Advanon brings together companies that are in need of liquidity with investors that are looking for new investment possibilities. The start-up is evolving fast. It secured a seed round, won prizes and is now testing its platform with customers.
Advanon is an online platform where SMBs looking for short-term financing can sell their invoices to financial investors. Through the platform, SMBs can improve their cash balance instantly. Investors, on the other hand, get access to an alternative type of short-term investments. The platform is an innovative and new kind of factoring service.
Unlike traditional factoring services Advanon allows sellers to sell invoices when and as they need it and to get money fast. “We aim to fund uploaded invoices within 24 hours”, explains co-founder Phil Lojacono. In addition is easy to use and transparent. The pricing is clear and does not include any hidden service fees.
Investors on the other hand have previously not had access to invoice investments. Through Advanon they can access investments that are:
- Short-term - as invoices generally have payment terms of 30-180 days
- Securitised - as invoices are sold with recourse, the credit risk stays with the seller.
During the last months the company achieved several important milestones. Advanon secured a seed financing round, won venture kick phase 2 and the audience award at the START Summit. In addition Phil Lojacono told startupticker that the company is in engaged in an advanced stage of negotiations with two banks.
The platform itself is ready and can now be tested by first real customers. “We are of the firm believe that our process of invoice financing will reshape the landscape of SMB financing throughout Europe. By having a user-friendly interface with the required analytics, the process of short-term financing is simplified and quick for SMBs, while Investors can make well informed investment decisions”, says Lojacono.
(SK)
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