In line with this monetisation strategy, clients can also opt to pay additional membership fees and gain lower transaction fees and will be able to access services like cash flow consultancy, collection, insurance etc.Ĭurrently iFactor offers a single invoice factoring product but the platform was designed in a modular way for capabilities of loan applications too. iFactor Setl - PSD 2/ Open banking Automatic Settlement engine. iFactor Advanced KYC - KYC distributed data.Ĥ. iFactor PURE Analytics - Alternative Data AI Credit Scoring.ģ. In addition to the above model, by which we offer the marketplace, next year we will sell our other home-crafted technological products as white labels, under a SaaS model, generating extra revenue streams.Ģ. iFactor Hybrid Marketplace (Lending Platform - Workflow Engine and Processes)
IFactor currently employs a success flat fee on both sides, sellers and buyers.ġ. To continue automation on the platform for a more seamless experience for our users, with the help of our partners KPMG, we're in the process of acquiring licenses and regulatory confirmation letters from the NBR (National Bank of Romania):Īlthough iFactor is a young start-up, the team has prior experience with EU Subsidy fund raising and we have submitted applications for R&D for iFactor Pure Analytics and SME Instrument Phase II Grants. Business concept and technology validation in acceleration programs. Attained €12m secured lending liquidity from banks and investors including Banca Transylvania. 1,000+ applications during public Romanian beta launch within 6 months with 0 marketing budget. 160 customer interviews in CEE - Cult Research conclusions in marketing strategy. In order to better understand our customer's needs, we have done the following steps: IFactor business model and tech innovation were created in close connection with a deep market need. IFactor’s high degree of novelty comes from using proprietary technology in the KYC and underwriting process, digitalising the lending & factoring procedure. IFactor is an alternative SME lending marketplace where SMEs can sell their outstanding invoices or apply for loans while banks and private investors can bid for these applications.ĭeveloped as a change of paradigm solution, good for growth economic phases, best fit in times of crisis, iFactor is shifting the lender deal orientation towards the borrower, the value creator entrepreneur.
The post Covid 19 economic crisis will make this situation even worse. Worldwide, although 4 out of 5 new jobs are created by small businesses, over 90% of SMEs still have insufficient access to funding with a gap of over 2.7 trillion Euro with most SMEs considered low ticket size by the banks, with high processing and underwriting cost. Even before the Covid 19 crisis, the lack of working capital was the number one pain in SMEs' growth.
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