Instant Factoring has received €1.5 million in funding from a United States-based investment fund, according to a company press release.
According to the release, the funds raised, combined with the company's own capital, will support the expansion of its activities in the local market by developing micro-financing operations for a total invoice volume of up to €20 million in 2019.
The external funding secured by Instant Factoring will also support the company's expansion into other Central and Eastern European markets, company representatives added.
The Instant Factoring micro-financing platform was launched in April of this year, and in its seven months of operation, it has attracted 250 clients with a financed invoice volume of €2 million, they further stated.
The company's clients come from various sectors, including transportation, consulting and advertising services, FMCG (Fast-Moving Consumer Goods), construction, and IT, the statement also noted.
Elisa Rusu, CEO and co-founder of Instant Factoring, stated: "Securing this funding will allow us to further support small Romanian companies and contribute to the development of a healthy and stable business environment, which is so necessary for our economy and our country. (...) It is important to have reliable external partners by our side who will support us in the regional expansion process we plan to initiate next year."
According to company representatives, Instant Factoring facilitates the growth of small businesses by providing them with flexible and innovative financing solutions, turning outstanding invoices into cash.
The statement further notes: "The financing decision is made within two hours, and the client receives the funds in their account within a maximum of 24 hours. (...) Standard invoices financed by Instant Factoring have values of up to 10,000 RON, but financing is also available for larger amounts through personalized offers. This service can be accessed by any company, regardless of size, field of activity, or geographic location. This eliminates the barriers faced by small companies that have an acute need for liquidity and could previously access it with great difficulty or not at all through traditional financing methods."
Instant Factoring is the first online micro-factoring fintech company in the country, dedicated to small companies and micro-enterprises, and is a member of the London-based European fintech association Innovate Finance. Instant Factoring is a non-banking financial institution (IFN) registered with the National Bank of Romania.
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