06-02-2024PragmaGO and Monevia join forces!
Fintechs are posing new challenges in the factoring market.
PragmaGO consolidates the factoring market and acquires Monevia so that both entities will be able to increase scale and jointly develop digital factoring dedicated to micro and small businesses.
Monevia is the market leader in single sales invoice financing (invoice discounting). It supports companies that need flexible, fast and easy access to financing for their operations. Micro and small entrepreneurs can cash their invoices whenever they need to – without a permanent factoring agreement and the obligations that come with it. The entire process is done online, leaving customers with full decision-making power in managing their receivables. Monevia has developed very good User Experience solutions that make it possible to finance receivables with low denominations (as low as PLN 700 or EUR 200), with an initial limit of PLN 50,000. Monevia’s solutions are appreciated especially by carriers and companies operating in the TSL segment, where the time of access to funds is crucial for the execution of subsequent orders.
Monevia is a recognizable brand that we will continue to develop. We are not changing the Company’s operating model, which fits well with our strategy. We want Monevia to continue to strengthen its position in the market as a provider of a single, refined product – fast and spot financing of unmatured invoices. The PragmaGO brand will remain strong in digital factoring with a fixed contract, with high financing limits (up to PLN 15 million). The two brands have a customer base that is differentiated by needs, which will allow for synergies, both in terms of know-how, cost or risk.
– says Lukasz Ramczewski, Vice President of the Management Board of PragmaGO.
Joining the PragmaGO Group is an opportunity for further development in a stable environment with a similar history, organizational culture and experience. Both companies were established outside of Warsaw (Monevia in Bydgoszcz, PragmaGO in Katowice), and there is low staff turnover in both. We also have converging goals, among which the priority is to provide fast and convenient online financing to micro and small entrepreneurs.
– adds Maciej Drowanowski, CEO of Monevia.
PragmaGO continues to consolidate in the digital factoring market for the SME segment. In 2022, the company acquired the organized part of Fandla Faktoring sp. z o.o., taking over the service of several hundred clients and an experienced sales team, which is now the Warsaw branch of PragmaGO. In 2023, PragmaGO reached a record PLN 2 billion in turnover (21% y/y growth), including PLN 1.6 billion in factoring (+12% y/y). The integration with Monevia opens up new opportunities for growth and penetration of the SME market in Poland and Central and Eastern Europe.
