Dutch fintech company Factris has received a €50m funding line from global investment business Aegon Asset Management (Aegon AM).

The new funding line follows the fintech firm’s milestone of financing €1bn in invoices in the first quarter of 2023.

With the new funding line, the Amsterdam-based company expects to extend its small and medium-sized enterprises (SME) financing services into Estonia in the second quarter of this year.

Besides, Factris aims to offer more business funding options in existing European Union (EU) markets that include the Netherlands, Poland, Lithuania, Belgium, and Latvia.

Aegon AM insured credit and trade finance head George Nijborg said: “We are excited to continue being at the forefront in financing European SMEs and in backing Factris’ impressive growth.

“The strong partnership established with Factris shows that creating attractive financing solutions for institutional investors helps plug the gap needed to support SMEs, which are the backbone of European economies.”

According to Factris, the new funding line accompanies other partnerships whose financing supported the company to end last year with robust organic growth.

The company’s growth includes a 58% increase in cumulative financing volume year over year for its pan-European market and a financing-volume rise by 83% in the Netherlands alone.

Factris CEO Brian Reaves said: “Without our exceptional risk management results supported by our team and technology, we would not be eligible to work with such outstanding institutional investors.

“Thanks to strong partners like Aegon AM, we have the capacity with our tech-powered financing solutions to support struggling business owners right when they need it.”

Since 2017, Factris has been providing SMEs with new financial tools such as debt management, invoice financing, and insurance to deliver rapid and easy working capital precisely when and how they require it.

The fintech company also offers new technologies including finance automation for business (FAB) platform to help companies to bolster financial product availability.