If you had to introduce Fibus in a few words?
Gaëtan du Halgouët: Fibus was founded in 2006. Initially specialised in factoring, we quickly expanded our offering to credit insurance. Since 2018, we have also been providing software solutions enabling companies to monitor and optimise their contracts. Our offering is structured around three services: Fibus Factoring, advisory in factoring; Fibus Trade, brokerage in credit insurance to protect against non-payment risk; and Fibus Digital, plug-and-play software allowing clients to manage their programmes on a daily basis. We are therefore the only advisory and brokerage firm to offer all the services required to successfully implement a factoring and credit insurance project.
What is your client profile?
Our clients are SMEs and mid-sized companies (ETIs). They typically share the same challenge: fast-growing businesses, whether organically or through external growth. In both cases, they need to finance significant working capital requirements. We also work with companies in “special situations”. For example, when a subsidiary is acquired by a private equity fund (a spin-off), it must become financially autonomous and negotiate its own financing lines. We also intervene in situations of cash flow stress, whether temporary or structural. In all these cases, factoring is the simplest, fastest, and most substantial form of financing that can be put in place.
What are its key advantages?
Beyond simplicity, speed, and the size of financing lines obtained, factoring does not rely solely on a company’s financial statements or annual results. If a company’s activity grows strongly during the year, factors can increase credit lines without waiting for the next set of financial statements – unlike traditional bank loans, which require recent accounts. Because it is based on receivables, factoring naturally adapts to the size and activity of the company, making it highly flexible and agile. And contrary to common belief, its pricing is very competitive. This is one of the reasons for its strong growth.
Why work with Fibus?
With Fibus, clients benefit from a fully structured factoring project: we start by assessing the financing potential to help them secure their cash flow needs. We support CFOs in understanding the market and train them on best practices. Beyond negotiating the best offer, we secure their decision: we have hundreds of live programmes across all factors, giving us a unique pool of experience that we leverage for our clients. With €41 billion of receivables assigned in 2022, our clients represent around 10% of the French market.
How do you see the future of your market?
While factoring is growing strongly worldwide, the market is only beginning its internationalisation. Fibus already generates 50% of its activity outside France, supporting many international mid-sized companies. We aim to strengthen our position in our historic market while accelerating expansion across major European countries. We also have strong ambitions in digital: after launching ARI Trade, a new factoring software integrating credit insurance, SaaS versions and predictive modules are currently under development.
In today’s economic context, are companies showing a greater need to secure their business and seek support?
Yes, companies need to secure their margins to avoid unpaid invoices. With more volatile and shorter economic cycles, they increasingly rely on services and tools that help them anticipate risks. Factoring and credit insurance meet this need. In addition, factoring is currently the cheapest and most stable short-term financing solution available. During the introduction of government-backed loans (PGE), companies borrowed up to 25% of their annual revenue with very few conditions. Today, these loans must be repaid with significant instalments that heavily impact cash flow. Implementing a factoring programme can help repay part or all of this debt. A company’s receivables typically represent 15 to 20% of annual revenue.
How does factoring support the growth of international mid-sized companies, in your view?
Out of 5,500 mid-sized companies (ETIs) in France, between 2,000 and 2,500 have chosen factoring to finance their development, particularly internationally. They quickly realised that it is a more accessible and flexible form of financing than traditional bank products (overdrafts, Dailly assignments, discounting…), which rely more heavily on equity and profitability criteria. Factoring, being based on receivables, is the financing tool that best supports company growth – especially internationally.