Romanian fintech Instant Factoring expands in Serbia
Instant Factoring, a major Romanian fintech player in the business factoring services segment, has announced its expansion in Serbia.
The potential of the Serbian market, as revealed by the growing amount of unpaid invoices and late payments, is increasing, the company says.
The total value of invoices funded by Instant Factoring, which has been operating in the Romanian market for three years so far, exceeds 55 million euros, of which 30 million euros this year alone. The Romanian company will provide services to small business owners and SMEs in Serbia, “who will have the ability to collect unpaid invoices in just 24 hours using the invoice finance service developed by Instant Factoring.”
This particular segment of small businesses, which accounts for 87% of the total number of businesses in Serbia, is not sufficiently taken into account by banks in terms of factoring services, explains the Romanian fintech player. The maximum value of invoices that can be financed by Instant Factoring is 100,000 EUR.
Instant Factoring was founded in October 2018 by a group of Romanian entrepreneurs with experience in financial services, software development and investment banking services. It quickly became the market leader in Romania in the alternative invoice financing sector.
Since its launch, Instant Factoring has attracted several rounds of capital totaling more than 5 million euros from private investors, but also from investment funds in the United States, the United Kingdom and Romania.
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