RO fintech Instant Factoring get EUR 6.3 mln in new round of external financing
Summary
Instant Factoring, the Romanian fintech providing microfinance to small companies, has concluded a new round of external financing of EUR 6.3 million, raising the total volume of available capital to EUR 12 million, both for Romania and the entity in Serbia, it said. The current round represents capital investment and loans from existing shareholders - 45% of the total amount - and an additional loan from US financial creditors of 55% of the total, the latter intended to increase the financing capital of invoices. "The new round of financing will help us grow in both markets and, at the same time, invest in technology and software development to accelerate the digital financing processes. Furthermore, it will allow us to develop new financial products and expand our operational capabilities," Cristian Ionescu, CEO of Instant Factoring, said. Instant Factoring offers flexible digital financing solutions for small businesses that need working capital for monthly turnovers or one-off developments, turning invoices in the payment term from 7 to 90 days into liquidity.