The fast-growing fintech startup InvoiceFinance has raised €6 million from investors and entrepreneurs in the financial industry. The funding will be used to fuel growth and become the market leader in factoring for small and medium-sized businesses in The Netherlands.

“As an entrepreneur you often have to wait a long time to get your invoices paid. The money is yours, but you cannot access it yet,” says Sven van der Biezen, CEO and co-founder of InvoiceFinance. “InvoiceFinance offers companies a solution by providing an advance on these invoices on the same day they are sent. Very useful if your bank can’t help you when you need money to pay for staff, bills or VAT for example.”

InvoiceFinance provides companies a flexible credit line based on their outstanding invoices. Money stuck in outstanding invoices will be wired to your account within 24 hours. This is known as factoring but fast, flexible and affordable.

“This enables companies to focus on their growth instead of worrying about cash flow,” says Johan van Mil, Founder and Managing Partner of venture capital fund Peak Capital, which invested in this Series A round. “InvoiceFinance has proven to be a good alternative to the bank through a distinctive customer experience and innovative technology.”

An account is free and can be setup within 5 minutes. You can choose which invoices you want to finance and there are no long term contracts. InvoiceFinance shows you the costs upfront, starting at 1% of the invoice value, depending on the payment period.

InvoiceFinance employs more developers and data scientists than credit analysts,” says Sven van der Biezen. “We have automated everything and can therefore not only offer a lower rate, but also better assess the risks involved and help more small and medium-sized businesses get credit.”

About InvoiceFinance

InvoiceFinance is a Dutch fintech startup founded in 2015 where companies can get access to the cash that is stuck in outstanding invoices. The founders are Sven van der Biezen and Marijn van Aerle – who have founded multiple startups including Bimshare, that was acquired by Gehry Technologies, founded by Pritzker prize winning architect Frank Gehry, that in turn got acquired by Trimble (NASDAQ: TRMB) – and Gion van den Bogaert, expert in the area of finance, risk and operations who worked for KPMG and ABN AMRO.

About Peak Capital

Peak Capital is a Dutch venture capital fund, founded by experienced entrepreneurs, who provide growth capital to early stage tech companies. Peak Capital invested in companies like Catawiki, Channable, CheapCargo, Flinders, Media Distillery, OneFit, NPEX, Peecho, Tradecloud and Studocu. Previous investments are IENS, which was acquired by Tripadvisor in 2014, and Radionomy, which was acquired by Vivendi in 2016.