Factoring is increasing fast within the corporate SME sector

PURO´s second quarter proved our understanding to be right, invoice financing is a fast-growing form of financing among small and medium-sized companies. PURO´s growth in turnover in H1 was 77 % larger than compared to last year. What delighted us the most in H1 was our 92 % customer satisfaction. Our Net Promoter Score also improved, rising from 62 to 68.

Highlights in H1 2022

In Q2 PURO’s growth was built on the strong foundation set on Q1 and topped the growth indicators of previous quarter. Both revenue and financed receivables at the midpoint of the year were close to reaching our full year targets for 2022.

Most impressively the monthly recurring revenue (MRR) improved to 434 t eur in June with 108% growth in 12 months and 45% up from December. This boosted the quarterly turnover to reach 1.2 m eur, up 24% from Q1 and +83% from Q2 2021 – the highest YoY growth number for the past 2.5 years. At 2.1 m eur for H1 turnover we currently are half-way to meeting our top-line target and expect to significantly exceed the 50% target in growth.

100 m eur in financed customer invoicing was topped within the quarter with loan receivables continuing on 20% quarterly growth and amounting to 28 m eur. The rapidly increasing portfolio also came with increases to the late outstanding receivables with a few of our customers meeting some of the challenges of global supply and resource deficits. Our risk position however is in control and within the mid-term average levels while we continue to assist our customers through this turbulent period.

In June we made a 100 t eur loss provision and set a standard of minimum target provision for 25% of 90+ day past-due receivables. This will enable us to more sustainable financial planning and provide transparency to our owners and investors. Despite the provisions the profitability in Q2 was solid with EBIT (46%) and EBT (12%) within our mid-term targets. Regarding the financial cost we have several ventures kicking off in H2 to secure our financial position for the coming 12 to 18 month period.

Comments from CEO Junno Roine

Already at the current KPI levels we are close to reaching our main full year financial targets. We anticipate the new customer inflow to continue at minimum on current rate while we expect more from several of our current and new distribution channels. Therefore we expect the H2 to be even more succesful than the past period.

Before mid-summer we finally received the final approval from the Swedish FSA to start our factoring offering in Sweden. For H2 we are planning to commence a pilot with selected customers and partners as a proof that our blueprint works in foreign invoicing and legal domiciles. Simultaneously we are planning out further steps on our European expansion.

Internally the key-word for H1 has been scalability as we have been future-proofing our technology and operations to meet the growing demands of new customers, partners and geographies. And honest to our vision we have not forgot innovation in our solutions and products in order to stay on the front-foot to meet the growing customer expectations and rethinking the ways this centuries-old concept of invoice financing can be made easier and more accessible to all types of businesses.

Despite the increasing number of technological and operational development projects it was encouraging to see the continuous improvement of our customer satisfaction with Net Promoter Score (NPS) at 68. With gratitude to our customers, partners and employees this provides us encouragement to step into the next phase of our journey.

Key take-aways from H1/2022

  • Monthly recurring revenue (MRR) peaking at 434 t eur in June with 108% YoY increase and up 45% from year-end. Annual recurring revenue (ARR) topping 5.2 m eur.
  • Quarterly turnover increasing 24% from Q1 bringing H1 turnover to 2.1 m eur, up 77% from previous year.
  • 94 new customers in Q2, raising the total customer base close to 700.
  • Financed receivables peaking at 28 m eur with 107% growth YoY and up 21% from Q1. 102 m eur of customer invoicing financed during Q2.
  • Customer satisfaction increased from previous year with NPS increasing to 68 (up 6 points). 92% of PURO customers are satisfied with 67% extremely satisfied with our service.

PURO Finance Oy


Junno Roine, CEO, junno@puro.finance, +358 50 522 6037

Juho Väinölä, CFO, juho@puro.finance, +358 50 573 6427

Read our previous interim reports on our Investor page!