SMEO, a Warsaw-based fintech startup that set out to support small and micro-enterprises in Poland, has just raised €4 million to lay its sights on international expansion. Finch Capital and Precapital invested in the round.
The startup offers online factoring services for micro, small and medium businesses, a sector suffering from increasing cash flow challenges during the pandemic. Co-founder and COO Monika Wozniak put it plainly, that SMEO can “give entrepreneurs the cash they need.”
“We’ve unlocked business-critical working capital for around 2000 companies, processed well over 320 million PLN in total volume,” she added. That’s the equivalent of almost €72.2 million.
In addition to entering new European markets, the Polish company plans to expand its customer base and partner with other financial institutions, telecoms and tech companies, who could integrate SMEO’s proprietary factoring technology in-house.
Lourens Ruigrok of Finch Capital commented: “SMEO is the third Polish company that Finch has invested in, and it is a great example of the innovation that we see coming out of the region.”
Photo: Co-founder and COO Monika Wozniak