The Dutch Lending Platform Floryn Raises € 9M To Grow As Demand For Business Loans Soar
Dutch fintech startup Florida, the online loan market for small and medium-sized enterprises, raised EUR 9 million from Endeit Capital, backed by existing investors such as Peak Capital. While part of the funds will go to product development, the majority will go to domestic and international expansion.
In a press release, Floryn said demand for business loans in Europe has increased by 98 percent. The company was recently admitted to the Dutch BMKB-C loan guarantee program, which was established to help entrepreneurs in the SME sector during the coronavirus crisis. Floryn believes his digital lending platform is in a better position to service borrowers compared to traditional banks. .
“The demand for online loans with good customer experience and fast credit ratings has skyrocketed now as the world adjusts to the new standard,” said Sven van der Biezen, CEO and co-founder.
The fintech startup offers business loans up to EUR 2 million. With machine learning, the credit platform performs a quick risk assessment based on recent banking transactions and other data, rather than potentially out-of-date financial statements. The B2B company claims that as a result, its loss percentage is below 2%. Established in 2016 and headquartered at the Jheronimus Academy of Data Sciences, Floryn employs approximately 50 people and is secured EUR 60 million of debt financing from the NIBC last December.
Photo: Floryn co-founders Marijn van Aerle (CTO), Sven van der Biezen (CEO) and Gion van den Bogaert (CFRO)