Factris, a fintech firm based out of Amsterdam has officially announced the acquisition of Lithuanian firm ‘Debifo’ for an undisclosed amount. This acquisition marks another milestone for the fintech startup as it aims to become the biggest company in accounts financing and services.
Notably, Factris received support from Speedinvest and Optima Investments for additional funding in this acquisition process. With this move, Justas Saltinis, CEO and founder of DEBIFO, will join Factris management board as Chief Operational Officer (COO).
Founded in 2015, Lithuania-based DEBIFO is an invoice financing platform that enables growth SMEs to borrow from institutional and retail investors. Furthermore, the Vilnius-based startup has a 35% market share in the alternative lending space and growing rapidly.
Back in 2018, Factris inked a €100 million credit facility agreement through a Swiss investment advisor Ruvercap. As per the company, this facility will be used to provide working capital to small and medium-sized businesses throughout Europe.
Founded by Brice Laurent and Marcel Meijer in 2017, Factris is a fintech firm, which offers factoring to small and medium-sized enterprises. It combines deep factoring know-how with new technologies and strong financing partners to do this. Factris has raised a total of €1.5M in funding over 1 round. This was a seed round was raised on Nov 6, 2018.
Brian Reaves, Factris, CEO, said:
We are excited to be working with Debifo. They are a really driven team that has achieved strong results in Lithuania. We are looking forward to fostering Debifo’s talent as Factris expands across Europe to become the leading working capital provider to SMEs.
Justas Šaltinis, Debifo CEO, said:
Our team is delighted to join Factris. Together we will be able to improve our financing capabilities, expand the range of services and offer more competitive prices for our customers.
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