Finturi has raised €2 million ($2.26 million) to develop its blockchain and AI platform. Based in The Hague, Netherlands, the startup is just one of the hundreds that have sprung up in the country utilizing blockchain technology to revolutionize business operations.
Finturi applies blockchain technology to help businesses access financing against their invoices. It also uses artificial intelligence to ensure businesses can access the much-needed financing in the shortest time possible. It boasts of having one of the most secure, low-cost and quick financing options for businesses.
The startup was founded in September last year and has seen unprecedented growth. It raised the €2 million investment from NetSam Participaties BV. It intends to invest most of it to grow its business and for product development. NetSam is a relatively young VC firm, with this being one of the largest financing rounds it has participated in.
Finturi’s invoice financing platform will launch later in the year. The startup will conduct all the due diligence on businesses necessary. This will make it more convenient and easier for the financiers to lend to businesses.
In time, Finturi intends to make the platform peer-to-peer, further increasing the financing options for the businesses. Its end goal is the optimization of the entire supply chain financing by using AI and blockchain technology.
According to the startup’s CEO, Johannes Brouwer, it will solve one of the most prevalent challenges facing small businesses. Despite these small and medium enterprises contributing almost as much as the big corporations, they still find it difficult to secure financing. The startup, which currently has a team of 12, aims to change this narrative.
“The newer the business, the higher the difficulty it faces to raise working capital. We want to solve this problem. We want to build a robust product that enables businesses to get a loan against invoices within 24 hours. We want to provide financiers with a platform for investing in invoices with minimum hassle.”
The lead investor at NetSam was full of praise for the application of blockchain and AI. He expressed a firm belief that the two technologies will set the pace in the future.
“Blockchain technology combined with AI has a massive potential of eliminating inefficiencies in the current financial processes. It can save costs as well as make processes faster and secure,” he stated.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.