Switzerland based SME financing startup Advanon has raised $13.3m in Series B funding from four investors including Swisscom, the country's biggest telecom company. Advanon is an online platform where SMEs can find funds for their short-term financing needs by selling invoices to financial investors.
The online platform helps SMEs to bridge the long payment terms that they’re facing nowadays. Fast growing companies especially are in need of Advanon’s service as they are often constrained in terms of liquidity. With more than 450 investors, Advanon has managed to establish a wide investor base and has financed all invoices within an average of 5 minutes. The young company has already won several prizes such as VentureKick I, II & III, a Working Capital Award of the Swiss bank Postfinance and was awarded as one of the top4 Fintech Start-Ups in Switzerland. Furthermore they received the governmental quality label “CTI certified” and are leading a project with scientists to revolutionize the credit risk algorithms.