Amsterdam’s fintech company Factris has partnered with Brand New Day Bank to provide invoice financing to SMEs across Europe.
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Amsterdam-based Factris, a European fintech that provides financing solutions for small and medium-sized enterprises (SMEs) using invoices as collateral, has launched a funding partnership with Brand New Day Bank.
The partnership has established a €100M facility for financing SME factoring across Europe.
Brand New Day Bank is a Dutch neo-bank offering pension savings and investment solutions. The bank partners with Factris to support SMEs and provide risk management in financing operations. The bank also supports initiatives that promote long-term value and financial inclusion.
Capital utilisation
The facility will support Factris’ invoice factoring operations, enabling businesses to unlock working capital and manage growth. It is designed to scale according to demand for SME financing and expand Factris’ cross-border platform.
Under the agreement, Factris, with operational hubs in the Netherlands and Lithuania, will support sellers in nine countries and manage receivables from debtors in 27 countries, primarily in EU markets.
The launch marks a milestone in Factris’ efforts to provide financing access across Europe and deliver liquidity solutions for companies managing invoices and receivables.
Brian Reaves, CEO of Factris, says, “This new facility is a testament to the trust and confidence Brand New Day Bank has placed in Factris and our vision for SME financing. As we continue to scale across Europe, this partnership ensures we can meet the increasing demand for alternative financing and provide SMEs with the liquidity they need to thrive.”
Empowering SMEs through financial technology
Founded in 2017, Factris is a fintech company that provides invoice financing solutions to SMEs. It operates in several European countries and combines technology with customer support to provide financing for growing businesses.
Factris operates through several key components. Its technology includes the FAB (Finance Automation for Business) platform and an AI-powered risk management system, with plans to develop additional financing tools.
Funding relies on diversified sources and a special purpose vehicle (SPV) structure. Risk management uses automated credit management and AI systems to quickly assess transaction risks. The company’s shared services allow headquarters to provide knowledge and resources to local offices across the EU, covering finance, risk, development, marketing, and design.
In 2023, Factris reached €1B in financed receivables and secured €50M in backing from Aegon Asset Management. The company aims to use financial technology and provide tailored support to fund SMEs across Europe efficiently.
