Invoice factoring solution Factris has closed its Series A round on €5m to help it onboard other factoring companies.
The investment was led by AB Ventures, with capital also coming from Speedinvest and Optima Investments, as well as unnamed angel backers.
Proceeds from the round are being used to scale partnerships and seek new opportunities in the market.
Additionally, the FinTech is currently onboarding other factoring companies to become Factris brokers or partners, helping it deepen its position in the EU.
Factris provides customers with a way of accessing working capital by using their unpaid invoices. The system works by letting a client selling their unpaid invoices to Factris, which will provide same-day cashflow to the business.
This offers an alternative access to working capital from the traditional bank loan.
AB Ventures managing director Faisal Hakki said, “AB Ventures is excited to be part of the Factris journey and is looking forward to closing cooperation with Factris in developing receivables based financing solutions in Europe and beyond.”
The company previously raised €1.5m in funding in 2018 from Speedinvest Fintech.
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