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March 23, 2023

Romania to be represented by Instant Factoring in the great finals of the Global Startup Awards in China

Instant Factoring, the first fintech factoring platform in Romania, shall take part in the great finals of Global Startup Awards, which will take place between December 11-14, in Changsa, China. Instant Factoring qualified in the global finals, after winning last year’s regional finals of the contest, Central European Startup Awards (CESA), as “Best Fintech Startup”.

The final stage of the Global Startup Awards is organized twice a year and unites the finalists in 60 countries, on 3 continents. Instant Factoring is nominated as finalist and sole representative of the fintech sector in Romania and Eastern and Central Europe in the category “Global Futureshaper Award by Cathay – Startups”, which shall award the prize of best startup in the world in this category.

The jury shall consist of specialists selected from all over the world, from the international network of Global Startup Awards.

“Taking part to the Global Startup Awards in China is a unique opportunity to meet other visionary entrepreneurs and startups with the potential to develop globally, as well as global scale investors, and shall be an extremely useful experience in defining our strategy of international expansion in the following years”, said Cristian Ionescu, CEO and co-founder of Instant Factoring.

Global Startup Awards is the biggest independent competition of startups with the mission to discover, recognize and connect the organizations and specialists from the technology and web industries, who have shown remarkable achievements in business and community support.

Instant Factoring is the first fintech factoring platform in Romania and South-East Europe, and its mission is to try to support the small businesses and microenterprises, by supplying accessible financing solutions of invoices – the factoring. The online platform allows the analysis of the invoice that can be financed in a two-hour time window for invoices up to RON 10,000 and 24 hours for those up to RON 250,000 and, in 24 hours at most from the moment the financing was approved, the client has the money in his account.

The short time of obtaining the approval and receiving the money is possible due to the technological solutions we have implemented. Instant Factoring holds a proprietary internal model of completely automated credit scoring, as well as predictive analysis, for making risk related decisions. The information and financial data are extracted in real time from over 25 public sources in order to assess both the client’s risk and the buyer’s risk, as well as to offer total price transparency in advance.

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