We took this approach as we are focused on SME needs and not on the financial product since we are engaged in future technology and innovation instead of today or yesterday’s finance. OG: How do you deal with that? Do you try to educate small businesses? And if so, how?ĬC: Our strategy regarding entrepreneurial and financial management education is basically to target our customers’ business growth instead of sales conversion. Our market study in 2018 showed that between EUR 150,000 and 2 million yearly turnover, 47% of entrepreneurs know or properly understand what factoring or invoice discounting is. OG: How many entrepreneurs know what factoring is on the Romanian marketĬC: Fortunately, enough to start our business, but unfortunately not enough for a sustainable economy. We successfully organized the AI in Finance Hackathon and deepened our partnerships with great companies such as CFTE London, KPMG Romania, Bank Transilvania, UiPath, Microsoft, Saltedge, Netopia and others.Based on this program, we were selected to pitch in the Startup Grind global conference Silicon Valley on February 11 We were admitted into the Scale up Innovix BCR acceleration program from which we will graduate in March 2020.We have obtained clearance for Private Investors to become buyers on the iFactor platform, through a process led by KPMG and supported by the NBR (National Bank of Romania), and we are proud to be the first company on the romanian market to have this documentation approved.Graduating the Startup GrowPad KPMG Spherik Accelerator.Entering post-revenue by acquiring SME customers.Development of a new version of the workflow engine based on RPA.OG: Was 2019 successful for iFactor? What were your main achievements?ĬC: Some of our achievements in 2019 included: iFactor gives customers (both sellers/borrowers and buyers/lenders) the value of the best product at the click of a button.

iFactor’s innovation doesn’t only relate to technology, but also to the business concept. iFactor’s first deployed financial product is factoring and will be followed soon by SME loans. IFactor aspires to offer SMEs a comprehensive range of price competitive technological and flexible finance solutions for working capital needs. We are enrolling lenders/buyers from the traditional financial space, banks and NBFIs, as well as private investors, companies, and private individuals. Can you tell us more about iFactor?Ĭosmin Curticapean: iFactor, as a technology company, envisions a world of innovation, digitalization and cutting-edge technologies, where all legitimate SMEs should have options for their trade finance needs. Olena Gryniuk: iFactor is an online platform both for SMEs that need to finance their invoices and investors looking for diversifying their asset portfolios. Olena Gryniuk talked to Cosmin Curticapean, CEO and Co-founder of iFactor, about the Romanian market, the company’s achievements in 2019 and future plans. IFactor is an online platform in Romania that aims to become the first online B2B marketplace, bringing together investors and SMEs looking for alternative financing. Cosmin Curticapean, CEO & Co-founder of iFaсtor

The ifactor