Factris Closes Series A Round to Increase Reach
Fintech company Factris has recently concluded a EUR 5M Series-A equity funding round led by AB Ventures, the corporate venture capital arm of the Arab Bank. Current investors participating in the round included Speedinvest and Optima Investments, along with high networth investors. The company is now at various stages of onboarding other factoring companies to become Factris brokers or partners, thus further extending their financing impact throughout the EU.
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The additional equity, as well as the scale and reach via the partnerships, will help create more opportunities for Factris to finance businesses during this challenging economic climate brought on by COVID-19. Factoring, which is Factris’ primary form of financing, continues to help its customers by providing working capital using their unpaid invoices. This alternative form of financing has proven to be substantially faster in getting the needed cash flow to businesses in comparison to the more traditional forms of financing, such as businesses applying for a bank loan.
The Factris’ FAB (Finance Automation for Business) technology platform is now available to support other factoring companies in mitigating risk and help them to serve better struggling SMEs in need of working capital. Combined with the new financing facility, the company is providing a stable, secure solution for funding SMEs.
CEO Brian Reaves explains the importance of partnering, “Factris is determined to help SMEs in this difficult environment either directly or via our partners. Factris is happy to be working with AB Ventures and is looking forward to providing financing services in partnership with them in selected markets.”
“AB Ventures is excited to be part of the Factris journey and is looking forward to closing cooperation with Factris in developing receivables based financing solutions in Europe and beyond,” commented Faisal Hakki, MD of AB Ventures.
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