Poland-based SMEO closes €4m investment to support the development of its online factoring solution for small and medium-sized businesses.
The capital was supplied by Finch Capital and Precapital.
SMEO has earmarked the capital to grow its factoring capabilities to address a broader customer base, as well as support its international expansion.
The platform utilises an automated scoring system built through machine learning, which combines credit databases with alternative scoring techniques and PSD2-enabled bank account analysis. The automated processes empowers SMEO to factor invoices of up to €125,000, with a low default rate.
It also partners with other financial institutions, telecoms companies and IT companies to allow them to add their own online factoring.
SMEO COO Monika Wozniak said, “SMEO is prepared to achieve the scale we dreamed of when we founded the company. Polish businesses are eager to get things moving again after a difficult 2020, and we see ourselves poised to be a huge part of successfully reigniting the SME space.
“We’ve unlocked business-critical working capital for around 2000 companies, processed well over 320 million PLN in total volume. Getting back to work safely and efficiently after such a difficult year, means giving entrepreneurs the resources they need to serve their customers. At SMEO, we know exactly how to do this – give entrepreneurs the cash they need – and we’ve never been in a better position to make it happen.”
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