NatWest invests €65m in Dutch fintech Floryn

A Netherlands-based online lending fintech has secured €65m in funding from high street bank NatWest.

Floryn, which provides financing for SMEs, said it will use the new funds to strengthen its position as “the most cost-effective alternative to a bank”.

The fintech provides business loans of up to €3m and says it has provided more than  €650m in financing since it was founded in 2016.

“Despite a challenging market in recent years, Floryn has continued to grow as a financier with ambition, in which a good customer experience and service have played an important role” Floryn chief financial and risk officer Gion van den Bogaert said. 

This investment from NatWest adds to a capital injection of €9m it received in 2017 from Endeit Capital, Peak Capital and Kalo Bagjin among others.

It also got €60m in financing in 2019 in a round led by Netherlands-based NIBC Bank.

“NatWest is actively seeking opportunities to support fintech companies that make a distinctive contribution to the sustainable growth of the economy,” NatWest head of speciality finance George Ross said. 

“We are therefore delighted to welcome Floryn as a new client of an innovative lender that aligns well with NatWest's core values ​​of fostering the potential of companies to grow and succeed.”

According to the lender, since it started it has received more than 60,000 credit applications, which are assessed by AI that looks at bank statements and other data points to analyse risk.

Floryn said it expects to continue “to set the standard in online credit for SMEs” with the new financing.