The EU’s European Innovation Council Fund has made a 4.1 million euros investment (US$4.8 million) in Stockholm-headquartered fintech firm Invoier.
This is a result of aligning efforts by the commission and the firm to help and encourage SMEs who are attempting to navigate the stormy seas of a pandemic-ridden economy.
Launched in 2018, Invoier works to provide tailored and appropriate financing options to SMEs. This ensures that SMEs do not only have what they require to survive but also to thrive and scale as most economies begin to recover from the effects of the recent health crisis.
With this new capital injection, the firm hopes to assist SMEs in transforming invoices into working capital. This means allowing these small businesses to access peer-to-peer financing for yet-to-be-paid operational costs.
According to Invoier CEO and co-founder, Fredrik Mistander, the firm considers its mission very important as it provides a chance for all 25 million SMEs in Europe to expand and compete among themselves.
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