Dutch company Floryn gets €65m from NatWest to make B2B lending fast and efficient

s-Hertogenbosch, Dutch company Floryn, an online lending marketplace for small and medium-sized businesses, announced that it has raised €65 million from NatWest, a London-based retail banking firm.

The Dutch fintech says it will use the funds to strengthen its position as the most profitable alternative to a bank. The announcement comes five years after raising €9 million from Endeit Capital, Peak Capital and Kalo Bagijn, among others.

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In 2019, the company also received €60 million in funding from NIBC Bank and others.

Founded in 2016 by Sven van der Biezen (CEO), Marijn van Aerle (CTO) and Gion van den Bogaert (CFRO), Floryn offers business loans up to €3 million.

How it works?

The Dutch company uses machine learning and data analytics to quickly assess risk by analyzing recent bank transactions and other relevant data points.

The company makes it easier for customers to get started by connecting their bank accounts to the platform. Once connected, Floryn can read all transactions and even consolidate multiple accounts from different banks, making it easy for customers to get a complete financial picture.

The AI-based classification algorithm then labels each transaction with tags such as revenue, tax, funding, and more.

Once all the data is available, Floryn sends it to its machine learning models and runs different versions and iterations.

The ML model provides an easy-to-use dashboard for underwriters and sales reps to quickly access the data they need to make informed decisions. This model also guides underwriters through decision-making, providing easy decisions that lead to rejections or approvals.

A company applying for a loan on Floryn will know if it will get it within a day.

Once the loan is approved, Floryn credits the money to the business account. The company can decide to withdraw the funds at any time.

According to Marijn, the fastest conversion was 4 hours and 22 minutes after signing up on their website to transfer money.

Since its creation, the company has received more than 60,000 credit applications.

“Despite a difficult market in recent years, Floryn has continued to grow as an ambitious financier, in which good customer experience and good service have played an important role,” says Gion van den Bogaert, CFRO of Floryn. “Floryn has provided over €650 million in financing since its inception, and thanks to this expansion, we can now also help larger companies at more competitive rates, up to a credit limit of €3 million. .”

Floryn has a PSD2 license from De Nederlandse Bank (DNB) and currently employs 60 people.

“NatWest actively seeks opportunities to support fintech companies that make a distinctive contribution to the sustainable growth of the economy,” said George Ross, NatWest’s head of specialty finance. “We are therefore delighted to welcome Floryn as a new client of an innovative lender that aligns well with NatWest’s core values ​​of fostering the potential for business growth and success.”

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