Romanian fintech startup iFactor raises EUR 700,000 on London-based crowdfunding platform Seedrs

iFactor, a Romanian fintech that aims to democratize SME lending, has raised close to EUR 700,000 in an equity crowdfunding campaign on the London-based equity crowdfunding platform Seedrs. The Romanian startup was aiming to get EUR 625,000 for 15.2% of its shares at a valuation of EUR 3.9 mln for the whole company, according to Romania-Insider.com.

Romanian venture capital fund ROCA X, part of the local Impetum Group, led the financing round with an undisclosed investment.

iFactor is a startup that specializes in digital SME financing solutions. It draws money from private investors and offers factoring financing to SMEs. It was founded in 2016 by Romanian entrepreneur Cosmin Curticapean. One of his early partners is Manuel Costescu, a former JPMorgan banker in London, who served as a state secretary for foreign investments in the technocrat government of Dacian Ciolos.

The company operates on the Romanian market and aims to extend its operations into the UK in 2021.

The amounts raised will support the company in developing its services, as it aims to offer European private investors access to a new class of investment assets. iFactor plans to heavily scale-up its operations in the next two years, starting from Romania, its expansion plans target markets such as the UK, Germany, Austria and Switzerland.

The company has multiple products in development and is currently focusing on optimizing and strengthening its offering.

“I have chosen Roca X as the main partner due to the synergies that our product has with Impetum Group’s existing brands and business lines. Impetum Group’s vast experience in multiple areas, and particularly in the business distress area (through CITR and ROCA Investments) will aid us not only in overcoming the obstacles that we’ll undoubtedly encounter as an emerging fintech but more importantly in shaping the iFactor product as the go-to option for SME financing,” said Cosmin Curticapean, iFactor CEO & co-founder.

Read more HERE

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