Warsaw-based factoring startup SMEO raises more than $5.5M for its services promotion
Polish fintech SMEO has raised more than $5.5 million additional investment from Dutch Finch Capital and Polish Precapital VC firms, MamStartup reports.
SMEO is an online invoice-finance factoring company. It is aimed to help small and medium-sized enterprises to manage their cash flow challenges by unlocking working capital through instant payments of their invoices. Using Big Data, AI, Machine Learning and automated data-driven algorithm scoring technology, SMEO can establish credit histories for so-called “thin file” and “underbanked” credit seekers and provide them with the capital they need.
Since SMEO has launched its services in April 2017, the company has processed invoices for a total amount of over $87 million. According to the data, provided by MamStatup, the SMEO factoring services are most often used by construction, transport, trade, and processing industries. Moreover, the demand for the company’s solution is growing, so the fresh capital will be used for the factoring promotion.