The platform enables companies to digitise the entire cycle of processing and financing factoring transactions. The technology is particularly aimed at SMEs in the public procurement segment. VTB Factoring will act as the backbone factoring company for GetFinance, with the aim of creating a commercial online financing marketplace.
Suppliers can enter into factoring contracts remotely and receive early financing for completed stages or fully completed contracts. Customers and buyers will benefit from access to an unlimited number of approved vendors and a debt management possibility. There is also no minimum transaction amount.
GetFinance will automate factoring and will offer it as a fully remote product, accelerating and simplifying the provision of funding. GetFinance officials state that the public procurement segment has an estimated 500,000 participants, with potential commercial online financing worth USD 15.75 billion per year.
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