Digital invoice financing solution for SMEs Factris has closed its initial investment round on €1.5m.
The round was led by Speedinvest Fintech, a European venture capital firm which has offices in Berlin, Munich, London, Vienna and San Francisco.
As part of the deal, the firm’s partner Guzel Gumerova has joined the Factris advisory board. Here she will join Factris CEO Brian Reaves and Club Collect CEO and founder Adam Posma.
Alongside the investment, Crown Finance Group BV was acquired for cash and stock. The company creates online security technologies, encryption and anti-fraud solutions to protect financial transactions.
In line with this, key managers from Crown Finance will take senior roles at Factris, with Brice Laurent joining as CFO, Marcel Meijer as CRO and Maurits van Rijckevorsel as CSO.
Factris is a factoring solution which provides SMEs across Europe to help them solve invoice issues and focus on their business. The company gives working capital to businesses by purchasing their unpaid invoices, with factoring fees starting at 0.5 per cent per invoice.
With the capital injection, Factris will focus on boosting its sales and marketing efforts, and growing its capabilities to foster pan European operations.
Factris CEO Brian Reaves said, “As a management team, we have evaluated the busy factoring market for years. 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 center of excellence for delivering better credit risk management and other services.”
Earlier in the year, SpeedInvest took part in the €10m funding round of pan-European payment institution Lemon Way. The company offers a payment solution for digital platforms and e-commerce websites.
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