Factris announces the expansion and investment plans in Lithuania
Factris intends to expand and invest in 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 expertise with cutting-edge technologies, enabling seamless processing, robust risk mitigation, and automated credit management. European venture capital firm Speedinvest backs Factris, and its strong financial partners allow it to offer competitive pricing to SMEs.
About Debifo
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 can enhance its processes, reduce costs, and expand its scale across the Baltic region.
Specialized bank license
According to Factris CEO Brian Reaves, the company was initially drawn to Lithuania due to the country’s remarkable focus on fintech and its highly educated workforce. Factris was also motivated by the opportunity that 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 in the variety of services. For quite some time, the industry has been growing primarily with young, innovative companies coming to Lithuania to develop payment systems. However, 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 solutions,” 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 next 18 months.
Investment plans
Factris plans to invest approximately 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 the Bank of Lithuania was what helped attract Factris is another endorsement of our Fintech ecosystem.”
