The Amsterdam-based fintech firm Factris just reached a milestone in their company’s career after scoring a EUR 50 million funding line from Aegon Asset Management, which would add further security to SMEs in the current unpredictable macroeconomic environment.
In the current business landscape, when you’ve crossed the waters of extending lines, you have to acknowledge the necessity for an organized body like Factris to handle the debt collection—B2B debt management services, for example, Intrum in the UK, thus becoming essential in securing a steady cash flow for your business.
Besides, when 99% of all businesses in the European Union are SMEs, recovering debts and maintaining a healthy relationship with other businesses become as important as securing solid financing. Moreover, Factris’ recent achievement is just the cherry on top of their recent financing of €1 billion in invoices in the first quarter of this year.
This additional funding line will allow them to expand their SME related financing services into Estonia within the second quarter of 2023, opening further business funding options in other established markets including Belgium, the Netherlands, Poland, Lithuania, and Latvia.
The funding from Aegon AM adds to the partnerships that have contributed to Factris’ successful 2022, which saw the company achieve impressive organic growth of 58% in cumulative financing volume across its pan-European market and a remarkable 83% increase in financing volume in the Netherlands alone, surpassing expectations despite the economic challenges of the last year.
Factris’ CEO, Brian Reaves, sees the new funding line as further validation of the company’s alternative approach to financing, which leverages technology and produces exceptional risk management results. Reaves believes that partnerships with institutional investors such as Aegon AM enable Factris to provide critical support to struggling business owners when they need it most.
George Nijborg, Aegon AM’s Head of Insured Credit and Trade Finance, echoed Reaves’ sentiments and expressed excitement about continuing to be at the forefront of financing European SMEs.
He sees Factris’ impressive growth and strong partnership as evidence that attractive financing solutions for institutional investors can help bridge the financing gap required to support the backbone of European economies.
A Note on Factris
Factris, the Dutch fintech company committed to supporting small and medium-sized enterprises (SMEs) across the European Union with innovative financial tools, has also been named the 2023 SME Financing Specialists of the Year-Europe by the Corporate Vision Magazine.
Since its inception in 2017, Factris has been dedicated to empowering businesses with quick, convenient access to working capital through cutting-edge financial tools such as invoice financing, debt management, and insurance.
To further enhance financial product availability and promote growth, Factris has pioneered new technologies such as the FAB (Finance Automation for Business) platform.
This proprietary platform simplifies finance access and management for SMEs, while their AI-powered risk management system has proven effective in solving one of the most significant problems faced by financiers.
With operations now spanning five EU countries, Factris is set to expand to a sixth by the end of 2023, as it strives to become the leading pan-European source of alternative funding for SMEs.
