One of the main advantages of iFactor, as Cosmin sees it, is the fact that it has a high degree of novelty, which stems from the proprietary technology they use in the KYC and underwriting process. Therefore, our challenge is to change the “skeptical view” of our potential consumers into an acceptance of the iFactor product.”Ĭosmin Curticapean, CEO & co-founder, iFactor Advantages and innovation This means that people are unfamiliar with our idea and may take on a “rejection stanza” before trying it out. People are familiar with SME loans or with factoring and are increasingly familiar with alternative forms of financing nevertheless, we are the first to offer this type of hybrid financial service. „We are introducing a new type of service on the European market.
„We want to reach a larger number of SMEs (Small-Medium sized Enterprises) and investors/banks and leverage media attention and be recognized as a genuine SME lending fintech with great scale potential,” Cosmin says, stating that the main emphasis of iFactor in 2021 will be on its growth – accelerating customer acquisition and obtaining a foothold in the markets they currently operate. Indeed, the ambition of iFactor’s team is clear and very easy to see, especially when you talk about their plans of expansion for 2021. The product Cosmin is talking about is a Hybrid Marketplace, a solution that brings together small and medium-sized companies interested in selling their individual invoices for immediate cash, as well as investors and banks who are looking at a way to diversify their asset portfolio with a low-risk investment. That is why our strategy was to first execute comprehensive research based on our own investments so that we understand the regulatory and legal frames in different markets etc.” he adds. „From day one, for us, developing this product only made sense if it would scale and be global. I initially wanted to build technology to compete with the banks and bring alternative liquidity to the entrepreneurs” says Cosmin, talking about the beginnings of iFactor. „It’s always been a struggle to bring bank financing to my small business and the financial crisis of 2008 has made it even worse. Cosmin Curticapean, the CEO & co-founder of iFactor calls it „a game-changing innovation” and, in order to understand why, we wanted to talk with him. Its goal is not a small one, aiming to democratize SME lending by using a hybrid business financing model. In February, iFactor marked a first: it became the first Romanian company to be listed on Seedrs, one of the largest online investment platforms. In 2021, its founders aim for a European expansion, which will start with UK and Germany.It brings forward a Hybrid Marketplace, geared towards small and medium-sized enterprises.iFactor is the first Romanian company to be listed on Seedrs, one of the largest online investment platforms.
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