Fintech Factris has just launched their financing services to SMEs across Belgium.
This new funding source will help Belgian SMEs access larger amounts of capital via factoring. This expansion, part of a larger pan-European strategy for Factris, will bolster the hundreds of thousands of small and medium-sized businesses, accounting for 99.85% of all firms in Belgium.
Factoring has already seen steady growth in Belgium, averaging 4.12 million EUR growth in volume year-over-year over the past five years. However, Factris looks to expand this exponentially, focusing on automation and AI-powered risk management, making applications easier and approval faster, all while invoicing larger amounts than other factoring companies can offer.
The fintech already finances SMEs in several European countries, including Lithuania, Latvia, and the Netherlands, where they are the largest alternative financier that operates internationally. Factris is also slated to expand into two other markets by the end of 2022.
CEO Brian Reaves commented, “With our expansion into Belgium, Factris is one step closer to making our pan-European vision a reality, helping thousands of SMEs across the EU access quick cash flow, factoring will become an even more common alternative to bank loans.”