FactorPlat Results 2019: More than 1.15 Million E-Factoring Transactions
Electronic factoring platform FactorPlat publishes 2019 results. Over 12 months platform users completed more than 1.15 million factoring transactions.
Maximum transactions recorded in October - December 2019. Along with an increase in the number of tripartite transactions based on electronic documents, the total amount of financing received by suppliers of retail chain stores through FactorPlat also increased: from $ 1.8 billion in 2018 to $ 2.55 billion in 2019. The average transaction amount was $ 2150.
The number of suppliers connected to the platform increased from 800 to 1070. This is mainly small and medium-sized businesses. As of the end of 2019, 42 factors worked with FactorPlat.
Alexander Mishunin, FactorPlat Project Manager:
Our forecasts for the development of electronic factoring technology continue to come true. Paperless data exchange allows debtors to efficiently manage current debt and save resources, suppliers - quickly and easily receive cash, and factors reduce the cost of verification. This has become the industry standard. We plan to expand the use of electronic factoring in other areas of the business.