Romanian fintech Instant Factoring launches in Spain
Instant Factoring, the fintech for online micro-financing of companies in Romania, is expanding to the Spanish market. After “a 2023 with record growth in both Serbia and Romania,” the company said it decided to take another step and offer alternative financing solutions to entrepreneurs in Spain.
“Spain comes as a natural step in the development of Instant Factoring,” said CEO Cristian Ionescu.
“The initial capital we allocate in Spain is EUR 1.5 million. The Spanish market is 33 times larger than Romania’s, so we have an interesting road ahead. We aim to grow progressively in such a way as to become a consistent presence and to be able to strengthen our position in Spain, as we did in Romania and Serbia,” he added.
An important player that helped launch the fintech in Spain is Micro Europe, a social investment company that actively contributes to the development of the microfinance sector throughout Europe, which became a shareholder of Instant Factoring in March 2023.
The fintech aims to attract at least three local investment funds into the shareholding of Instant Factoring Spain and is already in advanced discussions about doing so, with the statement that it will hold majority control of the company.
The launch of Instant Factoring Spain will be marked at a reception held in Bilbao, Spain, on May 29.
Instant Factoring marked five years of activity on the Romanian market, during which it transferred over RON 800 million to customer accounts. In 2023 alone, it financed over 800 clients, the total sum amounting to over RON 250 million.
As for the activity in Serbia, in the first quarter of 2024, the company doubled its number of financings compared to 2023. This year also started promisingly in Romania with a 50% increase.
irina.marica@romania-insider.com
(Photo source: the company)
