Dutch fintech startup InvoiceFinance has raised €3.4 million in funding from Peak Capital and fintech entrepreneur Kalo Bagijn.

The startup provides an online marketplace for SMEs to have their outstanding invoices financed by professional and institutional investors, regardless of industry or the size of the company.

“The money that is locked in outstanding invoices for up to 30, 60 or sometimes 90 days is exactly what many companies need to grow their company or pay their bills” said InvoiceFinance CEO Sven van der Biezen. “InvoiceFinance gives companies access to more working capital using an online platform where companies can sign up for free in under 10 minutes, choose which invoices they want to finance and get their money within 24 hours. That’s how easy financing should be.”

The new round of funding will be used to fuel its growth, according to the startup. The company intends to challenge traditional finance players through new fintech services, machine learning, and big data, said Johan van Mil, co-founder and managing partner at Peak Capital.

“InvoiceFinance has the potential to become very successful, but not only because it’s so scalable what they do,” said new investor Kalo Bagijn, who is also the founder of online pension provider Brand New Day and online broker BinckBank. “InvoiceFinance has also listened very carefully to what customers expect these days from credit providers and distinguishes itself by this from many others.”

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