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Grееk Finloup Grabs €1M for a Dynamic Entry Into the Electronic Device Leasing Market

Grееk Finloup Grabs €1M for a Dynamic Entry Into the Electronic Device Leasing Market, TheRecursive.com
Image credit: Finloup
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Only have 1 minute? Here are 3 key takeaways:

  • Greek Finloup, a buy-now-pay-later platform, secured over €1M in funding from various investors, including Velocity Partners, Genesis Venture and Praxia Capital.
  • Finloup aims to expand its market presence, particularly targeting startups, by offering leasing options for electronic devices.
  • Since 2022, the company has been focusing on providing opportunities for companies to strengthen their ESG indicators.

 

Finloup, a Greek-founded service of leasing electronic devices, secured over €1M in funding in a round with the participation of both existing local investors such as the early-stage fund  Velocity Partners, the coaching and angel investment platform Genesis Ventures, and international ones, including Praxia Capital, a financial services advisory firm, based in the United Arab Emirates, specializing in venture debt. A number of business angels also took part in the round.

The company plans to utilize the new investment into market expansion, focusing on leasing electrical appliances for businesses, especially for startups

Since 2020, the BNPL sector has been rapidly growing both in the Southeast Europеan region, with other startups and even banks launching their own BNPL solutions in Bulgaria, Romania, and Slovenia, but also generally in Europe. According to Deloitte’s report, the segment will have captured around 11% of the European e-commerce market by 2025.

Finloup Adopting a New Business Model

The Greek startup, founded in 2020 by Antonis Prentzas, CEO, and Marios Noutsos, CFO, is aiming to revolutionize the way technology is used by encouraging more sustainable consumption habits. They used to operate as a buy-now-pay-later platform with the mission to bring more affordable credit options to end-consumers only. 

Since the past year and a half, the company has pivotеd to providing opportunities for companies to strengthen their ESG indicators (Environmental, Social, Governance). 

Finloup offers the possibility to lease the electronic devices companies need for a fixed amount per month. They have a wide span, from sole proprietorships and freelancers to small and medium-sized enterprises, startups, and large organizations. The service enables companies to free up funds, allocating resources towards activities that drive growth. That also ensures access to the latest devices at a lower cost.

Read more:  In other news: A weekly tour through the SEE startup ecosystem, May 2-6

“Technology leasing enables startups, in particular, to utilize the most advanced devices, without the high costs of their market. It is a catalyst solution for growth, enabling startups to thrive in today’s rapidly changing landscape”, commented Antonis Prentzas.

In 2021, Finloup secured €1M in a pre-seed round for product and business development, before changing their business model. Among the angels who previously invested in Finloup are investors from the HeBAN (Hellenic Business Angels Network), an angel group based in Athens, operating also as a non-profit organization that focuses on early-stage companies.

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https://therecursive.com/author/teodoraatanasova/

Teodora Atanasova is a News Editor at The Recursive. She covers everything around funding rounds, exits, startups expanding to international markets, big tech opening R&D in CEE, meaningful for the ecosystem partnerships.