- What is FRENNS?
FRENNS is an innovative, fully automated platform that leverages AI to provide invoice financing for SMEs in Europe. It is a fast, efficient and safe way for budding companies to access the capital they need to prosper and grow.
- How does it work?
- 1) Connect your accounting system to a free FRENNS account and sync your invoices.
- 2) First time FRENNS users complete a few simple steps, such as entering valid bank account and providing required information to conduct initial screening, before the auctioning process begins. Once this is done, SMEs can receive their first bid within just 10 minutes.
- 3) The robot-assisted system accepts bids nearly instantaneously; however, you may want to wait for a more attractive bid, and leave it in the auction area for a maximum of one hour. Customers receive an email prompting them to verify and approve the use of invoice financing for the invoice.
- 4) When a bid is accepted, the money is transferred to the stipulated bank account within one hour.
- 5) If there is a balance difference remaining on the invoice when the buyer of the goods/service pays the invoice on the due date, it will be advanced without a fee.
- 1) Deposit capital in your FRENNS account; you will not be restricted by a maximum or minimum, and all funds in an allotted account are readily available for investing.
- 2) Bid on invoices either manually or via our robot tool, stating the amount and return requirement for each invoice.
- 3) If using the robot tool, transactions will be finalized in seconds and capital will be automatically re-invested in new invoices to create additional revenue streams as per personalized user settings. Simply set the parameters and let the robot do the work.
- 4) Once the due date on the invoice arrives, the investor is repaid their initial investment in full, plus interest. If the robot manages the bidding, the capital is re-invested immediately after an invoice is paid. The automated system cyclically reinvests capital, ensuring that opportunities for profit are never lost.
- How are you attracting the best investors to your platform?
FRENNS offers potential investors, including high-net-worth individuals and professional investors, a compelling opportunity to earn a secure, fixed return on their short-term investments. We are continuing to build our network of interested investors across Europe as we expand the platform. We also run an affiliate programme to provide incentives for existing investors to recommend their peers to join the platform.
- How does the affiliate programme work?
Customers using the platform are rewarded when they invite their peers and friends via social media or email to become an active participant on the platform. Those who successfully subscribe other users pay a reduced commission fee on their next FRENNS transaction. External, non-customers can also create an “affiliate only” account to invite new FRENNS customers, thereby earning a bit of extra money for themselves. It is possible to send invitations to friends via 198 different networks and apps on the FRENNS platform.
To become an affiliate simply provide the necessary information on our webpage.
- How is risk managed on the platform?
Customer on-boarding is performed in the most efficient and timely fashion - but we do not take undue risks. All KYC, AML, identity/document verification and due diligence is performed quickly using a third-party specialist. Our proprietary scoring method takes a conservative approach and flags outliers for manual verification. Company due diligence is performed for both clients and buyers of goods.
All non-confidential credit information is made available to investors to inform their investment decision. We use both traditional credit scoring and machine learning methods to offer the investor the best available intelligence.
- What is the pricing structure?
Our operational system enables us to charge a flat fee of 0.9% of the face value of the invoice for businesses. There is no fee to use the platform for investors.
It is possible to accumulate discounts by participating in the affiliate program.
If you are using a different form of invoice financing or if you use one of our competitors, you are welcome to use the platform for free for 3 months. You only need to prove that you have traded with our competitors.
Businesses recommended by investors will be able to use the platform for free for three months.
Bank transfer fees apply for all users.
- How secure is the data when stored in our database?
EU’s GDPR legislation is covering how personal information should be protected. FRENNS has taken the GDPR legislation one step further and enhanced the security and see company information equal to personal information.
All information in FRENNS database is encrypted also company information. Not even staff at FRENNS can read the data if not the correct encryption key is decrypting the information.
- How long does it take to get an invoice financed?
The auction has been slowed down to allow human interactions and it takes not more than an hour for it to finish.
If we run our patented auction technology at full speed the auction is finalised in less than a second and then delivering the money to your account anywhere in Europe within an hour and usually it takes less than one minute.
- What happens if an invoice is not paid?
FRENNS is automatically following up and reminding the buyer of the goods/service for invoices that are overdue. Before the due date we send out a pre-reminder and on the due date there is a reminder sent immediately.
If the buyer of the goods/service is not paying after 45 days FRENNS is automatically collecting the unpaid value of the invoice plus additional costs it may incur. After 120 days the money is returned to the investor.
Also small invoices are collected. We have examples where taxi drivers have had invoices being unpaid for three years and €500. With FRENNS these invoices will be collected and paid. It means small companies can use FRENNS as a safety net to get paid.
- Can your system detect fraud?
Yes, the system is very sophisticated and has heavy analytical tools to support it when it is doing analysis. We have experts in how fraud is made and can detect it in many ways. So if the fraudster know one way we capture them in many other ways. We have already captured fraudsters and they are automatically reported to the police without the slightest hesitation.