BUCHAREST (Romania), May 16 (SeeNews) - Romanian online microfinancing startup Instant Factoring and TechVentures Bank on Monday announced a partnership to develop a financing solution addressed to SMEs.
The solution consists of a channel for SMEs to directly submit Instant Factoring funding applications either through the TechVentures Bank’s website or its branches, the two companies said in a joint press release.
The process is meant to cut the waiting time for invoices to be transformed into liquidities to several hours.
"[...] entrepreneurs can finance their invoices approved for payment by their business partners without waiting to collect them, having access to cash for current remittances and investments," Instant Factoring CEO Cristian Ionescu said.
TechVentures Bank was founded in 2009 by Valer Blidar as Banca Comerciala Feroviara and was rebranded to its current name in 2020. The bank primarily addresses SMEs, as well as the retail sector. It currently operates a network of 13 territorial units. The bank recorded an asset growth rate of 40% in 2021.
In August, Romanian brokerage firm BRK FInancial announced it had acquired a 9.86% stake in TechVentures Bank.
Instant Factoring is a Romanian online micro-financing company, dedicated to SMEs. It is a member of London-based Innovate Finance, and it is the first non-bank financial institution registered with Romania’s National Bank.
In December, Instant Factoring announced that it has concluded a new round of external financing worth 6.3 million euro ($6.57 million), for the purpose of supporting the company’s development in Serbia and Romania.
(1 euro =4.9469 Romanian lei)