Factor-e closes with loss of 28 jobs

Factor-e, a financial technology company is to close with the loss of 28 jobs.

The company was originally a subsidiary of First-e Group, itself a subsidiary of Enba, which closed last year with the loss of 245 jobs.

First-e had provided technologies and support to First-e bank, owned by Banc d'Escompte, which ceased operations in September.

When First-e was closed down Factor-e continued, as it held intellectual property rights for a range of high-tech financial services solutions and it was considered a viable business in its own right.

In particular, it specialised in developing and licensing advanced banking software solutions in e-CRM, advanced banking and brokerage applications markets.

It appears that the company was unable to meet its sales targets in the present market conditions and so could no longer continue operating. It also had had trouble finding funding.