November 7 (SeeNews) - Romanian online microfinancing start-up Instant Factoring said on Wednesday it has received 1.5 million euro ($1.72 million) financing from a United States-based investment fund.
The attracted funds, together with the company's equity, will support the expansion of activity on the Romanian market by developing microfinance operations for a volume of invoices totaling up to 20 million euro in 2019, Instant Factoring said in a press release.
The received financing will also support the expansion of the company in other markets in Central and Eastern Europe.
"This funding will allow us to further support small Romanian companies and to contribute to the development of a healthy and stable business environment that is so indispensable to our economy and our country," Instant Factoring CEO and co-founder, Elisa Rusu, said.
Instant Factoring facilitates the development of small businesses, providing them with flexible and innovative financing solutions by converting invoiced bills into cash.
The Instant Factoring microfinance platform, aimed to support small businesses and micro-enterprises, was launched in April and has since attracted 250 customers with a volume of 2 million euro funded bills. The company's customers come from various sectors of business such as transport, consultancy and advertising, FMCG, construction and IT.
"We intend, in addition to increasing the volume of processed invoices, to come up next year with a diversification of microfinance products for SMEs," Elisa Rusu said.
Instant Factoring is a fintech online micro-factoring company in Romania dedicated to small companies and micro-enterprises.
It is an IFN registered with the National Bank of Romania.
($=0.8707 euro)