Today Factris announced it has received funding from Dexteritas.
Funding from Dexteritas will enable Factris to extend their financing reach by purchasing portfolios from other factoring companies. The contract puts the fintech company one step closer to becoming the EU’s largest SME working-capital provider.
Amsterdam-based fintech Factris has recently closed a funding round with the private debt fund Dexteritas for €5m. This funding will enable Factris to support more factoring companies, acquire loan portfolios, and free up trapped investment capital, propelling them forward to become one of the biggest working-capital providers to SMEs in the EU. This debt funding supplements the recent €50m senior debt facility provided by NNIP.
What attracted Dexteritas to Factris is their high liquidity and secure financing, which Factris has been pioneering via their advancements in risk-assessment technology. Instead of relying on humans to slowly and incompletely understand the risk involved, Factris has automated the process to quickly and accurately assess the risk of a financial case, thus allowing them to fund more SMEs while also preventing financial loss.
Dexteritas, recognising growth opportunities with Factris’ unique, tech-driven approach to financing, quickly embraced the opportunity to finance the fintech company. This new funding partner will enable Factris to further grow in volume, allowing them to offer their financing to even more businesses.
Factris’ CEO Brian Reaves sees this as a major step towards helping struggling SMEs, who have been hit especially hard during the COVID-19 pandemic. Comments Reaves, “Factris has always been focused on helping SMEs. As the pandemic drags on, so does its detrimental effects on small businesses. But thanks to the funding from Dexteritas, we can help finance even more SMEs in these challenging times.”
Factris is a fintech company that provides technology-focussed factoring services to SMEs. It is headquartered in the Netherlands but has international presence in multiple EU countries. Factris’ mission is to empower SMEs through financial technology with personalised guidance.
Dexteritas is a private debt fund that offers flexible alternative financing to Dutch companies. With a focus on medium-sized companies, Dexteritas offers tailor-made solutions for growth financing.