A fresh round of investment of 18 million euros ($18.8 million) has been secured by 4Trans, a Czech FinTech company that specializes in financial solutions for supply chain and transportation businesses.
As Tech Investment News reported on Wednesday, June 29, the funding came from a revolving credit line provided by Advance Global Capital as well as investors Atmos, Tera Ventures, and Lighthouse.
4Trans stated that it will utilize the funding to expand into Poland, strengthen its domestic operations, add more staff, and improve its platform.
The financing comes after a period of growth for the business, during which its customer base rose to 500 and its monthly income multiplied by 10 as customers battled with supply chain issues.
“Delays in paying bills have significantly increased as a result of the supply chain issue and related political and economic concerns. This has put an enormous financial strain on Europe’s small and medium-sized haulers,” said Jaroslav Ton, founder, and CEO of 4Trans.
“Unfortunately, the majority of conventional financial institutions simply do not serve this demographic, and those that do either need very big bills or take too long to offer to fund. The protection that small and independent business owners in the European supply chain need and deserve has been provided through a variety of solutions we’ve developed, the official added.
4Trans was established in Prague in 2018 to arrange finance for SMEs and other logistics companies. In order to save money from more than 50,000 bills, the corporation has provided finance totaling more than 30 million euros ($31.4 million).
