Noviti Finance, a provider of alternative business financing, has received an investment of €700,000 from Belgian private equity fund Helenos.
The company said that the new funds will be used to strengthen its position in the local market but also accelerate international expansion.
Established three years ago, Helenos aims to strengthen the capital base of financial intermediaries focused on supporting micro, small and medium-sized enterprises (MSMEs).
The fund benefits from the support of the European Investment Fund (EIF) and several major Western European banks to promote long-term economic growth and social inclusion by encouraging entrepreneurship.
Helenos is managed by Inpulse, an impact investment manager based in Belgium.
Linas Armalys, the CEO of Noviti Finance said,
“We believe that this partnership based on common goals will help us create even more opportunities for small and medium-sized businesses to get financing on favourable terms. We also plan to expand into foreign markets.
We have been operating in Latvia for over a year and now, with that international experience and investors’ strong support, we are ready to go further”.
Featured image: Noviti Finance Team
