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GetFinance

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2019: VTB took 25% of shares of GetFinance and started a financial marketplace for small business

On July 1, 2019 it became known of sale of 25% of stocks of GetFinance of VTB Factoring company. Based on this platform of VTB started a financial marketplace for small business.

Announced the RBC edition with reference to two sources close to VTB the transaction. According to them, other 75% of GetFinance belong to Venchur Engineering Lab company on whose technologies the project is implemented.

The main audience of the project  — small and medium business in a segment of state procurements. The bank estimates the market at 500 thousand participants, and the potential of commercial online financing  — at 1 trillion rubles a year.[1]

VTB purchased a share in the financial technical-company and started a financial marketplace for small business
VTB purchased a share in the financial technical-company and started a financial marketplace for small business

GetFinance is positioned as the first multifactor platform on which all cycle of signing of the contracts, processing and issue of financing and also the subsequent maintenance and accounting of transactions is transferred to a digital format. The project is developed for financing of supply chains and, according to in VTB Factoring company, has no analogs in Russia.

Using the online platform suppliers will be able to sign remotely agreements of factoring, ahead of schedule to receive financing on the completed stages or completely executed contracts. It provides to customers and buyers control, security and certainty of supply from an unlimited number of the suppliers and also gives the chance to manage the debt.

To GetFinance factoring companies allows to attract new clients and to multiply reduce costs. GetFinance technologies lift limits on a minimum amount of the transaction that does the platform convenient for business.

«
The Getfinance platform will allow the companies quickly and in a convenient online format to receive payment under the executed contracts, to fill up, thus, the working capital and to reduce risks of cash gaps. She will also help to solve many difficulties in settlement of all parties in commercial transactions — the CEO "VTB Factoring" Anton Musatov noted.
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