Dutch Fintech FACTS ready to expand in Africa
Crowdfunding campaign closes at 165% of target
AMSTERDAM/NAIROBI, 24 July 2017 – Dutch/African Fintech FACTS announced that it completed its Symbid crowdfunding campaign on 20th July 2017. The campaign was heavily over-subscribed at 165% of target, and the final amount raised is EUR 330,260.
FACTS supports fast growing SMEs in East Africa with innovative Supply Chain Finance solutions. Its business model combines traditional forms of receivables financing with state-of-the-art technology, and makes working capital available to entrepreneurs who struggle to access finance to grow their businesses. (See more: http://bit.ly/FACTSmovie ).
Over the past six weeks, FACTS has attracted 133 new investors and quickly surpassed its fundraising goal. Nairobi-based Director Maarten Susan: ‘we are deeply honored by the confidence that investors show in our business model. Yet at the same time, we also view this as a testimony to the East African Community as one of the fastest growing regional economic blocs in the world’. The combined EAC population exceeds 170 million – the African Development Bank estimates its 2016 GDP growth rate to be 5.3%.
Combining impact with attractive investment returns
In recent years, there has been increasing interest from individuals to finance initiatives with impact in developing countries. With interest rates nearing 0% and the trend of investors seeking targets with impact, crowdfunding has become a popular and viable investment alternative. FACTS experienced this in their current campaign, and also with successful past (debt) campaigns in collaboration with Rotterdam-based platform Lend-a-Hand that were fully funded within hours. Current crowdfunding platforms appear to attract a new group of investors.
For FACTS, crowdfunding is a great way to reach a wider public for their story and engage with new investors. The company intends to continue to engage its investors after the campaign; most importantly by inviting those who have invested over EUR 20,000 to a field trip to meet firsthand with FACTS clients in Kenya.
About FACTS East Africa
FACTS is a subsidiary of Financial Access; a carve-out of ING and a Dutch management and investment company already active in emerging markets for more than 20 years. FACTS has two wholly owned subsidiaries in Kenya and Uganda and is planning a third in Tanzania. Clients are mostly active in the Food & Agriculture and Healthcare sectors.