Invoice finance firm AREX Markets raises €8.8m in Series A funding
AREX Markets, the data-driven FinTech company that drives financing costs down for SMEs and enables them to get access to cash quicker, today announces its Series A funding round, securing €8.8m to accelerate its rollout in the UK and Spain.
Mosaic Ventures, which has strong fintech and SME financing expertise, and LocalGlobe led the round, joining existing investors Lifeline Ventures and angel investor Richard Laxer, former CEO of GE Capital. AREX had previously raised seed funding of €3m in 2016.
Airto Vienola, CEO of AREX, comments: “Our goal is to level the playing field for SME financing. Banks remain reluctant to lend to SMEs, often leading to them feeling trapped when it comes to their business finances. We listen carefully to our partners’ and customers’ requirements and liberate the liquidity within their business. We’re already seeing a sharp rise in demand for this service and a willingness for business owners to finally reappraise their financing options, which have been so unfavourable for so long. Closing the Series A raise with such supportive and significant partners on board is a major milestone in AREX’s growth and continued expansion.”
With this funding AREX has launched in the UK and Spain with its proprietary technology that delivers embedded lending into accounting systems, allowing SMEs frictionless access to a competitive financing marketplace. The AREX technology seamlessly integrates into our customers’ softwares and processes by using data to drive automation of the often cumbersome financing workflow.