Dutch Crypto Project Finturi Secures 2 Million Euro to Use Blockchain for Business Loans Against Invoices
Blockchain technology has been used for its trustless and transparent ledger in many different use cases. Finturi, a blockchain startup in the Netherlands, has decided to provide a service to businesses for loans against invoices, which they are using blockchain technology to facilitate. According to a recent tweet from Finturi, the startup has already raised €2 million towards the cause.
RT @EU_Startups #Dutch startup @Finturibv raises €2 million to help businesses pay their invoices with blockchain and AI 💸🚀 #fintech #finturi #blockchain #AI @johbrouwer https://t.co/K6f9bZJCen … pic.twitter.com/LVhKNFzEtW https://t.co/kfippjPGLD
— Finturi (@Finturibv) March 12, 2019
Finturi was only founded in September last year, but they have been making headway with blockchain technology and artificial intelligence for loans. A report from EU-Startup.com yesterday stated that an angel investment NetSam Participaties BV will help with the growth and product development of the company, which will be in the optimization of the blockchain. Presently, Finturi is working out of the Hague with 12 people on their team, including marketing professionals, developers, and others.
CEO Johannes Brouwer commented that there is plenty that small and medium enterprises do for the economy, but raising working capital is usually a struggle, especially when they are still new. The goal of Finturi is to “build a robust product” that will give loans within 24 hours against an invoice, eliminating the hassle as much as possible. The lead investor for NetSam Participaties BV added to the CEO’s comments, saying that the combination of blockchain technology and AI could realistically eliminate a lot of issues in the financial process, making it more efficient and secure.
Recently, blockchain technology became a part of a partnership between five Japanese banks, ultimately being used to launch a new financial services infrastructure. The banks plan to use the expertise that IBM can offer during development, though the group is working to improve the efficiency of multiple financial operations at once.
Nouriel Roubini made comments last week that the use of blockchain technology has no ties to the financial services of the future. The economic and everlasting opponent of cryptocurrency excluded blockchain tech from a list he created of the major technologies that will ultimately bring on a fintech revolution. However, Roubini chose to include AI, machine learning, the Internet of Things, and big data.