Factorin has become one of the largest B2B blockchain platforms in Europe a year since its launch
In only a year since its inception, a young technology company founded by a serial entrepreneur was able to change the trade finance market in Russia.
The distributed platform automates the interaction of the customers, suppliers and multiple accounting systems, and removes all manual work in the preparation, verification, and approval of documents, the company revealed in a recent press communiqué.
Factorin reduces the overhead costs of all processes and minimizes the risks associated with human errors and fraud, the press note continued.
With Factorin, trade finance has become more accessible for small and medium-sized businesses. Suppliers can receive payment within just two hours after delivery. The process earlier used to take one to two weeks.
Two of the largest Russian retailers-Magnit and Dixy currently process all trade finance for their suppliers via the Factorin platform. Thirty bank entities have processed US$ 502mn financing to hundreds of companies. Factorin is attracting new clients from the retail, telecom, oil and gas, and metallurgy industries, the statement continued.
Expansion
The team behind Factorin will launch a new platform in Europe in the near future. This will be an advanced decentralized platform that combines all the expertise the team gathered on the frontier of distributed ledger technology.
“Factorin is one of the largest B2B blockchain platforms in Europe. With 49 main-net nodes and above 100,000 transactions monthly, Factorin is one of the world’s leading blockchain powered B2B trade finance platforms. We are a licensed EDI (Electronic Data Interchange) operator, which makes it possible to digitize any type of customer contract and transaction,” affirmed Andrei Maklin, Co-Founder, Factorin.
The platform provides customers with the widest range of trade finance tools including factoring, dynamic discounting and more than ten ready-made solutions. The company attributes its success to an incredibly talented and hardworking team that strives to release new products month after month so our users can thrive, even during a crisis, the note concluded.
