Amsterdam-based Factris, a fintech company that provides fast, affordable working capital to European SMEs, announced on Monday that it has secured €50 million in funding from Aegon Asset Management.
Last month, Factris announced that it has reached the €1B mark in funding in Q1 of 2023.
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With the new funds, the Dutch company intends to expand its SME financing services to Estonia in Q2 2023, providing more opportunities for business financing 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 percent increase in cumulative funding volume year-over-year for their pan-European market and an 83 percent increase in funding volume in the Netherlands alone.
In June 2022, Factris raised 10 million euros through the partnership with NN Investment Partners (NN IP).
Fact: Provide quick and affordable capital
Founded in 2017 by Brice Laurent and Marcel Meijer, Factris aims to provide fast and affordable capital to SMEs across Europe using financial technology with personalized guidance.
One of the main areas that Factris focuses on is giving SMEs access to financial tools such as invoice financing, debt management and insurance. These tools give SMEs access to fast and 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 the availability of financial products.
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 biggest problems facing financiers.
Factris has expanded its reach regularly 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 financing for SMEs.
Factris CEO Brian Reaves says: “Without our exceptional risk management track record supported by our team and technology, we would not be qualified to work with such outstanding institutions.
investors. Thanks to strong partners like Aegon AM, we have the capacity with our technology-driven financing solutions to support struggling business owners just when they need it.”
The investor
Aegon Asset Management is an active global investor that organizes its investment opportunities around four focused investment platforms: Fixed Income, Real Assets, Equities and Multi-Asset & Solutions.
Aegon AM’s head of secured credit and trade finance, George Nijborg, says: “We are delighted to continue to be at the forefront of financing European SMEs and to support Factris’ impressive growth. The strong partnership established with Factris demonstrates that creating attractive financing solutions for institutional investors help close the gap needed to support SMEs, which are the backbone of European economies.”
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