Karmen

What Karmen does

Karmen is a French fintech founded in 2021 and headquartered in Paris/Vincennes that provides non-dilutive short-term financing and invoice factoring solutions to digital small and medium enterprises (SMEs) and very small enterprises (VSEs) in France. The company operates a fully digital, self-serve platform at app.karmen.io where businesses can complete applications in three clicks, receive pre-eligibility decisions in two minutes, and obtain financing disbursed within 48 hours, with no application fees, guarantee requirements, or equity dilution. Karmen's core products include Karmen Loan (short-term business loans of 1-24 months ranging from €20,000 to €5 million priced at 0.9%-1.2% per month), Karmen Factor (invisible B2B invoice factoring without receivables assignment), and Karmen Forecast (treasury management tool).

The company's underlying technology relies on open banking API integrations that connect to clients' invoicing, accounting, and banking platforms to pull real-time financial data for credit risk assessment. This API-first architecture enables embedded financing partnerships, most notably with Qonto, where Karmen credits are offered directly within the Qonto platform to its 600,000+ professional customers. The company distributes through direct self-serve, broker networks, partner referrals (accountants and financial advisors), and white-label embedded integrations targeting e-commerce marketplaces, invoicing software, and accounting platforms.

Karmen makes money primarily through interest income on short-term loans and transaction fees on factored invoices. The business is funded predominantly through institutional debt facilities — €22M in seed funding (January 2022), €50M from Fasanara Capital (November 2022), €100M from Fasanara Capital (June 2024), and €50M from Sienna Investment Managers (January 2026) — with additional equity rounds from Seventure Partners, Arbevel, and Bpifrance in 2025. Lending operations are conducted through Karmen Fund, a regulated French specialized financing entity managed by Smart Lenders Asset Management. By mid-2024, Karmen had supported more than 500 SMEs with an ambition to exceed 1,000 by year-end, and the company acquired competitor Silvr in Q4 2025 while announcing European expansion plans to Belgium and Southern Europe.

Name

Karmen

Legal name

Karmen SAS

Website

https://karmen.io

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Karmen is a French fintech founded in 2021 providing non-dilutive short-term loans (€20K-€5M) and invisible invoice factoring to digital SMEs and VSEs via a 100% digital platform with 48-hour disbursement, using open banking API risk assessment and embedded financing partnerships.

Ownership category

akta.pro rank

Product category

Alternative SME Lending

NAICS

Other Nondepository Credit Intermediation (52229), Credit Intermediation and Related Activities (522), Sales Financing (52222)

SIC

Short-Term Business Credit Institutions (6153), Loan Brokers (6163)

akta.pro primary industry

SME Term Loans & Growth Capital (FSAKAGAB)

akta.pro secondary industry

Loan Servicing Platforms (Billing, Statements, Customer Self-Service) (FSAGAHAH)

Keywords

• Invoice factoring
• Working capital loans
• Embedded financing
• SME business financing
• Revenue-based financing

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Short-term Loans (Karmen Loan): Non-dilutive short-term loans (1-24 months) priced as a percentage of the financed amount, charged monthly. The company earns interest income on the loans extended to SMEs, with rates ranging from 0.9% to 1.2% per month depending on the borrower's risk profile and loan duration. Loans range from 20,000 euros to 5 million euros.
2. Invoice Factoring (Karmen Factor): Invisible factoring service that provides immediate cash flow by advancing funds against B2B customer invoices without requiring cession of receivables. Revenue is generated through fees charged on the factored amounts.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Karmen provides non-dilutive short-term business loans (Karmen Loan, 1-24 months, €20,000 to €5 million) and B2B invoice factoring (Karmen Factor) to French digital SMEs and VSEs. The 100% digital platform uses open banking data and API connections to deliver financing decisions within 48 hours. The company also offers white-label embedded financing via API for partner platforms such as Qonto.

Product overview

Karmen is a French fintech platform offering short-term financing solutions for small and medium enterprises (SMEs). The product portfolio consists of two core financing products: Karmen Loan (short-term loans of 1-24 months ranging from €30,000 to €5 million) and Karmen Factor (B2B invoice factoring without receivables assignment), supplemented by Karmen Forecast (treasury management tool). The platform also offers an Embedded Financing module for white-label partnership integrations. Karmen differentiates through its fully digital, 48-hour approval process using open banking data analysis, targeting businesses with annual revenue over €300,000 that have been operating for more than 1 year. Additional value-added services include free financial calculators (BFR Calculator, Runway and RoAS Calculator, Budget Forecast Model) as part of a toolbox ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• Karmen Loan: Short-term loan product offering financing from 1-24 months, providing working capital solutions for SMEs
• Karmen Factor
• Karmen Forecast

Products and services

• Karmen Loan Short-term non-dilutive business loan product offering financing from 1 to 24 months, ranging from €20,000 to €5 million, with 100% digital application, approval and funding within 48 hours, no file fees, and no collateral requirements. Pricing ranges from 0.9% to 1.2% per month depending on borrower risk profile. Targeted at French digital SMEs and VSEs with annual revenue above €300,000.
• Karmen Factor B2B invoice factoring solution offering invisible factoring where businesses can finance customer invoices without assigning or transferring receivables. This preserves customer relationships while providing immediate cash flow. Covers marketplace sales financing, invoice financing, and early invoice collection to relieve working capital requirements.
• Karmen Forecast Treasury management tool that helps businesses forecast and manage their cash flow, providing visibility into cash position and helping anticipate financial needs.
• Embedded Financing White-label financing solution that allows third-party fintech platforms, e-commerce marketplaces, and invoicing/accounting software providers to integrate Karmen financing into their own solutions. Partners can offer Karmen credits to their clients under their own brand via API.

Quantifiable outcome

• Financing approved and disbursed within 48 hours
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature4 records

Partnerships

Two partnerships are on record, tiered major and flagship.

• SilvrmajorStrategic or Co-development Partner · 1 October 2025Competitor acquired by Karmen in Q4 2025, consolidating Karmen's position as a market consolidator in France's alternative financing sector. The acquisition enhanced Karmen's scale and market position following institutional confidence from the Sienna financing.
• QontoflagshipOEM/ Whitelabel/ Licensing Partner · 27 June 2024Leading French professional neobank with 600,000+ customers. Karmen has structured an unprecedented embedded financing partnership to offer instant credits to Qonto users through API integration. This white-label arrangement allows Qonto to provide working capital financing to its business customers without redirecting them to external providers.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Silvr: French fintech offering short-term, non-dilutive financing for SMEs and e-commerce businesses. Direct competitor recently acquired by Karmen in Q4 2025, validating near-identical product positioning and target market.
• Finexkap: French online factoring platform providing SMEs with invoice financing and short-term working capital. Direct competitor in the B2B invoice factoring space, with comparable embedded fintech distribution strategy.
• Defacto: French fintech offering instant financing to SMEs via API-based underwriting using banking data. Closely comparable to Karmen's open banking, 48-hour decisioning model and SME target segment.
• October (formerly Lendix): European lending platform originally focused on French SME P2P lending, now operating pan-European direct lending. Comparable SME borrower profile, though traditional bank-style underwriting rather than API-driven.
• Uncapped: UK-headquartered alternative lender offering revenue-based and growth financing to SMEs and e-commerce brands across Europe. Closest European peer with similar API-driven, no-collateral model targeting digital SMEs.
• Wayflyer: Irish fintech providing revenue-based financing and analytics to e-commerce and DTC brands across Europe and the US. Comparable product set (working capital + analytics) and overlapping e-commerce SME target customer.
• Agilap: French fintech offering factoring and invoice financing solutions to SMEs and mid-market companies. Direct competitor in the French B2B invoice financing segment with similar digital-first positioning.

Broad incumbents

• Younited Credit: Established French consumer and SME credit marketplace, listed on Euronext, offering instant credit across multiple European countries. Broader incumbent with adjacent SME lending business and significantly larger balance sheet than Karmen.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/karmen-io

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds7 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Karmen