Advanon

About Advanon

Advanon operates as an online platform specializing in invoice financing for small and medium-sized enterprises (SMEs). The company was established in Zurich, Switzerland, in 2015 by Phil Lojacono, Stijn Pieper, and Philip Kornmann, who met during an internship at Google in Dublin. The founders identified a critical need among small businesses for better cash flow management, as many struggled with long payment terms from larger customers, which created liquidity constraints.

The core of Advanon's business is a peer-to-peer lending platform where SMEs can sell their open invoices to a pool of financial investors. This model allows businesses to receive cash for their receivables within hours, rather than waiting for standard 30 to 90-day payment cycles to complete. In return for this immediacy, the SME pays a fee to the investors who financed the invoice. The platform was designed to be a flexible, transparent financing solution without long-term commitments or hidden fees, directly addressing the liquidity challenges that can hinder the growth of fast-expanding companies.

The company's journey included significant milestones, such as a major financing round in January 2017 that raised CHF 13.5 million from notable investors including Swisscom, b-to-v Partners, and Urs Wietlisbach. This funding was intended to solidify its market position in Switzerland and support expansion into Germany. However, Advanon also faced considerable challenges, including a significant fraud incident in 2018 where fake invoices were sold on the platform. The company recovered from this setback, but it led to strategic changes, including a greater focus on institutional investors. After a period of restructuring, Advanon was acquired by CG24 Group (formerly CreditGate24) in May 2020, a move that consolidated the Swiss lending market.