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Thursday, 25.04.2024, 13:00
The Netherlands' Factris setting up specialized bank in Lithuania
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Factris, the Amsterdam-based provider of factoring services, plans to launch a specialized bank and invest around 8 mln euros in Lithuania for the introduction of new technologies, improvement of its services and expansion of its factoring activities in the Lithuanian market.
Factris' Lithuanian team is already growing and is expected to hire at least 30 additional employees in the 18 months, Lithuania's investment-promoting agency.
According to Factris CEO Brian Reaves, the company was initially attracted by Lithuania because of country’s great attention to fintech and highly educated workforce. Factris was also motivated by the opportunity Lithuania offers to apply for a specialized banking license.
Factris provides working capital to SMEs throughout Europe by purchasing their unpaid invoices.
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