June 27, 2022
Information prepared by Dace Plato.
The factoring company Factris reached a significant milestone in business growth in June. The data compiled by the company show that the total amount of financing issued by Factris against invoices in June since starting operations in the Latvian market in April 2019 has exceeded the symbolic threshold of 50 million euros.
The company’s growth over the years has been both rapid and stable, and it has not been negatively affected even by the economic difficulties caused by the Covid-19 pandemic. On 31 May 2019, the amount of financing issued against invoices to Factris Latvia was 113,061 euros, a year later – already 7.8 million euros. On 31 May 2021, the total amount of financed invoices exceeded 25 million euros, but on 31 May this year it has already reached 49.7 million euros.
Factris’ annual portfolio has also grown gradually. Only a month after the start of operations on May 31, 2019, the company’s portfolio reached 56,780 euros, but a year later it was already 2.07 million euros. Last year, on 31 May, the portfolio reached 3.1 million euros, but this year, on 31 May, it was 3.35 million euros.
The growth of the business and the growing interest of customers is also evidenced by the rapid increase in the number of invoices financed by Factris on average per month. If during the whole existence of “Factris Latvia” this number is 37 bills per month, then during the last year and a half (in 2021 and 2022) it was eight times higher or 235 bills on average per month.
The total number of Factris customers is also approaching for the round – 100th anniversary. So far, Factris has served a total of 92 companies in Latvia, and their number continues to grow, which shows that more and more entrepreneurs in Latvia value the factoring service.
The data on the different amounts of invoices financed by Factris are also interesting. The largest amount issued against the invoice so far has been 272,839 euros, while the smallest – 1,200 euros (average financed invoice – 8,427 euros). This shows that the Factris service is available and suitable for both small and medium-sized companies that have already achieved a significant business turnover.
“The potential of factoring in the current volatile economic and geopolitical environment is increasingly being noticed and appreciated by entrepreneurs. At a time when annual inflation is already in double digits, it is even more important that a company receives payment for goods and services sold as soon as possible. We are pleased that “Our service is chosen by both new customers and existing ones who use it repeatedly. Customer loyalty is a very important assessment for us, as it confirms that entrepreneurs are satisfied with the cooperation,” says Kaspars Barons, CEO of Factris Latvia.
For reference
Factris is a fast-growing international financial technology company that aims to provide low-cost working capital to small and medium-sized enterprises throughout the European Union. The company was founded in 2017 in Amsterdam. It currently provides factoring services in the Netherlands, Belgium, Poland, Lithuania and Latvia. Factris has been operating in Latvia since May 2019, showing stable growth.
Additional information:
E-pasts: [email protected]
Dace Plato, tel .: +371 26101 986
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