Floryn, a Dutch fintech formerly known as InvoiceFinance, has closed a €60 million debt round from NIBC and other sources. The company, active in the online lending market for small and medium-sized businesses, will use the new financing to help more and larger companies.
The Dutch company uses artificial intelligence to look at data from bank transactions and hundreds of other sources to quickly analyze a company’s performance, making a fast and reliable risk assessment. Just last quarter, the company received 4,600 credit applications and, thanks to machine learning, was able to process them almost immediately. "Floryn has shown rapid growth and has become the alternative lending company in the Netherlands, competing with banks in the segment up to €2,000,000, where a good customer experience and service play a hugely important role," says Sven van der Biezen, CEO of Floryn. "With this new financing, we can not only help more, but also larger companies to grow, create jobs and realize their ambitions."
Jeroen Conijn, head of fintech and Structured Finance at NIBC, said: "We are very happy to welcome Floryn as a customer, an innovative lender that fits well with NIBC's core values of entrepreneurship, who convinced us with their distinctive technology-driven approach."
The company says it hopes to triple its business with the help of the new debt finance.