Invoier, a marketplace for trading invoices, has received a €4.1m investment from the European Innovation Council (EIC) Fund.
The FinTech company claims European small and medium-sized businesses are forced to pay up to 60% for working capital, hindering their growth potential. This is what Invoier was established to fix.
Its marketplace, which leverages an AI-powered risk assessment method, enables SMEs to sell their invoices to investors, helping them get quicker access to cash flow. Buyers will then bid against each other for the invoices. Invoier’s goal is to change the behaviour and transform the €300bn factoring market into a fair and transparent market.
Invoier will work with the EIC to improve the system in Europe and expand the service to be a global factoring spot market. Their ambition is to help European SMEs improve their growth opportunities.
Invoier CEO and co-founder Fredrik Mistander said,”Small and medium-sized enterprises are the core of the European economy, constituting more than 25 million companies and accounting for over two-thirds of the workforce. Making sure these companies have fair opportunities affects millions of people and we are more than pleased to have the opportunity to contribute in this way.”
The funding from the EIC comes alongside a grant investment. Invoier was previously supported by the EIC Accelerator programme, which helps innovative technology-based startups.
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