Companies category powered by

Ellinas Finance strengthens leadership in Factoring with €20m annual SME support

Ellinas Finance, the leader in alternative financing in Cyprus, has announced significant growth in its ‘Smart E-Factoring’ services, reinforcing its position as the leading independent factoring provider in the country.

With over 30 years of experience, Ellinas Finance has played a pivotal role in helping businesses across industries in Cyprus launch, develop, and expand, particularly small and medium-sized enterprises (SMEs) engaged in import and export.

As a strong supporter of the Cypriot economy, Ellinas Finance’s digital factoring business finances invoices worth approximately €20,000,000 annually. Launched in 2018, this service allows SMEs to access critical working capital, fueling local and international trade.

The company’s loan portfolio has grown from €16,000,000 in 2018 to approximately €25,000,000 today—a 33% increase over four years—with new financing in the past five years growing to €8,000,000 annually. Ellinas Finance is aiming to expand its loan portfolio to €50,000,000 by 2028, further underscoring its commitment to Cyprus’ economic growth.

“Our factoring service empowers Cypriot SMEs to expand their operations in Cyprus as well as reach new markets by providing flexible and immediate cash-flow solutions,” said Nearchos Petrides, CEO of Ellinas Finance. “In 2018, we formed a notable partnership with Atradius, one of the global leaders in credit insurance. This strategic partnership significantly enhanced our factoring offerings, making it the pinnacle of our product suite. Through this, we’ve supported many mid-sized businesses, helping them to not only survive but also sustain their productivity and growth.”

Ellinas Finance’s Smart E-Factoring service offers businesses the ability to upload customer invoices through its online portal and receive funding for those invoices within 48 hours. By embracing digital transformation, the company is also exploring artificial intelligence to improve risk assessment and credit evaluation, providing SMEs with faster, more accurate funding solutions based on their financial health.

As Ellinas Finance continues to innovate in the factoring space, the company is exploring expansion of its factoring solutions into international markets—a move that will accelerate the growth of its factoring portfolio even further through supporting businesses beyond Cyprus and bolstering global trade.

For more information on Ellinas Finance’s Factoring solutions, call 22349801 or visit www.ellinasfinance.com

Read More

17th IN Business Awards: Have you voted yet?
GOLD New Issue: Casting an Eye on AI
Hermes Airports issues reminder for parking arrangements at Larnaka Airport
Minthis Music Festival taking place on 9-13 July
US Ambassador meets with the President of the Cyprus Olympic Committee at the Olympic House
Second-placed Cyprus among the EU members transporting most freight by sea in 2023
The profiles, HQs, assets under management and more of Plug and Play Tech Center and Tenstorrent
Limassol Greens' plans to manage water and protect the environment
Shell Cyprus is giving three lucky winners the chance to visit Monza & watch the Formula 1 Grand Prix
Punin Group launches delicious new venture: The Croissant by Punin