Business

Figopara grew 7 times in the first quarter of 2023 compared to the same period of the previous year

Figopara, the new generation receivables financing platform, grew 7 times in the first quarter of the year compared to the same period of the previous year. Stating that they reached the size of 11 months of the previous year in the first three months of the year, Figopara Co-Founder and CEO Koray Bahar said, “Thanks to our platform, we offer significant solutions to the financing needs of businesses and SMEs.”

Figopara, which enables SMEs and businesses to access fast, easy and cheap financing with the solutions it has developed, in addition to mediating supplier financing, continued its rapid growth in the first quarter of 2023.

Figopara has grown 7 times in the first three months of 2023 compared to the same period of the previous year, with its ‘Supplier Financing’ and ‘SME Financing’ products that accelerate the access of SMEs to cash by bringing together the buyer, seller and finance company trio on the same platform. In this period, the company acted as an intermediary in financing for the first 11 months of the previous year. While Figopara tripled the number of buyer and supplier companies it works with in the ‘Supplier Financing’ product, the number of SMEs it works with with its ‘SME Financing’ product has increased 10 times.

“The importance of alternative financing models is increasing”

Koray Bahar, Co-Founder and CEO of Figopara, stated that they continue to work quickly to increase the working capital of companies and to facilitate their access to the financing they need.

“While the collection problem continues to be the most fundamental problem for businesses, alternative financing models are becoming more important to reach cash. As Figopara, we reached the size of the first 11 months of last year in the first three months of this year. With our ‘Supplier Financing’ product, we tripled the number of buyer and supplier companies we work with, and 10 times the number of SMEs with our ‘SME Financing’ product. We are happy to close the first quarter of 2023 with growth at the rate we target.”

Many options in one platform for access to finance at the right price

Stating that SMEs develop innovative products to solve the cash flow problems of businesses, Koray Bahar said:

“Supplier financing has become important globally as well as in our country. Large companies in Turkiye use the Figopara platform as an alternative financing model to protect their suppliers and extend their lifecycle. Buyers can extend their maturities, while suppliers can access financing faster by taking advantage of the power of the buyer company. Together with more than 20 banks and more than 10 non-bank financial institutions that we work with, we offer both large supplier financing companies and their suppliers many options on a single platform to access financing at the right price. With our product ‘SME Financing’, which enables SMEs to turn their receivables into financing whenever they need it, without the need for checks or bonds, we also mediate SMEs to meet their cash needs in a fast and easy way.”

Source: Egirisim / Prepared by Irem Yildiz

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