Italy-based CashMe, a digital invoice financing auction startup, has reportedly netted €1.5m in funding.
The backers were not disclosed, according to a report by FinSMEs. This investment round will be used to expand the reach of its business.
CashMe lets businesses upload their invoices to an online auction which investors can then bid on, with the highest bidder being able to fund the invoice. Businesses only with a minimum revenue of €1.5m can trade invoices, and the lowest value of the invoice has to be €5,000.
Earlier in the year, fellow Italian FinTech startup Fabrick partnered with FinTech company builder FinLeap to launch a new company in Italy. The new solution Beesy is a financial management solution which simplifies accounting, tax and banking services for micro enterprises and freelancers.
Fellow invoice financing solution Skippr collected $16m in a round of funding which closed last month. The Australian company raised the capital to deploy $40m in invoice loans to help more small businesses with their cash flow.
Last year, the lion share of funding into marketplace lending companies went to those based in North America, according to data by FinTech Global. Companies in North America raised a total of $4.3bn, around 44 per cent of the global capital deployment. Europe received 16 per cent of the total funding, picking up $1.5bn.
Copyright © 2018 FinTech Global
