Factris announced the successful conclusion of the funding round led by the European venture capital fund SpeedinvestFintech.
After this funding round, the initial investment of EUR 1.5 million brought in is for sales, marketing, and platform development to support pan-European operations.
As part of the expansion, Crown Finance Group BV was acquired for cash and stock. Key managers at Crown Finance will take senior roles in Factris with Brice Laurent joining Factris as CFO, with Marcel Meijer and Maurits van Rijckevorsel also joining the management board.
Factris is a fintech company offering factoring to small and medium-sized businesses in Europe. “Our approach is different from existing players in the industry since we offer local entrepreneurs to be joint venture partners in their local markets. This gives us access to their client base, while entrepreneurs share in the value they help to build,” said Brian Reaves, Factris CEO. “As a management team, we have evaluated the busy factoring market for years. We found most factoring companies lack technical expertise and adequate low-cost funding in order to be successful in a very competitive market. To solve this, we developed our platform to provide the necessary tools and have credit available for local entrepreneurs with the scale of a centralized center of excellence for delivering better credit risk management and other services.”
Speedinvest is a European venture capital fund focused on fintech with offices in Berlin, Munich, London, Vienna, and San Francisco. As a result of the investment, Guzel Gumerova, Partner at Speedinvest f, has joined the Factris advisory board with Brian Reaves, CEO of Factris, and Adam Posma, CEO and Founder of Club Collect.
“We are happy to support the management team’s vision of factoring that provides tools to entrepreneurs enabling them to start local businesses with minimal capital with the support of the Factris platform, credit, and insurance facilities. We see the opportunity to grow this business across Europe.”, says Guzel Gumerova.
About Factris
Factris makes factoring accessible in the most personal and efficient way, for small and medium-sized businesses. Factris takes care of invoice matters, so entrepreneurs can focus on making their business grow.
Partners can benefit from the scalability and robustness of Factris’ factoring platform. Factris offers stability and scalability through technology and shared processes and resources, while partners offer the personal and local approach that customers need.
About Speedinvest and Speedinvest f
Speedinvest is a pan-European brand of venture capital funds with €200M under management that invests in seed-stage technology start-ups. The company operates under a focus fund structure in the areas of Fintech, Marketplaces, and Deep / Industrial Tech. Besides providing financial investments, the fund actively deploys its network and know-how to support its portfolio companies. Speedinvest’s office in Silicon Valley supports portfolio companies entering the US market.
Speedinvest f is a focus fund, dedicated to fintech investments and is going to deploy up to EUR 50M in fintech startups in Europe and Emerging Markets. The fund is headed by Stefan Klestil and Guzel Gumerova.
Find out more:www.speedinvest.com.