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How about a company that turns your invoices into cash in just 24 hours?
Well, an Amsterdam-based startup named Factris is trying to make that model work and has proved itself to be quite successful so far. The startup is flourishing so quickly that recently it has got a capital injection of €1.5 million from European venture capital fund Speedinvest Fintech.
Factris: how does it work?
Factris provides an online invoice factoring platform targeting European SMEs where invoices can be paid on the same business day they’re uploaded. Basically, the fintech startup aims to take 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 as it offers stability and scalability through technology and shared processes and resources, while partners offer the personal and local approach that customers need.
“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 centralised centre of excellence for delivering better credit risk management and other services, he added.”
Expand European operation with the funding
As informed in the company press release, the latest investment will be used by the Dutch startup to bolster sales, marketing, and platform development for its European-wide operations.
Acquires Crown Finance
A part of the investment is also the acquisition of Crown Finance Group BV by Factris. As per the official announcement, Crown Finance Group BV has been 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.
Further, Factris is backed by Speedinvest, Million Monkeys and Optima Investments with a debt facility of up to €100 million from a well-known Swiss fund, Ruvercap.
Stay tuned to Silicon Canals for more updates in the tech startup world.