Factris launches services in Latvia and names new country managersGo to the news page
- The company Factris is positioning itself for success with its unique offering in the SME market
- Factris has already experienced rapid growth with its innovative financial solutions personalised for its customers.
Factris announced the launch of financing services uniquely suited for small and medium-sized enterprises in Latvia through its wholly-owned subsidiary, based in Riga. The Latvian market is ripe for alternative financing, and Factris has positioned itself to seize this opportunity. Momentum is growing with Factris having onboarded a number of clients after they took note of the advantages that the fintech company offers. Traditional banks cause frustration and problems for small and medium-sized businesses when they ignore or make it difficult for them to secure a working-capital facility. These challenges imposed by banks have proven to give Factris an edge by allowing them to eliminate these problems by means of their innovative financial solutions and personalised services.
Kaspar Barons was named the Managing Director of the operations in Latvia. Mr. Barons has more than 10 years experience in banking and lending in the Baltics, starting his career with GE Money and then moving on to well-known Latvian finance organisations Citadele Bank, Greencredit and Monify.
Factris has also promoted Chantal Molenaar to Managing Director of the Netherlands and Paulius Jauga to Managing Director of Lithuania. Both Ms. Molenaar and Mr. Jauga have proven invaluable to the success of Factris, demonstrating both leadership skills and execution capabilities.
“I am really proud of the Factris team and what we have been able to accomplish together in a short period of time. I believe Chantal, Kaspars and Paulius represent our core values, are true professionals, and we are lucky to have them on team Factris!” said Brian Reaves, CEO of Factris.
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.