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COINTURK FINANCE > Business > Factris Partners with Brand New Day Bank to Boost SME Financing in Europe
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Factris Partners with Brand New Day Bank to Boost SME Financing in Europe

Overview

  • Factris partners with Brand New Day Bank for SME financing in Europe.

  • The partnership establishes a €100M facility to support cross-border operations.

  • Factris leverages technology and past achievements for innovative SME solutions.

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COINTURK FINANCE 3 weeks ago
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In a strategic move, Amsterdam’s fintech company Factris has joined forces with Brand New Day Bank to enhance its invoice financing solutions for small and medium-sized enterprises (SMEs) across Europe. Leveraging Brand New Day’s expertise in pension savings and investment solutions, this partnership aims to streamline financial services for SMEs by offering improved access to working capital. This collaboration represents a significant step in extending financial support to businesses seeking alternative funding methods amid changing economic landscapes.

Contents
What’s Next for Factris and Brand New Day Bank?How Will Technology Drive Innovation?

The €100M facility established through this partnership is set to address larger demands within the SME sector for factoring services. Notably, Factris has consistently expanded its reach across various European markets. Previously, the company has focused on employing technology to better manage risk and streamline operations through its Finance Automation for Business (FAB) platform. This facility builds on past initiatives, enabling Factris to further its mission of providing alternative financing to a wider demographic of small businesses on the continent.

What’s Next for Factris and Brand New Day Bank?

With this new funding facility, Factris will continue to support its cross-border platform, enhancing accessibility for businesses in need of liquidity through factoring operations. The partnership empowers Factris to manage receivables from debtors in 27 countries while supporting sellers in nine nations, predominantly in the EU. This strategic alignment not only improves Factris’ logistics but also significantly omits geographical barriers that previously hindered SME financing in certain regions.

Brand New Day Bank’s role encompasses comprehensive risk management, ensuring that the financial operations align with sustainable growth and the pursuit of financial inclusion. As the program gains traction, it’s anticipated that both companies will solidify their positions within the financing sector through innovative solutions designed to meet market demands.

How Will Technology Drive Innovation?

Factris, founded in 2017, brings a blend of technology and personalized support to the table. The firm’s unique FAB platform, alongside its AI-driven risk assessments, promises efficient handling of transaction risks. This technological backbone facilitates seamless finance solutions, making it easier for SMEs to access the capital they need for growth.

Recent achievements underscore Factris’ trajectory in the fintech landscape. In 2023, the company reached €1B in financed receivables while also securing €50M in additional funding. These milestones reflect the company’s dedication to leveraging financial technology to support SMEs and reaffirm its role as a significant player in the European financing market.

Factris CEO, Brian Reaves, highlighted the importance of the partnership, stating,

“This new facility is a testament to the trust and confidence Brand New Day Bank has placed in Factris and our vision for SME financing.”

This sentiment underlines the commitment both organizations have towards fostering economic growth through innovative financial solutions.

Developing a sophisticated infrastructure that combines AI and comprehensive customer support, Factris aims to deliver swift, efficient, and versatile financial products. With offerings tailored to the unique needs of SMEs, Factris endeavors to enhance business operations by mitigating cash flow challenges.

The emphasis on technology and partnerships reflects a shifting financial terrain where agility and innovation are pivotal. As Factris and Brand New Day Bank focus on expanding their influence, advancements in fintech are likely to provide fertile ground for further growth and development.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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