TBI Bank in Romania, and Instant Factoring, the first Romanian online factoring company, started cooperation and developed a new digital invoice financing solution. Together, they are providing a “one-stop-shop” digital invoice financing for SMEs.
The new service allows any TBI Bank customer to turn their unpaid invoices into cash in a fast and transparent way. With only a single click, the applicant is redirected to Instant Factoring’s platform, creates an account, and uploads the invoices the entrepreneur wants to finance without waiting for the due date. The analysis proceeds within 2 hours, and by the next day, the customer receives money to the account.
„Business customers have complex financing needs and that also includes converting receivables into liquidity. This way, they can ensure quicker access to cash and limit the impact of long-term revenue collection periods on their activity. We are always looking out for our customers’ business context and needs, so we are now including a factoring solution in our financing portfolio”, says Florentina Mircea, Chief Business Banking Officer at TBI Bank.
Last year Instant Factoring offered 77 million lei (approx. over 15 mln EUR) financing to small and medium entrepreneurs, which is an increase of 90% compared to 2019.
“Our mission is to support Romanian SMEs and entrepreneurs through an invoice financing solution with easy and fast access, a suitable tool for their needs, especially at a time as difficult as the one we are facing. The partnership with TBI Bank is an opportunity to bring our solutions closer to those who need them to support their business and, implicitly, to support the recovery of the national economy”, declared Cristian Ionescu, CEO and co-founder of Instant Factoring.
Source: TBI Bank’s Press Release from 06.04.2021
Additionally on the topic:
Watch webinar recording from September 08 on the Digital Factoring services for SMEs in the CEE region:
