“When Endeit was ready to invest, we had just experienced our three best months ever. Then COVID-19 broke out. Despite the market uncertainty, Endeit chose to proceed with the investment.”
How are things with Floryn? 4 years after Endeit’s investment
We sat down with Sven van der Biezen, co-founder and CEO of Floryn. Eight years ago, he founded Floryn with Marijn van Aerle (CTO) and Gion van den Bogaert (COO & CFO). In the second quarter of 2020, as the COVID-19 pandemic began, Endeit Capital invested in the SME business financier. Four years later, Floryn continues to make significant strides. Sven shares insights about the early days, lessons learned over the years, the battle against the established order, and his ambition to push boundaries with Floryn while inspiring entrepreneurs.
The start of Floryn
Sven: “About eight years ago, I started the online financier Floryn with Marijn and Gion. Before this, Marijn and I spent three years working for a company in Silicon Valley, where we learned a lot about entrepreneurship.” Sven, a lifelong entrepreneur, had previously co-founded Bimshare with Marijn. They sold Bimshare to the American company Gehry Technologies, which was later acquired by the publicly traded Trimble during their earn-out period. Afterward, both were ready for something new, something disruptive. Sven got in touch with Gion, who was then working at ABN AMRO. “Gion introduced us to the banking world, and we quickly noticed how inefficient financing applications were. The files literally went from desk to desk. We thought: this process can be more efficient, smarter, and faster.” They then decided to take the plunge and innovate the online lending market by founding Floryn.
Growing with external capital
After a promising start, the team realized that expansion and innovation required additional resources. Therefore, after a year and a half, Floryn began seeking capital. “First, Kalo Bagijn, the founder of BinckBank and Brand New Day, along with Peak Capital, came on board,” says Sven. This combination of an angel investor and a top-tier venture capital firm was a formula Sven often experienced in Silicon Valley. He adds, “The first year after the investment went very well, and then a family office joined, allowing us to capture market share quickly. But we still had the desire to expand internationally.” With that desire, they contacted Endeit Capital, among others. Sven: “I considered Endeit to be a reliable partner with a strong reputation and proven experience in expanding companies internationally.”
Support from Endeit
“When Endeit was ready to invest, we had just experienced our three best months ever. Then COVID-19 broke out. Despite the market uncertainty, Endeit chose to proceed with the investment. Edwin and Hubert were actively involved in our commercial strategy and helped with our positioning. Ultimately, we navigated the COVID period well, partly thanks to the support of Endeit and our existing shareholders. Due to market changes, we decided to focus on the Dutch market first, aiming to become the absolute leader,” says Sven.
Standing out with AI
With a strong position in the Netherlands, Floryn remains true to its mission and vision. Sven: “Our approach is fundamentally different from traditional banks. We are entrepreneurs, not bankers. Our mission is to inspire entrepreneurs to push their boundaries, operating at the intersection of a sense of urgency and a desire for opportunity. It’s the core of our existence. We do this by offering contemporary business financing for today’s entrepreneurs, with the best customer experience and service.”
What sets Floryn apart is that loan applications are assessed using AI. The technology is linked to the entrepreneur’s bank account, providing fast and reliable information to evaluate an application. For example, income, expenses, and unusual transactions which might indicate fraud. Sven explains: “Our AI model can then recognize patterns and determine the risk. However, an employee always checks the final decision, thus continuously training the AI model. This approach allows us to quickly respond to the needs of entrepreneurs who cannot or do not want to wait for the bank.”
“Pushing boundaries is in my nature, and that entrepreneurial spirit runs through the veins of Floryn’s employees.”
Future plans
Floryn aims to inspire as many entrepreneurs as possible to push boundaries and help them realize their ambitions. “Our goal is for entrepreneurs to consider Floryn as their first choice, not just the bank when they need business financing,” says Sven. He is optimistic about the future: “Pushing boundaries is in my nature, and that entrepreneurial spirit runs through the veins of Floryn’s employees.” We constantly think about how we can make things better and more enjoyable. Since Endeit came on board, we have found our ‘product-market fit,’ which is fantastic, but it doesn’t mean we can rest. We continue to innovate and focus on growth.”
Floryn is a Dutch online financier that provides fast and efficient business loans to SMEs using AI technology for loan assessment. Founded eight years ago, the company has successfully navigated market challenges and continues to innovate in the financial sector.
