Johannes Vermeerstraat 23
1071 DK Amsterdam
Amsterdam, The Netherlands, 28 May 2020 – Dutch fintech Floryn has raised €9 million from Endeit Capital and existing shareholders, including Peak Capital. Floryn, active in the online lending market for small and medium-sized enterprises, will use part of the funding to recruit additional staff for product development. The remainder will go toward fueling its national and international expansion, as demand for business loans has increased by 98%.
Earlier this year, Floryn received a PSD2 license from the Dutch Central Bank and was recently granted access to the Dutch loan guarantee scheme BMKB-C. This programme was set up to help SME entrepreneurs affected by the corona crisis. Floryn’s competitive position in relation to banks is further bolstered by the increased digitisation that was a result of the current health crisis. With Endeit Capital, Floryn brings on board a committed investor with extensive experience in the field of international expansion and acquisitions.
Higher adoption of online lending
“The need for online loans with a good customer experience and quick credit assessments has increased rapidly now that the world is adjusting to a new normal,” said Sven van der Biezen, CEO and co-founder of Floryn. “In addition, accurate and real-time risk assessment has also become more important. Floryn’s use of innovative technology to tackle these issues sets it apart from banks and gives SMEs the opportunity to secure a loan quickly, even in times like these.”
Better risk assessment through technology
Floryn’s substantial investments in, among others, machine learning has led to faster and improved risk assessments. Instead of taking out-of-date financial statements into account, Floryn chooses to focus on recent banking transactions and other data points. As a result, the percentage of losses are below 2%, even during the coronavirus crisis.
“Floryn is driven by technology, data and processes, making the company much more efficient and accurate. We look forward to using our experience for the benefit of growing Floryn’s business.” says Edwin Hengstmengel, Partner of Endeit Capital. Stefan Bary, Managing Partner of Peak Capital, who are making a follow-on investment in Floryn, agrees. Bary adds: “As a result, their performance is solid even during the coronavirus crisis. Floryn has demonstrated that it has the necessary execution power to become an important player in the rapidly changing fintech market.”
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