Natwest backs Floryn for SME lending


Floryn, a Netherlands-based online lending FinTech, has raised €65m in funding from Natwest.

According to a report from AltFi, the investment from Natwest adds to a capital injection of €9m it received in 2017 from Endeit Capital, Peak Capital and Kalo Bagjin among others.

It also got €60m in financing in 2019 in a round led by Netherlands-based NIBC Bank.

Floryn uses artificial intelligence to look at data from bank transactions and hundreds of other sources to quickly grasp the performance of a company, by which not only a faster but also better risk analysis can be made.

The Dutch FinTech provides business loans of up to €3m and says it has provided more than  €650m in financing since it was founded in 2016.

According to the lender, since it started it has received more than 60,000 credit applications.

The applications are assessed by AI that looks at bank statements and other data points to analyse risk.

Floryn said it expects to continue “to set the standard in online credit for SMEs” with the new financing.

Gion van den Bogaert, Floryn chief financial and risk officer, said, “Despite a challenging market in recent years, Floryn has continued to grow as a financier with ambition, in which a good customer experience and service have played an important role”

George Ross, NatWest head of speciality finance, added, “NatWest is actively seeking opportunities to support fintech companies that make a distinctive contribution to the sustainable growth of the economy.

“We are therefore delighted to welcome Floryn as a new client of an innovative lender that aligns well with NatWest’s core values ​​of fostering the potential of companies to grow and succeed.”

Earlier this year, Digital transformation platform InvestCloud announced it will help Netherlands-based bank Rabobank provide its customers, both private and retail clients, with digital financial planning tools.

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