Alternative financing for companies has made new progress during the pandemic. The fintech Novicap increased by 50% the volume lent to its clients to cover working capital needs in 2020, with a total of 206 million euros financed. This is an amount that the startup advances to companies through the signing of factoring contracts, that is, the advance payment of invoices.
Since its inception in 2015, Novicap has financed more than 2,000 companies with 450 million euros and an estimated saving of four million days in invoice collection. In 2020, Novicap also boosted its growth with the opening of an office in Amsterdam, which joins those it has in London, Barcelona, and Madrid. NoviCap ranks 74th in the ranking of fastest-growing European companies prepared by Financial Times.
Marc Antoni Macià, co-founder and COO of Novicap, highlights that in 2021 the fintech expects to maintain this growth rate because "a greater demand for financing from Spanish companies and a lower supply from banking entities" is predicted.
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