The Nanterre Court has just decided to entrust Karmen with the takeover of the assets of Silvr, its historic competitor and one of the main French players in short-term financing. This decision marks a structuring moment for a sector which is being reshaped under the effect of a harsher economic cycle and increased pressure on alternative credit models.
Silvr, rapid trajectory and brutal reversal
Created in 2020 by Nima Karimi and Grégory Tappero, Silvr has established itself in a few years as one of the pioneers of non-dilutive financing for digital companies, particularly in the retail and SaaS sectors. Its model, based on rapid financing backed by activity flows, is based on a commission of between 6% and 9% on the amounts advanced.
The fintech has around a hundred clients and has distinguished itself by early European expansion: acquisition in 2023 of Uplift1 in Germany, local partnerships, and a financing volume which exceeded 200 million euros in 2024, almost a third of which on the German market.
But the rise in rates, the contraction of the alternative financing market and the increase in the cost of risk have weakened the company. On June 11, Silvr declared its cessation of payments, paving the way for legal recovery before the Nanterre Economic Activities Court. Despite five funding rounds totaling 21 million euros from XAnge, Otium, Bpifrance, Eurazeo and ISAI, as well as business angels such as Alexandre Prot, Steve Anavi, Raphaël Vullierme, Louis Chatriot or Pierre Dutaret, the company has not managed to stabilize its model in this new macroeconomic cycle.
A targeted recovery for Karmen
Karmen takes over all of Silvr’s operational assets, with the exception of the non-performing loan portfolio and two employees are retained. The perimeter makes it possible to preserve the technological value, the accumulated data and the commercial infrastructures, while isolating the risky positions which weighed on Silvr.
Silvr users are now oriented towards Karmen, whose financing products remain close to Silvr’s historical offering. This continuity particularly applies to VSEs and SMEs faced with more restrictive banking conditions and immediate cash flow needs.
A logical consolidation in a market that has become demanding
For Karmen, the operation is part of a strategy to expand its customer base, strengthen its scoring capabilities and accelerate new financing products. Tech, data and commercial pooling aims to lower the cost of acquisition, strengthen the quality of risk and broaden the range of solutions offered to companies.
Short-term financing is undergoing a profound transformation. The 2021-2022 period, dominated by RBF models and the abundance of capital, has given way to a more rational market, where controlling the cost of capital, product diversification and operational robustness take precedence. In this context, consolidation operations become a natural mechanism for reorganizing and regrouping capacities.
A recomposition of the financing landscape for entrepreneurs
Consolidation is probably not over, 2026 could see other mergers in a sector where only players with technological depth, strict risk management and solid sources of financing will manage to go the distance.
