The new generation receivables financing platform, Figopara, increased its transaction size by 7 times in the first half of 2023 compared to the same period of the previous year, and doubled the financing it mediated.
Figopara, a new generation receivables financing platform that provides fast access to finance for SMEs and businesses with the solutions it develops in addition to mediating supplier financing, continues to grow rapidly with its SME Finance and Supplier Finance services.
Growing 7 times in the first half of 2023, when the growth rate of finance companies in Turkiye decreased, compared to the previous year, Figopara increased its transaction size approximately 7.5 times in SME Finance and 6 times in Supplier Finance.
In the first half of the year, the transaction volume in SME Financing increased 4 times compared to the previous year, while the transaction volume in Supplier Financing increased more than 2 times. While the financing mediated by Figopara doubled in the said period, the sectors that accessed the most financing through the platform were retail, manufacturing and transportation, respectively.
“Interest in alternative financing models is increasing”
Evaluating the data for the first 6 months of the year, Figopara Co-Founder and CEO Koray Bahar said;
“For companies, the collection problem and access to finance remain the main problem. While alternative financing models become more important at this point, FinTechs offer a solution to an important need. Figopara data also shows this. In the first 6 months of 2023, the number of new customers in SME Financing increased by 76%, while the number of new buyers in Supplier Financing increased 3 times.
Emphasizing that as Figopara, they have made this stage much easier by obtaining only the company and user information of their customers during the registration process, Koray Bahar said, “Company registration flow, which is completely digitally organized, allows our customers to enter our portal quickly. Thus, instead of the traditional flow of document approvals, an end-to-end digitized process can be used to quickly access and initiate transactions. The most important innovation in our portal infrastructure is that the contract process, which proceeds through wet signatures, is facilitated by digital approval. Thanks to our strong technical infrastructure, we can quickly move to a position where we can do business safely both with Figopara and our companies.”
Rapid global growth with Dubai operations
Emphasizing that Figopara will continue to grow inorganic as well as organic, Koray Bahar said,
“In line with our domestic and international strategy and growth targets, we are making acquisitions that will carry Figopara even further in the coming period. We have completed the signature of the first purchase we planned in line with our vision. We are in the signing phase for another purchase. We will share with the public the 2 acquisitions we have made until the end of the year, along with the new features added to our platform, on our journey to become the Super App of SMEs. With the Dubai operation, our growth abroad will accelerate”
Source: Egirisim / Prepared by Irem Yildiz