Florence Finance
RWA · Private Credit · FF
SME invoice financing on-chain.
SME invoice financing on-chain.
Assets under management
$0
Latest data · 15 min delay
Research
Components, facts, FAQ, timeline, and tokenomics in one place
Main components (5)
Loan Vaults
On-chain vaults that hold portfolios of real-world SME loans grouped by a common denominator (originator, geography, or risk/reward). Depositors fund vaults with flrEUR and receive vault tokens representing a claim on the underlying loan portfolio and its interest. Live vaults include Caple (Arbitrum), Junior/SwishFund (Arbitrum) and Avellinia (Base).
flrEUR (Florin / FLR) token
Euro-denominated stablecoin-like instrument minted when a new loan is funded and burned when a loan matures and is repaid. It is intended to be 1:1 redeemable for EUR via the protocol Treasury, and is used to deposit into loan vaults. Secondary liquidity is provided via DEX pools (e.g. Camelot/Uniswap).
FFM (Florence Finance Medici) token
The protocol's native governance and utility token (ERC-20). A portion of real-world interest from loan vaults is used to buy back and burn FFM from the open market. Governance holders are intended to approve collateral and lending terms as the protocol decentralizes.
Treasury
Contract that holds loan repayments and enables 1:1 flrEUR-to-EUR redemption. If the Treasury is empty, participants rely on secondary-market DEX liquidity to exit positions.
SME lending partners / originators
External, vetted credit providers (e.g. Caple, SwishFund, Avellinia) that source and manage SME/private-credit exposure. Florence acts as a wholesale funder / re-distributor of their diversified credit rather than originating loans itself, and does not use leverage or fractional reserves.
Differentiator
SME invoice financing on-chain.
Organizational structure
Units & roles
- Founder
Chiel Ruiter
Founder of Florence Finance; former investment banker described as an ex-Managing Director at Goldman Sachs and UBS in the Netherlands before moving into crypto.
- Co-founder / Senior advisor
Leo Greve
Co-founder / senior advisor with a career advising and financing financial institutions, with a capital-markets focus.
Investment rounds
| Date | Round | Amount | Investors | Link |
|---|---|---|---|---|
| 2021-02-01 | Seed | ~$3M | Big Brain HoldingsBixin VenturesNew Form CapitalFocus LabsNothing Research | Source |
Similarity to traditional finance products
How Florence Finance maps onto established TradFi structures, and where it diverges.
| TradFi product | Similarity to Florence Finance | Key differences |
|---|---|---|
| Private-credit / direct-lending fund | Both pool investor capital to provide non-bank financing to SMEs and earn the credit spread, taking on borrower default risk in exchange for real-world yield uncorrelated to public markets. | Florence tokenizes the exposure (flrEUR + vault tokens) so it is transferable and composable in DeFi, is euro-denominated and permissionlessly accessible, and offers on-chain transparency and secondary liquidity rather than multi-year lock-ups and high minimums of a traditional fund. |
| Invoice factoring / working-capital finance | Like factoring, several vaults (e.g. Caple) fund short-term working-capital SME loans, providing an alternative funding source to specialist lenders. | Florence is a wholesale funder that re-distributes exposure from existing originators on-chain with no leverage or fractional reserves, versus a factoring company that directly buys receivables and warehouses them on its own balance sheet. |