Amsterdam-based fintech Factris has concluded a €5 million Series-A equity funding round led by AB Ventures, the corporate venture capital arm of the Arab Bank.
Current investors participating in the round included Speedinvest and Optima Investments, along with high networth investors.
Factris provides low-cost working capital to SMEs using their unpaid invoices as collateral.
The firm is now at various stages of onboarding other factoring companies to become Factris brokers or partners, thus further extending its reach across the EU.
CEO Brian Reaves says the additional equity, as well as the scale and reach via the partnerships, will help create more opportunities for Factris to finance businesses during the challenging economic climate brought on by Covid-19.
“Factris is determined to help SMEs in this difficult environment either directly or via our partners," he says. "Factris is happy to be working with AB Ventures and is looking forward to providing financing services in partnership with them in selected markets."