The Bucharest-based startup Instant Factoring that builds a fintech factoring platform has raised €600,000 in a new round of investment. Among investors is MicroEurope, and it will occupy a position on the Instant Factoring board.
- Founded in 2018, Instant Factoring platform provides liquidity to small entrepreneurs in max 24h, powered by robot-underwriting, transactions transparency using the blockchain, and developing machine learning based credit risk algorithms. The startup enables entrepreneurs to turn their invoices into cash without the burden of bureaucracy, extremely long analysis, and response time.
- The company claims that more than 15,000 small businesses used its services by the end of 2022. Instant Factoring is a member of the London-based European Fintech Innovate Finance Association and is accredited by BNR.
“This new funding round is an opportunity that will allow us to explore international markets with a view to expansion. In addition, it gives us confidence and confirms once again that we are an important pillar in the financing sector in Romania. In the near future, we plan to launch a new business line, microcredits for small companies with a turnover of up to €2 million”,
said Cristian Ionescu, CEO of Instant Factoring.
- The fresh investment is the first in Romania for Spanish social investment company MicroEurope. The partnership brings benefits to both parties: Instant Factoring now has access to the expertise of MicroEurope’s specialists, which will allow it to expand its range of financial products, and MicroEurope adds an innovative fintech to its portfolio, which will continue its mission to provide financial services and support to entrepreneurs in Romania.
