Floryn, a Netherlands-based online lending firm for small- to medium-sized businesses (SMBs), announced on Friday (Oct. 21) that it has raised 65 million euros ($64 million) from U.K. bank NatWest.
Founded in 2016, Floryn offers business loans of up to 3 million euros to small and medium-sized businesses (SMBs). To power its decision-making, the Dutch FinTech uses machine learning (ML) to evaluate risk by compiling and analyzing transaction data from multiple sources. It has a PSD2 license from De Nederlandse Bank (DNB).
SMBs applying for a loan with Floryn are approved or denied within 24 hours, the company said.
Artificial Intelligence and ML are increasingly applied in the decision-making process when granting loans. Companies like Lendflow have developed smart decision engines that access creditworthiness based on input data.
Read more: Lendflow Launches Credit Decisioning Engine for Embedded Lending Products
“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 CFRO Gion van den Bogaert said in a press release.
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“Floryn has provided more than €650 million [$642 million] in financing since its inception, and thanks to this expansion, we can now also help larger companies at more competitive rates, up to a credit limit of €3 million [$2.96 million].”
“NatWest is actively seeking opportunities to support fintech companies that make a distinctive contribution to the sustainable growth of the economy,” said NatWest Head of Specialty Finance George Ross. “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.”
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