SME finance platform Figopara bags $1m in its new funding round

Figopara, which enables businesses to get loans for their invoices, has reportedly raised $1m in its second funding round.

The investment was backed by World Bank’s International Finance Corporation (IFC) and Revo Capital, according to a report from Crowdfund Insider. A number of angel investors also contributed to the round.

Based in Turkey, the FinTech helps businesses get access to working capital by taking out loans for their invoices. It works with a company uploading their invoice they wish to be paid and another user on the platform can choose to pay the bill.

Figopara has more than 1,000 registered customers and brokered over 60,000 transactions, which have a combined value of $90m, the article reports.

Earlier in the year, IFC contributed to the $9.6m funding round of payment product developer TerraPay. The FinTech builds payment infrastructure which lets people easily transfer money around the world. To achieve this, the FinTech enables payment service providers including banks, mobile money operators, money transfer operators, and others, to instantly connect with one another at a low cost.

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