Factorin Factorin

Factorin is the developer of the Factorin open distributed platform with high-tech tools ready for implementation to automate the relationship between buyers, suppliers, banks and other companies.

The company was founded in 2018 by Andrei McLean with the participation of the international investment company Digital Horizon. Commercial operation of the platform began in June 2019.

History

2021: Acquisition of MTS Control Stake

On July 27, 2021, an international investment company Digital Horizon announced TAdviser the closure of a transaction to sell a controlling stake in blockchain the platform Factorin PJSC, a MTS the Russian company providing digital, media telecommunication and services. According to the results of the transaction, Factorin's valuation amounted to 1.7 billion. rubles Part of the investment will be directed to the development of the company.

MTS bought control in the Russian blockchain platform for trade financing Factorin < br/> Source photo: newvz.ru

Factorin is a global blockchain project for trade research WTO and a representative in the market of solutions for trading in financings. Russia The platform is technological provider factoring and other trade financing tools for retail the networks "" and Magnet GK "," Dixy as well as the retail network MTS - JSC "." More PTK than 40 banks factoring organizations and more than a thousand buyers and sellers are connected to Factorin for July 2021. Since its launch in 2019, more than 1.6 million deliveries worth 225 billion rubles have been financed through Factorin.

Financial solutions based on blockchain technology are the infrastructure of the future for financial transactions. On these rails in the coming years, not only trade financing will go, but also settlements and payments in general. Factorin is one of the few companies that bring this future closer. I am glad that the MTS team at an early stage shared the trend vision with us and appreciated the rapid growth of the asset, said Alan Waxman, co-founder and managing partner of Digital Horizon.

This transaction is another significant step in the development of digital products and improving service for our B2B customers. Factorin is not only a fast-growing and technological platform for trade finance, but also provides users with all the advantages of blockchain technology. I am sure that the entry of Factorin into the MTS Group will accelerate growth and strengthen the company's position, noted Ilya Filatov, Vice President for Financial Services of MTS, Chairman of the Management Board of MTS Bank.

Factorin allows you to provide customers with a range of trade finance products and launch fundamentally new solutions that are almost impossible to reproduce based on traditional technologies. For example, thanks to our solution, large companies create their own platform on the platform, where their suppliers and buyers choose the best offer of financial providers. For two years, with the support of Digital Horizon, we have become a major platform for trade financing in Russia. We attract the resources of the strongest partner to meet the growing market demand and offer our users even more opportunities and competitive advantages. The scale, expertise and experience of the MTS Group in combination with the blockchain solutions of Factorin will help to qualitatively transform the entire areas of fintech services for the B2B segment, commented by Andrei McLean, founder of Factorin.