Romanian fintech Instant Factoring, which specializes in cash flow solutions for small and medium-sized enterprises, has provided 1,930 loans totaling EUR 4 million in its first year of functioning.
It targets a volume of EUR 15 million in new loans this year, assuming that the companies on the local market need financing, but only a small part of them can meet banks’ requirements.
As its name suggests, Instant Factoring provides factoring services, namely buys the commercial claims (invoices) companies hold over their clients and helps them improve cash flow against a certain fee. The market for such operations is estimated at 511,800 micro-companies with annual turnover of up to EUR 500,000.
"We have built our business starting from the small firms doing a good job, invoicing but having cash flow problems. We can have an impact on some businesses. Some businesses have been able to double their turnover with Instant Factoring,” said Alex Lapusan, co-founder and CEO of local tech group Zitec, one of the investors in the Instant Factoring platform.
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Instant Factoring, a Romanian fintech startup that specializes in online micro-factoring, has named a new Country...