Latvian financial technology (FinTech) startup Factury has claimed a TOP-10 spot in the leading FinTech accelerator in the world Startupbootcamp FinTech in New York. The program will begin in April, and during three months of accelerator, startups will have opportunity to grow their companies and work with corporate partners, such as Santander, Deutsche Bank, Rabobank and others.
Startupbootcamp FinTech NYC managing director Jesse Podell: “It is our pleasure to welcome Factury in our newest cohort of ten exciting FinTech startups that were selected from more than 400 applicants. The local Startupbootcamp FinTech team is looking forward to working with Factury, and believes this great team will benefit from our network of entrepreneurs, investors and corporate partners both in the US and beyond.”
Factury is a smart invoice payment and settlementplatform with “smart contract” functionality based on encrypted private distributed ledger (blockchain), connecting safe and verified invoices with authorized financial institutions – factoring companies, banks, insurance and debt collection agencies.
Factury CEO and co-founder Sandris Murins (Sandris Mūriņš): “The fact that we have made it to Startupbootcamp FinTech in New York confirms that our innovative financial service solution has the potential to become a leader in B2Binvoice payment niche. We believe the accelerator will help us achieve our three main objectives during the program – enter the USA market, develop at least three pilot projects in cooperation with financial institutions, and attract seed round funding for market expansion and make key hires.”
By using Factury, companies will be able to get paid for invoices on their own terms and eliminate late invoice payments independently from their clients. According to Atradius, 94% of American companies have experienced late invoice payments, leading to liquidity squeeze. The platform will help manage working capital more efficiently.
Factury platform will open an additional cost-efficient sales channel for financial institutions to provide their services. Thanks to “smart contract” solution, payments and settlement process is fully automated, therefore labour intensive and paper based administrative costs are cut nearly to zero.
Immutable attributes of blockchain technology lets invoice information to be stored in common database that is spread on independent servers across the world, thus the entered information cannot be deleted. These qualities provide extra safety in working on credit terms due to reduced fraud risks related to invoice verification mechanism throughout invoice lifecycle – from issuance to payment.
Factury is led by three Latvian professionals, who have worked on solutions and provided services not only in Latvia but also toleading companies worldwide, including Fortune 500 companies. The company’s advisor Matiss Ansviesulis (Matīss Ansviesulis), is the CEO and founder of the second fastest growing company in Europe CreamFinance.
The accelerator program will begin this year on April 18th and will last three months, after which the companies will present their progress to more than 500 investors on “Demo Day”.