Having just reached the milestone of financing €1 billion in invoices in Q1 of 2023, the Amsterdam-based fintech Factris has received further momentum thanks to a €50 million funding line from global investment business Aegon Asset Management (Aegon AM) in April 2023.
With this additional line of funding, Factris is on course to expand their SME financing services into Estonia in Q2 of 2023, as well as provide more business funding opportunities in existing EU markets which include the Netherlands, Belgium, Poland, Lithuania and Latvia.
This new funding line complements other partnerships whose funding helped Factris finish 2022 with strong organic growth that included a 58% increase of cumulative financing volume year over year for their pan-European market and an 83% financing-volume increase in the Netherlands alone.
These 2022 results far surpassed expectations for a year marred by the economic consequences of the ongoing war in Ukraine, Brexit, trade wars, sanctions, record inflation, and rapid interest rate hikes.
Factris CEO Brian Reaves sees Aegon AM's funding line as further evidence that Factris' alternative approach to financing is the way to the future. He commented, "Without our exceptional risk management results supported by our team and technology, we would not be eligible to work with such outstanding institutional investors. Thanks to strong partners like Aegon AM, we have the capacity with our tech-powered financing solutions to support struggling business owners right when they need it."
Aegon AM's Head of Insured Credit and Trade Finance George Nijborg shared similar sentiments, commenting, "We are excited to continue being at the forefront in financing European SMEs and in backing Factris' impressive growth. The strong partnership established with Factris shows that creating attractive financing solutions for institutional investors helps plug the gap needed to support SMEs, which are the backbone of European economies."
About Factris
Factris is a fintech company on a mission to support European SMEs with financial technology and financing to improve business results. Factris received the 2023 SME Financing Specialists of the Year award – Europe from Corporate Vision Magazine.
Since 2017, Factris has focused on helping businesses move forward with innovative financial tools like invoice financing, debt management, and insurance to provide SMEs with quick, convenient working capital exactly when and how they need it most.
Along with cutting-edge financial tools, Factris has also pioneered new technologies that promote growth and increase financial product availability. These include their proprietary FAB (Finance Automation for Business) platform which makes accessing and managing finances easy and convenient, along with an AI-powered risk management system that has helped solve one of the greatest problems financiers face.
Now active in five EU countries, Factris is slated to join a sixth by the end of 2023 as they realize their vision of becoming the leading Pan-European source of alternative funding for SMEs.