Factris has X factor for Lithuanian expansion
Amsterdam-based factoring services provider Factris is planning to invest €8 million in Lithuania for the introduction of new technologies and its expansion plans.
Speedinvest and Optima Investments are backing its European ambitions with additional capital for the acquisitions of other European working capital providers.
This news follows on from last month, when Factris completed the total acquisition of Debifo, a working capital provider in Lithuania, for an undisclosed purchase price.
With this new addition, Factris intends to scale its development team and operations in the country.
Factris provides working capital to SMEs throughout Europe by purchasing their unpaid invoices. For its part, Debifo has provided more than €85 million in working capital to more than 350 companies.
According to Factris CEO, Brian Reaves, the company was initially attracted by Lithuania because of the country’s “great attention to fintech and highly educated workforce” and “the opportunity Lithuania offers to apply for a specialised banking licence”.
“By choosing Lithuania, companies such as Factris bring maturity to the country’s fintech sector and help our specialists to gain even more experience in developing various tech solution,” states Virginijus Sinkevičius, the Lithuanian Minister of Economy and Innovation.
Alongside software development, Factris’ Vilnius team will also assist in product development, operations, marketing, and management of the group company. Factris’ Lithuanian team is expected to hire at least 30 additional employees in 18 months.