{"id":1796,"date":"2019-02-25T13:24:00","date_gmt":"2019-02-25T13:24:00","guid":{"rendered":"https:\/\/www.factris.com\/?p=1796"},"modified":"2022-12-14T07:58:49","modified_gmt":"2022-12-14T07:58:49","slug":"history-of-credit","status":"publish","type":"post","link":"https:\/\/www.factris.com\/en\/news\/history-of-credit\/","title":{"rendered":"Credit hasn\u2019t always been self-evident"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.7.6″ _module_preset=”default” custom_padding=”21px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.14.8″ _module_preset=”default” max_width=”700px” custom_padding=”2px||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.7.6″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”\/en\/news\/” button_text=”Back to the news page ” module_class=”btn-back” _builder_version=”4.14.8″ _module_preset=”default” custom_button=”on” button_text_color=”#001194″ button_bg_color=”rgba(0,0,0,0)” button_font=”||||on||||” button_icon=”#||divi||400″ button_icon_placement=”left” button_on_hover=”off” hover_enabled=”0″ global_colors_info=”{}” button_text_color__hover_enabled=”off|hover” custom_padding__hover_enabled=”off|desktop” custom_padding__hover=”|||59px|false|false” sticky_enabled=”0″][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.7.6″ _module_preset=”default” max_width=”700px” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.7.6″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.9.0″ _module_preset=”default” header_font_size=”46px” header_line_height=”1.4em” header_2_font=”|700|||||||” header_2_text_color=”#000a54″ header_2_font_size=”27px” header_2_line_height=”1.3em” header_3_font=”|700|||||||” header_3_text_color=”#000a54″ header_3_font_size=”25px” header_3_line_height=”35px” header_4_text_color=”#000a54″ header_4_font_size=”21px” header_4_line_height=”29px” global_colors_info=”{}”]<\/p>\n

Borrowing is a common practice among governments, businesses, and consumers. In fact, never in the history of humanity has global debt been this high.<\/span><\/h2>\n

<\/span><\/p>\n

Few people realize that credit hasn\u2019t always been as popular as it is today. Despite its present ubiquity, I dare to predict that its prevalence will decrease as the digital era opens easier, cheaper and safer ways for businesses to free up cash.<\/p>\n

 <\/p>\n

Sapiens<\/h2>\n

Let\u2019s start with a brief look back at history. In his bestseller Sapiens, Yuval Noah Harari describes how borrowing money was nearly impossible for most of human history.<\/p>\n

The author uses the example of a would-be entrepreneur, Jane McDoughnut, who wants to build a bakery, but doesn\u2019t have the 1 million dollars she needs to launch it. In modern times, banks are happy to provide this amount of money if you can make a plausible case that you can earn it back, which is called a business plan. You get 1 million dollars now, and you pay the bank 1 million plus interest in a few years.<\/p>\n

Before the modern era, this ability was limited. In most cases, money could only represent goods that actually existed in the present. This imposed a severe limitation on growth since it made it very hard to finance new enterprises.<\/p>\n

Jane McDoughnut, for example, would never be able to start a new business if she didn\u2019t already have 1 million dollars in the bank.<\/p>\n

Humankind was trapped in this predicament for thousands of years. As a result, economies remained frozen. Only in the modern era was a path out of the quagmire discovered, with the appearance of a new system based on trust in the future. In it, people agreed to represent imaginary goods \u2013 goods that do not exist in the present \u2013 with a special kind of money they called \u2018credit.\u2019<\/p>\n

Credit, Hariri argues, is only possible in the assumption that an economy will grow; the interest you pay represents the growth of the economy in the time between the moment the money is borrowed to the moment you pay it back.<\/p>\n

If the global pie stayed the same size, there was no margin for credit. Credit is the difference between today\u2019s pie and tomorrow\u2019s pie. If the pie remains the same, why extend credit?<\/p>\n

 <\/p>\n

The engine behind economic growth<\/h2>\n

If you look at it this way, credit is a marvelous invention that has been the engine behind economic growth since (approximately) the late-18th century. It makes sense: without the ability to lend money, no single entrepreneur could start their own business unless they had a lot of cash in the bank already.<\/p>\n

Once, even such a mundane thing as credit card was a utopia: In 1888, an American author Edward Bellamy in his novel Looking Backward, 2000-1887 about time travel and perfect future wrote that \u201ccredit corresponding to his share of the annual product of the nation is given to every citizen on the public books at the beginning of each year\u201d. Now more than 70% of Americans have this once utopian credit card. There are more than a 1,000 m \u2014 credit cards in the country with an overall credit card debt of about 0.85 trillion USD.<\/a><\/p>\n

Not only in the US, but globally debt is at an all-time high. According to Bloomberg<\/a>, global debt reaches nearly 250 trillion USD, which is three times the size of the global economy. Credit is second nature to both businesses, governments, and consumers, so much so that we should ask ourselves: to what extent is this a desirable situation? Does all this credit still represent actual money that will be paid back one day? Or are we borrowing money for the sake of it?<\/p>\n

For business owners, borrowing money is often a way to get access to short-term liquidity. You need extra cash to pay for an investment that will enable your company\u2019s future growth. As explained by Hariri, we\u2019ve accepted that it\u2019s perfect economic sense to leverage future earnings to get access to cash today.<\/p>\n

 <\/p>\n

Paradigm shift<\/h2>\n

We see a paradigm shift, however. Instead of borrowing the money that you are going to earn tomorrow, why get cash today from the revenue that you have already earned? From a business perspective, factoring can make much more sense than credit. You don\u2019t have to tap into funds that you haven\u2019t received yet. You can get immediate liquidity from invoices that you\u2019ve already earned.<\/p>\n

Credit has helped the economy grow, but it\u2019s not the only tool or even the best tool. Yet, most businesses treat it as the default option. We believe that the first place to find ready cash is by converting existing invoices, not by borrowing money from your future self. Thanks to technology such as our platform, the cost of factoring have never been so low, and the ease has never been so high.<\/p>\n

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Focus on telling your business story<\/h2>\n

Trade your invoices for working capital by factoring<\/h3>\n

[\/et_pb_text][et_pb_button button_url=”\/en\/eligibility\/” button_text=”See if I qualify” button_alignment=”center” module_class=”btn-tertiary-2″ _builder_version=”4.14.8″ _module_preset=”default” custom_button=”on” button_text_color=”#ffffff” button_bg_color=”rgba(0,0,0,0)” button_font=”||||on||||” button_icon=”$||divi||400″ button_icon_color=”#ffffff” button_on_hover=”off” custom_margin=”||20px|||” custom_padding=”0px|0px|0px|0px|true|true” global_colors_info=”{}”][\/et_pb_button][et_pb_button button_url=”https:\/\/onboarding.factris.com\/en\/sign-up” button_text=”Finance my invoices” button_alignment=”center” _builder_version=”4.13.0″ _module_preset=”default” button_icon=”$||divi||400″ button_icon_color=”#353540″ button_on_hover=”off” custom_margin=”||18px|||” custom_padding=”10px|40px|10px|25px|true|false” global_colors_info=”{}” custom_padding__hover_enabled=”on|hover” custom_padding__hover=”|50px|||true|false”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

Borrowing is a common practice among governments, businesses, and consumers. In fact, never in the history of humanity has global debt been this high. Few people realize that credit hasn\u2019t always been as popular as it is today. Despite its present ubiquity, I dare to predict that its prevalence will decrease as the digital era […]<\/p>\n","protected":false},"author":1,"featured_media":20631,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"\n

Advisory board<\/strong><\/p>\n\n\n\n

Brian Reaves <\/strong>Chief Executive Officer<\/p>\n\n\n\n

Serial entrepreneur and investor in the mobile and payments space. Brian was involved in building 21 prior businesses including 15 mobile networks and 4 payment companies.<\/p>\n\n\n\n

Adam Posma <\/strong>Founder and Chief Product Officer of ClubCollect<\/p>\n\n\n\n

Adam founded ClubCollect in 2013 - a provider of membership fee collection services for sports clubs. He started his career in wealth management at BNP Paribas.<\/p>\n\n\n\n

Dr. Tom F. Lesche <\/strong>Principal at Speedinvest<\/p>\n\n\n\n

Tom started his career in investment banking. Most recently, he was a Vice President at Morgan Stanley in London, advising financial technology companies on a variety of capital markets and M&A transactions. At Speedinvest, he solely focuses on investments in European fintech companies.<\/p>\n\n\n\n

Donatas Juodelis <\/strong>Founder of Debifo<\/p>\n\n\n\n

Donatas started his career as a lawyer but quickly moved to entrepreneurship and investments. Co-founded IT company INNTEC, co-founded factoring company Debifo and a couple of other successful startups. In most of the companies, Donatas was responsible for business and corporate development.<\/p>\n\n\n\n

Faisal Hakki <\/strong>Managing director at AB Ventures<\/p>\n\n\n\n

Faisal is Managing Director at AB Ventures, the FinTech focused, early-stage Venture Capital arm of Arab Bank. Prior to joining AB Ventures, Faisal was CEO at Oasis500 \u2013 the leading seed-stage investment fund and accelerator in Jordan. Faisal has also held senior positions at Accelerator Technology Holdings, Arab Advisors Group and Fastlin.<\/p>\n\n\n\n

Brian Reaves <\/strong>Chief Executive Officer<\/p>\n\n\n\n

Serial entrepreneur and investor in the mobile and payments space. Brian was involved in building 21 prior businesses including 15 mobile networks and 4 payment companies.<\/p>\n\n\n\n

Adam Posma <\/strong>Founder and Chief Product Officer of ClubCollect<\/p>\n\n\n\n

Adam founded ClubCollect in 2013 - a provider of membership fee collection services for sports clubs. He started his career in wealth management at BNP Paribas.<\/p>\n\n\n\n

Dr. Tom F. Lesche <\/strong>Principal at Speedinvest<\/p>\n\n\n\n

Tom started his career in investment banking. Most recently, he was a Vice President at Morgan Stanley in London, advising financial technology companies on a variety of capital markets and M&A transactions. At Speedinvest, he solely focuses on investments in European fintech companies.<\/p>\n\n\n\n

Donatas Juodelis <\/strong>Founder of Debifo<\/p>\n\n\n\n

Donatas started his career as a lawyer but quickly moved to entrepreneurship and investments. Co-founded IT company INNTEC, co-founded factoring company Debifo and a couple of other successful startups. In most of the companies, Donatas was responsible for business and corporate development.<\/p>\n\n\n\n

Faisal Hakki <\/strong>Managing director at AB Ventures<\/p>\n\n\n\n

Faisal is Managing Director at AB Ventures, the FinTech focused, early-stage Venture Capital arm of Arab Bank. Prior to joining AB Ventures, Faisal was CEO at Oasis500 \u2013 the leading seed-stage investment fund and accelerator in Jordan. Faisal has also held senior positions at Accelerator Technology Holdings, Arab Advisors Group and Fastlin.<\/p>\n\n\n\n

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