Finexkap, a web platform offering working capital to small businesses in France, has now raised $22.5 million, comprising of a $7.5m Series A equity round and a further $15m, which will be used to finance the platform’s first flurry of deals. Finexkap is the first French working capital financing platform to purchase SMEs’ receivables on the web through refinancing
The company is pushing at an open door. Short-term financing issues are responsible for more than 25% of French corporate bankruptcies.
Some $4.1m of the Series A round was contributed by GLI Finance, and the total amount of $7.5m equates to a 26.44% ownership stake in the business. The Series A funds will be used to ramp up the platform’s data and product operations, marketing, and hire personnel.
Other investors included Finsight Ventures, a Fintech investment fund and private investors and family offices in the Fintech space.