Tuesday, February 27, 2024
HomeFunding Paris-based Fintech Startup Defacto Raises €10 million in Series A Round...

[Funding alert] Paris-based Fintech Startup Defacto Raises €10 million in Series A Round Funding

Fintech firm Defacto, located in Paris, has raised €10 million in funding for its series A round, with the goal of growing globally and offering more advanced personalization options.

Fintech firm Defacto, located in Paris, has raised €10 million in funding for its series A round, with the goal of growing globally and offering more advanced personalization options.

New investor Citi Ventures contributed the Series A extension, joining previous investors Northzone, Headline, and Global Founders Capital.

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The funds will be utilised to support goals for international expansion, especially in the German market, as well as to more aggressively enhance and customise the company’s product offering.

Defacto co-founder and CEO Jordane Giuly explains further: “Lack of access to working capital is the number one cause of small business bankruptcy in Europe. That’s why we built Defacto specifically for SMBs with speed and flexibility as our guiding principles.”

Citi Global Spread Products Investing Technology (SPRINT) managing director Patrick Brett added: “As a leading provider of liquidity and innovative credit, municipal and securitized market solutions to institutions around the world, Citi is always on the lookout for game-changing fintech lenders to support. “We have been interested in Defacto for some time, and are excited to partner with Citi Ventures on this investment as well as to act as the senior lender of Defacto’s recent €167 million securitization fund.”

Defacto has taken use of this speed and, since 2021, has reported deploying over €280 million to small firms, with an average approval time of just 27 seconds.

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Defacto’s loan infrastructure, which interfaces with more than 30 leading accounting, banking, fintech, treasury, and marketplace technologies, is a major factor in the company’s rapid pace of operation.

About Defacto

They are a group of fintech, data science, and development tool entrepreneurs. They think builders will rule the financial industry in the future. Fair and quick access to financing is something they are striving to achieve.

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Through their everyday tools, Defacto offers loans to SMEs throughout Europe in a matter of seconds. Among the many fantastic B2B fintechs and marketplaces they partner with, Qonto, Malt, Pennylane, and Libeo are proud partners.

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