Novicap grows revenues by 55% in 2023 and launches Working Capital Loans

Barcelona, 20th February 2024. Novicap, a fintech company focused on providing end-to-end B2B working capital solutions (Credit and Payment Automation), increased its turnover by 55% in 2023. The company expects to keep growing in 2024 thanks to its new Working Capital Loans solution, and helped by the continued retrenchment of the banking sector.

Swimming against the tide

2023 was a year of adverse economic climate marked by the rise in interest rates, which has had a direct impact on credit demand. Furthermore, according to the Bank of Spain, financial institutions further tightened credit standards and increased pricing, making it harder for companies to borrow.

In this context, Spanish companies are increasingly relying on fintechs and non-bank financing to cover their funding needs, especially in critical areas such as working capital.

High growth and consolidated profitability

Despite the challenging economic situation, Novicap increased its turnover by 55% year-on-year while maintaining profitability throughout the year. The fintech signed up a record number of new clients in this period, driven by its deep partnership network within the financial sector. Overall, in the last 5 years, Novicap has funded more than €1.5 billion to over 4,000 Spanish companies through its technology platform.

What’s to come in 2024

During the last quarter of 2023, Novicap launched Working Capital Loans, with the objective to cover end-to-end working capital needs of its customers. This new product is expected to be a critical growth contributor in 2024.

This year, Novicap plans to keep investing, thereby expanding the team with up to 15 new professionals and consolidate its leadership in the Spanish working capital management sector.

Loïs Duhourcau, CEO at Novicap, commented: “In 2023, an unprecedented number of new clients joined our platform, rewarding the work of our entire team. Looking forward to 2024, we’re well equipped to respond to any of our customers’ needs in working capital management. We are ideally positioned to take advantage of the market opportunities arising from the current economic context”.

About Novicap

Novicap is a European Fintech focused on providing end-to-end working capital solutions to SMEs, mid-market corporates, and public administrations. Through our proprietary technology platform, we offer Credit and Payment automation solutions that enable our customers to drive their business forward. Novicap actively supports thousands of businesses to help them deliver impact for their stakeholders.

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