Floryn, previously known as InvoiceFinance, received more than 4,600 credit applications last quarter which were processed at the speed of light with the help of smart technology, such as data analysis and machine learning. Floryn uses artificial intelligence to look at data from bank transactions and hundreds of other sources to quickly grasp the performance of a company, by which not only a faster but also better risk analysis can be made.
"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."
The new senior financing has been made available by NIBC, which in addition to Floryn cooperates with several other leading FinTechs such as Oaknorth, Iwoca and Ebury, thus responding to the increasing demand for financing of small and medium-sized businesses from alternative finance companies in the market.
"NIBC is constantly looking for opportunities to strengthen relationships with FinTech companies who provide a relevant contribution to the new financial ecosystem," says Jeroen Conijn head of FinTech and Structured Finance at NIBC. "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."
With the new financing, Floryn expects to continue to set the standard in online lending for SMEs and to triple their business.