Swedish Fintech Invoier Bags EUR 4.1 Million From the European Unionby Fintechnews Baltic August 23, 2021
Stockholm-based fintech company Invoier, who has built and established a marketplace for fair and transparent trading of invoices, has secured a EUR 4.1 million equity funding from the European Innovation Council’s (EIC) Fund.
Invoier’s marketplace enables SMEs to convert invoices into working capital. The marketplace is built on a unique AI-based risk assessment method, making it possible for professional investors to enter a new asset class and bid in real time.
The aim is to change the behaviour and challenge the EUR 3,000 billion factoring market by creating a fair and transparent marketplace through technological innovation.
The EIC Fund investment comes in addition to the grant funding. Invoier was indeed previously funded by the EIC Accelerator programme, which identifies and supports breakthrough technologies and innovation in startups and SMEs, as one of 8 Swedish companies selected for blended finance.
The fund’s investments are preceded by a rigorous evaluation by external experts, a due diligence process overseen by the EIC Fund Investment Committee and a final decision by the EIC Fund Board of Directors.
Stéphane Ouaki, Head of the European Innovation Council (EIC) department and Chair of the Investment Committee of the EIC Fund said,
“I am glad to announce the EIC Fund support to this disruptive company aiming at creating new strategies to improve SMEs competitiveness. Thanks to a cutting-edge tool, Invoier enables a more focused and accurate risk assessment.”
Fredrik Mistander, CEO and Co-Founder, Invoier said,
“Small and medium-sized enterprises are the core of the European economy, constituting more than 25 million companies and accounting for over two-thirds of the workforce.
Making sure these companies have fair opportunities affects millions of people and we are more than pleased to have the opportunity to contribute in this way,”
Featured image: Invoier’s founders