Dutch fintech start-up Floryn lands €65m from NatWest
Dutch lendtech Floryn has raised €65 million in senior debt financing from UK bank NatWest.
Floryn receives financing from NatWest
The start-up says it intends to use the money to strengthen its position as “the most cost-effective alternative to banks” and expand its customer segment.
Founded in 2016, Floryn offers small and medium-sized business (SMB) entrepreneurs a loan of up to €3 million, using artificial intelligence (AI), data and analytics, and machine learning (ML) to assess applications.
It claims to have received more than 60,000 credit applications since its launch.
“Despite a challenging market in recent years, Floryn has continued to grow as a financier of ambition, in which a good customer experience and service have played an important role,” says Gion van den Bogaert, chief financial and risk officer (CFRO) of Floryn.
He claims Floryn has provided more than €650 million in financing to date.
“Thanks to this expansion we can now also help larger companies at more competitive rates, up to a credit limit of €3 million,” he adds.
Commenting on the reason behind financing Floryn, George Ross, NatWest’s head of specialty finance, says the bank is “actively seeking opportunities” to support fintech firms that make a “distinctive contribution to the successful growth of the economy”.
Based in Noord-Brabant, Netherlands, Floryn employs 60 people and has raised €143 million to date.
