Financial services platform for SMEs changes name to smeGo
The continued development of the platform and range of financing solutions has led to a new name smeGo (formerly SME Finance).
After entering the Dutch market in Q2 2023, the fintech has already funded 15 million in 10 months for 50 clients and 150 financial advisors connected, including Credion, Financieringsgilde and Capitalize2day.
Strategic cooperation agreement between smeGo and the European Investment Fund (EIF) provides credit guarantees for investments in innovation, sustainability and digitalization projects in the Netherlands.
Amsterdam, May 8, 2024 - The pan-European financial services platform SME Finance has changed its name to smeGo due to expansion of its services for successful SMEs. The fintech, a market leader in its home market, has been rolling out a range of financing solutions in the Netherlands since June 2023 and has already funded millions, including through a partnership with the European Investment Fund (EIF).
Growth of platform leads to new name
Almost a decade after its founding, smeGo is active in four new markets and the team has grown from 2 to more than 150 employees in Europe. There is now a choice of ten financing solutions, including working capital loans, investment loans, lines of credit, revenue-based financing and loans with guarantees. These developments and its sharpened vision for the industry prompted the company to change its name.
Bas Vanhorick, CEO of smeGo Netherlands: "Our daily ambition is to boost SMEs, the backbone of the Dutch economy, as efficiently and quickly as possible with growth financing through our expertise in banking and personal approach. With our new name, we want to add extra strength to that."
Impact in the Netherlands
Access to financing is a major concern for companies of all sizes in the Netherlands. Smaller companies in particular face significant challenges. smeGo is growing in the Netherlands, and beyond, by targeting established SMEs that are stuck with banks while needing financing for growth.
In ten months, the Dutch smeGo team has already funded more than 15 million in business loans, flexible lines of credit and factoring. It now has 150 financial advisors connected, including established names such as Credion, Financieringsgilde and Capitalize2day. In the Netherlands, the team now consists of six employees with extensive experience in the SME banking and fintech sector.
Strategic cooperation European Investment Fund
According to the European Investment Fund (EIF), almost a quarter (24%) of SMEs had serious difficulties in obtaining external financing in 2023. Initial forecasts and market analyses predict no significant change to this situation. smeGo has a strategic partnership with the EIF to facilitate and improve access to finance for SMEs. The "InvestEU program"-a €40 million fund from the European Union-incentivizes and provides 70% EU credit guarantees for investments in innovation, sustainability and digitalization projects.
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