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NoviCap jumps head first into financing big firms
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Novicap, the invoice finance platform has broken the 1.5M€ invoice barrier and has started its pilot program in the Netherlands.
In the first four months of 2018 NoviCap has already beat the volumes it traded in 2017. The reasons for this exponential growth are primarily three:
- It started financing to big companies (before April it only accepted SMEs that had an annual turnover of max. 20M€ and now there’s no limit).
- It’s bold decision to accept invoices of over 1M€ (the limit was set to 200.000€ before)
- The opening of the Dutch market
BIG SMEs, BIG INVOICES
In April 2018 NoviCap financed the biggest operation that Spain’s fintech ecosystem has ever seen: a 1.5M€ invoice. And since then, they have opened the gates to bigger companies. These million euro invoices are a key milestone in this sector. NoviCap has proved that fintech
companies don’t only have potential but that they also can compete with the big players. Marc Antoni Macia, one of NoviCap’s co-founders, mentioned: “ as the invoice gets bigger so does the concentration of risk; something that we couldn’t afford when we started NoviCap but
thanks to the high volume growth, we have been able to enter a market that was inaccessible to us before ”.
NoviCap has financed 20M€ in the first five months of the year and it’s well aimed to achieve its 100M€ objective by the end of 2018.
This clearly places the invoice finance platform at the head both in the Spanish market and the Netherlands. It is currently financing between 50% and 90% higher volumes than most firms in the same sector ( more info here ).
The most noticeable advantages for NoviCap clients are the speed and simplicity of the whole process. Given the fact that it is a 100% online service, businesses can finance their invoices in any place and at any time and will always be fully informed of their financing costs and timings.
Another key advantage is that it does not affect businesses balance sheet, no matter what the line size is.
This scalable business model, achieved especially thanks to the automated risk algorithm, has allowed NoviCap to compete with the big players.
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