Backed by a European Investment Fund guarantee — working capital for construction SMEs across Bulgaria. How risk-sharing works

About CFN

Built so the firms that build Europe never wait to get paid.

CFN is a construction-sector receivables financier. We turn certified invoices into same-day working capital across Bulgaria — and structure the resulting portfolios to be financed by development banks and capital markets. One business, two doors: liquidity for SMEs, underwritable risk-sharing for institutions.

Talk to our team For banks & investors

Our mission

Keep cash in the real economy, not in someone else's ledger.

Construction carries the longest payment terms in the European economy, and the smallest firms carry them least comfortably. That gap stalls projects, strains supply chains and pushes otherwise healthy SMEs into insolvency. Our mission is narrow and concrete: pay them today against work they have already earned, and finance it to institutional standards so the model scales.

  • Advance against certified work — receivables already earned, no new leverage
  • Underwriting built for retention, set-off and pay-when-paid
  • Portfolios structured to be financed, not just originated

One business, two doors

  • For construction SMEs

    Same-day working capital against certified invoices.

  • For banks & investors

    STS-eligible, audited, EU-Taxonomy-tagged risk-sharing.

Governance & independent risk

Roles built for accountability, with risk held independently.

The structure is deliberate: origination and credit decisioning are separated, and risk sits independently of commercial targets so underwriting discipline survives growth.

  • Founder

    Filip Genov — Co-founder & CEO

    Founded CFN to bring construction-specific factoring to Bulgaria. His career was built in factoring and corporate and SME banking — including at UniCredit Bulbank — with earlier experience at McKinsey & Company; he is a member of Factors Chain International (FCI).

  • Independent of origination

    Chief Risk Officer

    Holds credit, fraud and concentration policy independently of origination, with authority over the risk appetite framework, dilution reserves and the verification standard.

  • Head of Origination

    Builds the SME pipeline and debtor relationships across the segments we finance — but does not set or override credit decisions.

  • Non-executive oversight

    Independent Board

    Provides oversight and challenge on risk, compliance and the dual mandate, with non-executive members independent of management and day-to-day operations.

Why now

A financing gap the market leaves deliberately open.

Generic factors avoid construction because its receivables are hard: long-dated, certification-dependent, exposed to dilution. Banks ration working capital to the sector precisely when Europe is asking it to build more housing and retrofit its building stock. CFN exists to underwrite that risk properly rather than price it away. The European Investment Fund has already taken that view: under the European Guarantee Fund it guarantees up to €153 million of CFN's construction-sector bridge financing — the first time in Southeast Europe the EIF has guaranteed a financial-technology start-up.

  • Backed by an EIF guarantee under the European Guarantee Fund
  • Construction-specific verification and dilution reserves
  • Designed for development-bank and capital-markets funding

Built for the gap

  • Underserved by banks

    Working capital rationed exactly where Europe needs more building.

  • Underwritten, not avoided

    Construction risk priced and reserved for, not walked away from.

  • Aligned with public priorities

    Backed by the EIF — closing a gap public-investment programmes exist to close.

Backers & affiliations

We name frameworks, not logos.

Per our content discipline, we do not display client names, partner-bank logos or testimonials. What we do name are the standards and programmes our business is built to satisfy — the bar a public-investment evaluator actually checks against. Independent audit and external rating are wired into how the portfolio is reported, not bolted on after the fact.

  • Guaranteed by the European Investment Fund under the European Guarantee Fund
  • STS-eligible securitisation and AAA-guarantor-ready structures
  • ISO/IEC 27001 information security and GDPR-compliant data handling
  • Member of Factors Chain International (FCI), the global factoring network

Built & affiliated to

  • EIF-guaranteed
  • European Guarantee Fund
  • EU-Taxonomy ready
  • STS-eligible
  • ISO 27001
  • GDPR
  • FCI member
  • Audited by [Auditor]

Frameworks and standards only — no client names, partner-bank logos or testimonials.

Newsroom

How we think about construction risk, in the open.

We publish our perspective on payment terms, dilution, EU-Taxonomy tagging and the institutional case for financing construction receivables — the same analysis we take into the data room. Read the thinking before you talk to the funding team.

Read our insights
From the newsroom

  • Why construction receivables behave differently

    Retention, set-off and pay-when-paid — and how we underwrite them.

  • Tagging renovation to the EU Taxonomy

    Evidencing the green claim at the receivable level.

  • The institutional case for factoring construction

    From originated portfolio to STS-eligible financing.

Keep Europe building. Get paid today.

Two doors: finance your construction invoices, or partner with us on risk-sharing.

Finance invoices For banks & investors

EIF-GUARANTEED · EUROPEAN GUARANTEE FUND · ISO 27001 · GDPR