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Infidia (InfidApp, Infi DOOEL) is a company incorporated in March 2020 in North Macedonia, Southeastern Europe. It provides blockchain-based seamless invoice financing services to small and medium-sized companies.

In March 2020, after the initial selection and pithing at the Ideation Kick-off event by, Infidia was chosen among 23 great Startups to become a part of their first batch of Top 10 Blockchain Startups backed by the European Commission (Horizon 2020, EU Research and Innovation program).

On 14th August, after the Prototype phase, Infidia was selected as one of the Top 5 Blockchain Startups in entering the Pilot stage of their accelerator, testing the software with five companies as their early adopters.

Infidia co-founders were listed as speakers at CordaCon 2020, as Infidia has close ties with R3, an enterprise software firm that delivers purpose-built distributed ledger technology. Infidia is built on Corda, the technological infrastructure of R3, shared by more than 300 financial institutions. At CordaCon 2020, Infidia is featured on the list of technology partners of R3 Corda with Infidia logo and name among Accenture, KPMG, EY, SAP, ING, HSBC, CITI, Nasdaq, Contour, TradeIx, and LeadBlock Partners among others.

Infidia Operations

Invoice Financing for SMEs

Invoice financing is an excellent solution for small and medium-sized enterprises (SMEs) liquidity. However, it is accessible only to a few due to complex bureaucratic procedures. It is because it entails a significant level of risk for financial institutions (FI). Besides credit check, the most prominent issue is that lenders need to verify the client's invoice's validity.

Moreover, the FIs need to ensure that the credit seeker (SME) didn't apply for loans in multiple financial institutions with the same invoice (so-called double-spending). In doing so, they perform due diligence to verify the accuracy of the invoice, whether the goods/services are delivered, whether the buyer and other details accept the invoice. The whole process is costly, reducing the possibility of large scale approvals, valuable for both FIs and SMEs.

Innovative Use of Blockchain

By utilizing blockchain in a unique tracking solution, Infidia provides proof of invoice validity and prevents double-spending. As a result, it enables a higher chance of invoice financing approval by lenders. For lenders and financial institutions, Infidia brings scalable fees with lower costs of credit checks. At the same time, the blockchain model ensures increased privacy needed for not disclosing sensitive data.

Software History

Early Versions

Infidia started with a focus on manufacturers and distributors since Infidia features a solution that helped distributors and manufacturers to manage their assortment and orders in retail stores. The solution was developing by the user feedback.

Introduction of Blockchain

Soon it became apparent that all the data processed through ordering platform, when combined with blockchain, provide invoice verification and gives an insight into a company's business. Thus, reducing the risk for lenders to approve the invoice financing.

  • The sales representative's operations, task management, ordering, delivery, retrievals, and any documentation flow in the mobile app are stored in blockchain.
  • If the user wants to create an invoice financing request, he is redirected to the Infidia web platform connected to the mobile application or any other solution through REST APIs. The web platform takes the order made in the mobile app that is predefined and compiled as a proof for the invoice financing application.

Unlike other blockchain solutions that only verify submitted invoices and make the credit check, Infidia tracks all the transactions between the company and its client, leaving no room for fraudulent activities. With Infidia, all processes (from ordering to delivery and acceptance of an invoice) serve as recordings in the blockchain, allowing the tamper-proof verification of SME's invoices for the invoice financing. When the invoice is submitted since any alteration of the invoice is transparent, a single transaction can't serve as a security for multiple loans ("double spending").

Evolution of the Infidia Model

Infidia built a basis for a modular solution that can include additional analytics and various tools. Because of this model, Infidia can implement multiple software solutions to track all the events in the buyer-seller relationship that are relevant for invoice financing. Moreover, UI/UX is continuously improved from the initial version by the feedback of the rising number of users.

The development team of Infidia is working on new features, such as data mining and machine learning algorithms, and migrating to post-quantum blockchain and cryptography. Since giving the value for both SMEs (liquidity and growth) and financial institutions (scalability and profit), the goal of Infidia is to develop into the invoice financing marketplace. In this case, banks would compete for their future customers, offering better credit lines.

Customer Profile

An ideal customer for Infidia is B2B (for profit) company that fits the small or medium sized enterprise category. According to focus are manufacturing and production companies founded between 2010 and 2018, with revenue below €2.000.000 per year and up to 100 employees.


Even though competitors in the invoice financing based on blockchain are emerging in the past years, Infidia presents as the only automated solution specialized for micro transactions, specialized for SMEs.

There are three notable models/competitors:

  1. Double spending check via API by Inviou, Israel
  1. Collaboration with Netherlands’ Chamber of Commerce by Finturi, Netherlands
  1. Financial analysis via accounting software by PayPie, Canada

User Reviews

Only user reviews available are at the Infidia Blog. At the moment Infidia features four client stories referenced in their blog posts "Stories of Our Users" Part I and Part II.

Currently listed companies that are using Infidia are:

  • mBrainTrain
  • Afflon Group
  • Marsben
  • Mlekara Petrov
  • Beez&Toys
  • Leste
  • Crazy Coco
  • Ivan's Herbs
  • Wifly
  • Vegetaleso

Customer Benefits

Invoice Financing

  1. UI/UX design is intuitive and modern
  2. After the initial setting - seamless data flow
  3. Possibility to use the existing software solutions
  4. Financial institutions by the customer's choice
  5. Analysis and other dashboards available in development

Productivity Tool

  1. Complete retail store information including GPS location and photos
  2. Custom assortment with filters of categories
  3. Ordering & Invoicing
  4. Task Management and Reporting
  5. Scheduling Sales Routes and Appointments
  6. Industry News and Notes

Data Security

  1. Data encryption meaning no leakage of sales data and terms to competitors.
  2. End-customers don’t know about invoice financing taking place.
  3. Only selected banks and lenders can view the data

SWOT Analysis

The result of Infidia’s SWOT analysis is defining our future short-term steps to use our strengths in tackling the threats and improving upon our weaknesses. Finally, triggering the long-term measures to take advantage of opportunities.

Product/ Service Offering


  1. Free Integrated ordering software
  2. Higher chance of loan approval
  3. Solution that is tailored for SMEs
  4. Productivity Tools that create loyal clients


  1. Ability to integrate our software into the banking solutions
  2. The acceptance of blockchain by the banks is slow.
  3. Building a trust with hard proof and soft proof to that level that no further proof is needed


  1. SaaS solutions are also applicable both for invoice financing and collaboration
  2. The ability to refine the software to support social distancing


  1. Promotion as a highly ethical company demands thorough control of business practices
  2. SMEs are in the crisis because of the markets volatility

Brand/ Marketing


  1. Marketing for Millennial Entrepreneurs
  2. A modern and distinctive approach to business


  1. Business Owners are still Boomers and Gen-X, excluding part of the market
  2. Promoting blockchain technology while many are not familiar


  1. Promotion of the models for the crisis recovery
  2. Support for SMEs in terms of liquidity and the growth


  1. Adjusting to different customers than manufacturers and producers
  2. Fear of partnering with a major bank and becoming “white label” solution



  1. Ability to hire a large number of software developers within our network that we already know
  2. The ability to gather a team and experience in working in the remote setting


  1. Startup funding doesn't allow high salaries for software developers


  1. Layoffs in the outsourcing companies and developers that seek meaning in work
  2. The change in the world economy in terms of the developer’s salaries


  1. Change in the world economy in terms of the demand for remote workers



  1. The untapped market of 2.65 trillion euro
  2. Solution that helps both sides - banks and SMEs


  1. It takes time to onboard enough banks to provide service for every region
  2. Ability to organize a meeting with the bank of the customer


  1. Increased demand for credit lines and tackling opportunities in volatile times
  2. Interest from existing factoring companies to obtain new clients


  1. If shifting to P2P system or providing finance it is a different narrative.
  2. Presenting as ethical company requires a lot of effort not to make any negative impact



  1. Funding from BlockStart (EU H2020 grant) as a great start and a promotion


  1. In the development phase until November 2020, we would spend more than able to make all testers have free use


  1. Able to charge the customization of sales productivity tool


  1. The changed situation in terms of investing in Startups

Action plan


  1. Connect to the alternate methods of invoice financing
  2. Promote our solutions and outreach to SMEs and banks
  3. Raising funds to hire software developers and sales reps *update - Infidia secures the full amount of EU H2020 grant by entering the Pilot Stage of as one of the Top 5 Startups.

Mid-term (21st October 2020)

  1. Reach 15 (existing LOIs + 9 more) satisfied testers/clients
  2. Process invoice financing for 50 invoices
  3. Identify 5 of our customers that are eligible for capital funding


  1. Form a sales team to tackle the massive market of SMEs and invoice financing.
  2. Start an affiliate program for those willing to sell our solution for the commission.
  3. Improve the software by customizing it for the new clients' feedback and requests.
  4. Form a group of SMEs as ambassadors of our solution, and conduct giveaways.
  5. Start a YouTube channel, webinars and podcast on sales and financing a small business.
  6. Partner with multiple financial institutions and build a platform that is enabling favorable financing.
  7. Develop new software products, tackling overall processes within SMEs.
  8. Expand to the international market and start worldwide promotion.


  • Mirko Kikovic (Co-founder & CEO)

MSc in Economy, IT entrepreneur, mentor, and B2B sales lecturer for five years, developing software solutions as Certified Scrum Product Owner and solving problems of international companies. During the previous eight years of climbing the corporate ladder up to C-level positions, he was leading 300+ people and working with 600+ clients.

  • Dimitar Anastasovski (Co-founder & CTO)

MSc in Computer Science, a full-stack engineer, R3 Corda certified developer, working on multiple projects for Distributed Ledger Technology for more than three years. Creator of 15+ DLT solutions in Italy, he is recently recognized and listed as Official Blockchain Mentor in the EU, lecturing at various events.

  • Milica Sokolovic (COO & Legal Advisory)

BSc Law, an experienced legal and business development professional, for the past five years working as a Head of Legal in Danish Startups. Besides expertise in corporate matters, IP, and IPO, she is managing multinational teams and mentoring 400+ people to develop their businesses.

  • Nikola Dameski (Senior Product Designer & UI/UX Designer)

BSc Graphic Design, UX/UI design expert that was working for Accenture Italia for six years – focusing on responsive web sites and native iOS and Android apps by working closely with developers. Nowadays, he is using his in-depth knowledge of Sketch, Photoshop, Illustrator, InVision to create beautiful, responsive websites and apps.

  • Vladimir Karatosic (Software Developer)

MSc Petroleum Engineering, React Front-end developer with 4+ years of software development, testing, debugging, and implementing new features, designs, and solutions for apps and websites. JavaScript devotee with an abundant knowledge of software and design.

  • Joseph Mwadime (Software Developer)

BSc in Computer programming, a software engineer for five years working for both Startups and established companies. While developing both hardware and software Startup, he mastered Web Development and Data Science while actively utilizing the newest technologies such as Blockchain.

  • Emil Panovski (QA Software Tester)

Manual and Automated Quality Assurance Software Tester working on several web-based and mobile applications. Creation implementation and execution of frontend and backend test cases. Automating scripts with Selenium WebDriver and Appium for regression testing. Executing non-functional test cases with Postman and Jmeter.

  • Marko Pavlovic (Payments Innovation Expert & Consultant)

MBA, Bsc of Commerce & IT, and CPA, with more than 16 years of experience both on the business and technology sides of Telecom, Retail, Quick Service Restaurants and Banking industries, with focus on payments strategy and solutions. He has led and participated in various cutting-edge technology and business initiatives as well as co-founding and running one Canadian Fintech Startup.

  • George Petrovic (Blockchain Strategist & Consultant)

Diploma in Computer Networking and Telecommunication, B.A. in IT Management, and M.Sc. in Blockchain and Digital Currencies, for more than 15 years an Information Technology leader. A wide range of consulting projects covering business, IT strategy, innovation strategy, application development, data analytics, UX/UI improvements, customer relationship management, and organizational design.

  • Miroslav Milosevic (Sales & Marketing Operations)

MSc in Organizational Sciences, for two years working as a sales manager on both inside sales and trade fairs in Norwegian Startup. He used his previous eight years of experience in B2B sales to negotiate the company’s Key Account on a highly regulated MedTech market even before the first products have been certified.

Infidia in the Media

External Links