Amsterdam-based Factris, a fintech company that provides quick, low-cost working capital to European SMEs, announced on Monday that it has secured €50M in funding from Aegon Asset Management.
Last month, Factris announced that it has reached the €1B mark in financing in Q1 of 2023.
With the new funds, the Dutch company intends to expand its SME financing services into Estonia in Q2 of 2023, and provide more business funding opportunities in existing EU markets such as the Netherlands, Belgium, Poland, Lithuania, and Latvia.
The funding comes on the heels of Factris’ strong organic growth in 2022, which includes a 58 per cent increase of cumulative financing volume year over year for their pan-European market and an 83 per cent financing volume increase in the Netherlands alone.
In June 2022, Factris raised €10M through its partnership with NN Investment Partners (NN IP).
Factris: Provide quick and affordable capital
Founded in 2017 by Brice Laurent and Marcel Meijer, Factris aims to provide quick and affordable capital to SMEs across Europe using financial technology with a personalised guidance.
One of the primary areas that Factris focuses on is providing SMEs with access to financial tools such as invoice financing, debt management, and insurance. These tools allow SMEs to access quick, convenient working capital when and how they need it most.
The Amsterdam-based company has also developed cutting-edge technologies that promote growth and increase financial product availability.
The fintech company says its proprietary FAB (Finance Automation for Business) platform has made accessing and managing finances easy and convenient.
Moreover, the company’s AI-powered risk management system has helped solve one of the greatest problems financiers face.
Factris has been expanding its reach steadily and is currently active in five EU countries.
By the end of 2023, it plans to join a sixth country, and its ultimate goal is to become the leading Pan-European source of alternative funding for SMEs.
Factris CEO Brian Reaves says, “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.”
The Investor
Aegon Asset Management is an active global investor that organises its investment capabilities around four focused investment platforms: Fixed Income, Real Assets, Equities, and Multi-Asset & Solutions.
Aegon AM’s Head of Insured Credit and Trade Finance, George Nijborg, says, “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 help plug the gap needed to support SMEs, which are the backbone of European economies.”
01
No early-stage VCs, no economy: Cottonwood’s Alain le Loux on Fund IV, early-stage deep tech startups, science IP-based innovation