With €1.4M funding Amsterdam-based Factris plans to develop AI-powered risk-management system for SMEs

Amsterdam-based fintech startup Factris provides an online invoice factoring platform for European SMEs. This platform lets paying invoices on the same business day they are uploaded. The company aims to take care of invoice related aspects so that entrepreneurs can focus on the growth of their business.

Last year, the Dutch fintech startup acquired Debifo, a Lithuanian firm to realise its objective of becoming the biggest company in accounts financing and services. Now, it has secured funding to develop a risk-management platform targeted at SMEs.

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Secures €1.4M funding

Factris has announced it has received €1.4 million funding from the EU for the development of an automated risk-management system. Notably, this risk-management system will use Artificial Intelligence and will be aimed at solving a major problem affecting small businesses across Europe. Notably, the total amount for the project is €1.95 million.

AI to resolve risk

Well, risk is the major problem faced by small businesses. When a business factors unpaid invoices, they sell it to a factoring company for a specific fee and the latter provides them with quick capital. And, this funding involves risk. Eventually, the evaluation of factoring cases is expensive and incomplete for financiers. And, many SMEs are seen as highly risky and denied much-needed financing.

Factris aims to make this issue a thing of the past with the latest round of investment from the EU grant. The risk-management platform developed by the company uses Artificial Intelligence to evaluate risk automatically. Notably, this is an industry-first attempt and it will automate data collection and analysis instantly. Also, the company will have the power to understand and evaluate the risk of each factoring case clearly.

The AI-powered automated analysis and the ability to monitor risk constantly will solve the issue of having an incomplete picture of factoring risks due to human analysis. And, it will extend factoring to a vast number of SMEs across Europe.

With the industry-first AI-powered system, the Amsterdam-based fintech will get an upper hand in terms of competition by slashing the cost of factoring to customers and accelerating the factoring process exponentially.

Main image picture credits: Factris

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