Factris receives €1.5m funding and acquires Crown Finance
Fintech firm Factris, which offers factoring to small and medium-sized enterprises (SMEs) in Europe, has concluded a €1.5 million funding round led by the European venture capital fund Speedinvest Fintech.
The investment will be utilised for sales, marketing and growth of the platform capabilities to support pan European operations.
“Our approach is different from existing players in the industry since we offer local entrepreneurs to be joint venture partners in their local markets. This gives us access to their client base, while entrepreneurs share in the value they help to build,” says Brian Reaves, Factris CEO.
Reaves adds: “We found most factoring companies lack technical expertise and adequate low-cost funding in order to be successful in a very competitive market. To solve this, we developed our platform to provide the necessary tools and have credit available for local entrepreneurs with the scale of a centralized centre of excellence for delivering better credit risk management and other services.”
As part of the investment, Crown Finance Group was acquired for cash and stock by Factris. No details were disclosed about this deal.
Key managers at Crown Finance will take senior roles in Factris with Brice Laurent joining Factris as CFO, Marcel Meijer as CRO and Maurits van Rijckevorsel as CSO, joining the management board.
As a result of the investment, Guzel Gumerova, partner at Speedinvest, has joined the Factris advisory board with Brian Reaves, CEO of Factris and Adam Posma, CEO and Founder of Club Collect.