Factris provides an online invoice factoring platform targeting European SMEs where invoices can be paid on the same business day they’re uploaded. The fintech outfit will use raised funds to bolster sales, marketing, and platform development for its European-wide operations.
With its investment in Factris, Speedinvest partner Guzel Gumerova joined Factris’ advisory board.
As a part of its European development, Factris has purchased Crown Finance Group BV in a cash and stock deal. Crown Finance’s Brice Laurent will join Factris as CFO, with Marcel Meijer and Maurits van Rijckevorsel entering the management board. Key managers at Crown finance will also slot into senior positions at Factris.
Factris CEO Brian Reaves says many factoring operations lack the technical know-how and “adequate low-cost funding in order be successful in a very competitive market”. The platform of Factris solves these issues by delivering critical tools and making “credit available for local entrepreneurs with the scale of a centralised centre of excellence for delivering better credit risk management and other services”.
Speedinvest’s Gumerova says that her company was happy to support Factris’ vision regarding factoring, which seeks to help entrepreneurs start businesses in their communities with little capital via the tools available on their platform and its credit and insurance facilities.
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