Dutch fintech company Factris has secured € 10 MM thanks to their partnership with NN Investment Partners (NN IP).
This funding will be directly used to help finance trade-related invoices for European SMEs.
Already the largest alternative factoring company in the Netherlands, Factris has begun steadily expanding into the other European markets. Their factoring services are now offered in five different EU countries after entering Poland and Belgium’s markets in Q1 of 2022. Thanks to further funding, Factris is positioned to enter other EU markets in the near future.
The rising demand for invoice factoring from SMEs is evident from Factris’ double-digit growth over the past year. For example, Factris’ portfolio grew by 41% in 2022 in comparison to the same period last year, and over 32% more customers than the year before. This increase in demand for financing is due in part to both the war in Ukraine and the ongoing COVID-19 epidemic, both presenting major financial challenges to SMBs across the EU.
Factris CEO Brian Reaves commented, “With all of the problems European SMEs face, Factris is proud to be part of the solution. Thanks to more funding, we can increase capacity and offer alternative financing to new markets and more businesses-all to help sustain and grow EU businesses.”