Netherlands-based fintech company Factris has raised a EUR 50 million funding line from Aegon Asset Management, to expand its SME financing services. Following this funding round, Factris aims to expand its solutions into Estonia during Q2 of 2023, as well as to offer more businesses and enterprises funding opportunities and possibilities in the existing EU markets.

These include the Netherlands, Poland, Lithuania, Latvia, and Belgium. The company will also focus on further strengthening its financing solutions for institutional investors, in order to provide SMEs and SMBs with the needed products and services. Factris’ strategy of development Netherlands-based fintech company Factris was built to focus on providing European small and medium-sized enterprises with financial technology and financing tools.

These include its proprietary FAB (Finance Automation for Business) platform which was designed to make it easier and more convenient for customers to access and manage their finances, as well as its AI-powered risk management product. This funding round was announced a year after its EUR 5 million raise in February 2022. The investment was made by the private debt fund Dexteritas and was focused on enabling Factris’ capability to support more factoring companies, acquire loan portfolios, as well as free up trapped investment capital.

This was set to improve Factris’ services and support its process of development as a working-capital provider to SMEs in the EU. Factris used the funding round to develop its technology and services to automate the processes of assessing the risk of a financial case in a more secure and efficient way, which gave the company the possibility to fund more SMEs while preventing financial loss as well. Later in the same month, Factris expanded in Belgium intending to provide companies, financial institutions, and firms across the region with its services.

This was focused on offering Belgium-based SMEs access to larger amounts of capital via factoring. The expansion was a part of the larger pan-European strategy of Factris, which was set to bolster numerous small and medium-sized businesses, accounting for 99,85% of all companies in Belgium. Factris prioritised automation and AI-powered risk management while making applications easier and approval faster, as well as invoicing larger amounts.

Factris announced its partnership with Eurowag in March 2022, to offer Eurowag Cash, a pilot tool aimed to help transport and logistics companies finance invoices and secure cash flow. The product was set to allow SMEs in the Commercial Road Transportation (CRT) Industry for receiving working capital within 24 hours by financing unpaid invoices within factoring. Eurowag offered its users the opportunity to submit factoring applications on their Client Portal, and Factris was set to provide the factoring capabilities and customer onboarding processes via their Financing Automation for Business platform.

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