leading Fintech companies in Lithuania by offering factoring services to SMEs. Debifo has provided more than 85 million euros in working capital to more than 350 companies. The company’s factoring proposition is one of the most reliable and user-friendly in Lithuania with no long-term commitments, no hidden fees, and transfer of funds within 48 hours. By merging with Factris, Debifo is able to improve its processes, lower its costs, and increase its scale across the Baltic region.
Specialized bank license
According to Factris CEO, Brian Reaves, the company was initially attracted by Lithuania because of country’s great attention to Fintech and highly educated workforce. Factris was also motivated by the opportunity Lithuania offers to apply for a specialized banking license.
“The financial technology sector in Lithuania should grow not only in terms of new companies and headcount but also the variety of services. For quite some time the industry has been growing mostly to young innovative companies coming to Lithuania to develop payments systems, but other spheres of financial services can also be innovative, and that includes factoring. By choosing Lithuania, companies such as Factris bring maturity to the country’s Fintech sector and help our specialists to gain even more experience in developing various tech solution,” states Virginijus Sinkevičius, the Lithuanian Minister of Economy and Innovation.
Alongside software development, Factris’ Vilnius team will also assist in product development, operations, marketing, and management of the group company. Factris’ Lithuanian team is already growing and is expected to hire at least 30 additional employees in the 18 months.
Factris plans to invest approximatively 8 million euros in Lithuania for the introduction of new technologies, improvement of its services and expansion of its factoring activities in the Lithuanian market. Speedinvest and Optima Investments are committed to supporting Factris’ European expansion with additional capital for the acquisitions of other European working capital providers.
For Mantas Katinas, General Manager of Invest Lithuania, Factris is a welcome addition to the country’s fast-expanding Fintech community: “The arrival of Factris is clear evidence that Fintech talent in Lithuania has the skill and drive equal to that of the most ambitious European Fintech companies. The fact that the progressive attitude of Bank of Lithuania was what helped attract Factris is another endorsement of our Fintech ecosystem.”
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Justas can safely be called a pioneer in non-banking invoice financing in Lithuania. Seeing the lack of this service in 2015, he had such faith in his business idea that in spite of the dissuasion of sceptics, he “rolled up his sleeves” and dived right in.