VTB Factoring and Venture Engineering Lab, a leader in digitising financial products and services in the public procurement segment, have announced the launch of the GetFinance multifactor fintech platform, aimed at shaping a new mass segment of the commercial online financing market and developing innovative online factoring services for the SME segment in Russia.
GetFinance is the first end-to-end multifactor digital platform developed specifically for supply chain finance, with the entire cycle of contract execution, processing and issuing financing, as well as subsequent support and accounting of transactions digitised. The project is the first of its kind in Russia.
The online platform automates the entire supplier onboarding process, making the cycle of processing and financing factoring transactions fully digital. Suppliers can enter into factoring contracts remotely without having to visit the bank’s or the factor’s office; they can also receive early financing for completed stages or fully completed contracts. For customers and buyers, it ensures control, security and uninterrupted supply from an unlimited number of approved vendors, as well as a debt management possibility. GetFinance will help factoring companies to attract new customers and drastically cut their costs. The technology used in GetFinance does not restrict the minimum transaction amount, which makes the platform convenient for business and opens up broad opportunities for obtaining financing, primarily for SMEs.
VTB Factoring will be the backbone factoring company for the platform. At the same time, GetFinance facilitates the creation of a marketplace and participation from other market players.
Anton Musatov, CEO of VTB Factoring, commented:
“In global practice, the support of a new project or service by the market leader at launch gives an important positive signal to potential customers and partners deciding whether to use the platform and participate in the new market project. We expect our involvement in the launch of the GetFinance fintech platform to promote further development of convenient and reliable financial services on the Russian market. With the GetFinance platform, companies will get paid-for completed contracts quickly and in a convenient online format, improving their working capital and reducing the risk of cash flow gaps. It will also help deal with many difficulties in the mutual settlement between all parties in commercial transactions. The GetFinance service will immediately become available to all current and future clients of VTB Factoring, and thereafter, to other users of GetFinance as a new marketplace for commercial online financing in the Russian Federation.”
Yegor Gazetin, CEO of GetFinance, added:
“Every year, new technologies penetrate into the business sphere faster and faster. Modern financial products and solutions are reaching their customers more easily. As a result, it becomes easier for a business to get financial support for its development. At GetFinance, we have actually implemented this functionality. Our platform automates factoring and offers it as a fully remote product, accelerating and simplifying the provision of funding. Having a major market player, VTB Factoring, as a partner, will give the project security and financial stability, as well as a potential customer base. Considering the current market trends, the launch of the new platform is well-timed, especially for SMEs in the public procurement segment, which we estimate at 500,000 participants, more than 4 million concluded contracts and potential commercial online financing at RUB 1 trillion a year. We invite all potential customers and partners to join us in using the GetFinance platform.”