Arex, a Helsinki, Finland-based invoice trading platform, raised €3m (£2.7m) in funding.
The round was led by Finland-based Lifeline Ventures, with participation from LocalGlobe and angel investors.
The company intends to use the funds for further product development and to launch into the U.K. market.
Founded in 2014 by CEO Kim Forsman, Perttu Jalkanen, Hannu Krosing and Nikolai Hentsch, Arex – which stands for “Account Receivables Exchange” – provides an invoice trading platform on which small and medium-sized businesses (SMBs) can sell their unpaid invoices, with control over the terms of their financing.
Already operational in Finland, and due to launch in the U.K. next year, the company currently has offices in London, Helsinki and Barcelona.