$ 1.2 billion received by suppliers on the FactorPlat platform in the first half of 2020
FactorPlat, multibank electronic factoring platform, has published its results for the first half of 2020. From January to June, factors funded 662,000 deals worth $ 1.2 billion. The platform is showing great growth. For the same period in 2019, the amount of funding amounted to $ 880 million.
Suppliers-creditors receive from $ 150 to $ 300 million monthly on the platform for assignment of receivables. The peak of factoring activity in the first half of 2020 was in April. According to this indicator, FactorPlat is in first place in Eastern Europe
The percentage of approval of applications by factors is 98.5%. The average check of monetary claims is $ 4700.
53 factors work with the service. In total, 1,300 suppliers-creditors are connected to FactorPlat.
The key functionality of FactorPlat is automatic verification of documents. The debtor uploads a register of documents to the platform. FactorPlat makes a reconciliation with the supplier's documents.
In the next step, the lender submits a funding application. Within a short time, the factoring company decides to approve or reject the application. The platform instantly provides notification of the assignment to the three parties to the transaction, and the supplier receives funding on the same day.