Ferratum subsidiary CapitalBox acquires Dutch SME lending enterprise from Spotcap Netherlands B.V.
Helsinki, 20 October 2020 – Ferratum Oyj (ISIN: FI4000106299, WKN: A1W9NS) (“Ferratum”, the “Firm” or the “Group”) proclaims the acquisition of the Dutch SME lending enterprise from Spotcap Netherlands B.V. (“Spotcap NL”). The transaction follows the rebranding of Ferratum’s SME enterprise “CapitalBox” which was accomplished in Q2 2020.
With the acquisition, CapitalBox expands its enterprise actions within the SME lending house additional. The acquisition of the Dutch lender builds on CapitalBox’s footprint and offers the FinTech deeper entry to the Netherlands, house to greater than 1.1 million small and medium-sized enterprises.
Whereas the acquisition won’t have a fabric impact on the 2020 outcomes of Ferratum Group, the events concerned have agreed to not disclose the acquisition worth of the acquisition.
Spotcap NL has been dwell as a web-based SME lender within the Dutch market since 2015 and has since originated near EUR 150 million in credit score traces. Spotcap NL has as well as developed a powerful accomplice community throughout the Netherlands involving many specialised SME advisory companies, together with accountants and tax advisors which connects the enterprise to high-quality SMEs searching for tailor-made and versatile financing. CapitalBox will, with the acquisition, achieve entry to Spotcap NL’s market data, current community and its underwriting experience.
One in all Spotcap NL’s core strengths is its SME underwriting capabilities leading to annual credit score write-offs at low single-digit ranges. The mortgage guide efficiency has additionally remained robust all through the Covid-19 pandemic with no notable adjustments in borrower conduct or default charges.
The present Spotcap NL distribution channels will permit CapitalBox to extend its common mortgage dimension at low buyer acquisition prices. Ferratum plans to merge Spotcap NL to the Dutch enterprise of CapitalBox, subsequently additionally rebrand the enterprise CapitalBox.
Scott Donnelly, CEO of CapitalBox commented: “The acquisition of Spotcap NL marks a major milestone within the ambition to turn into the main SME FinTech lender in Europe. Via CapitalBox, Ferratum can make the most of its huge expertise in lending and therewith goal the untapped potential of the SME lending house.”
Jorma Jokela, founder and CEO of Ferratum, commented on the acquisition: “From a strategic standpoint, the SME enterprise is a crucial pillar for Ferratum Group to realize worthwhile development in the long term. With a view to advance the SME enterprise, we’ve got just lately taken an vital step to rebrand the SME enterprise “CapitalBox”. By doing so, we outline the broadened strategic portfolio of the Group with a transparent branding technique. The strategic focus for CapitalBox will proceed to be on elevated foothold in current markets the place CapitalBox is at the moment current but in addition increasing to extra markets, organically or by additional acquisitions, in Europe have been we nonetheless see nice potential.”
About Ferratum Group:
Ferratum Group is a global supplier of cell banking and digital shopper and small enterprise loans, distributed and managed by cell units. Based in 2005 and headquartered in Helsinki, Finland, Ferratum has expanded quickly to function in 20 nations throughout Europe, Africa, South and North America, Australia and Asia.
As a pioneer in digital and cell monetary companies know-how, Ferratum is on the forefront of the digital banking revolution. Ferratum has roughly 600,000 lively prospects which have an open Cellular Financial institution account or an lively mortgage stability within the final 12 months (as at 30 June 2020).
Ferratum Group is listed on the Prime Normal of Frankfurt Inventory Change beneath image ‘FRU.’
For extra data, go to www.ferratumgroup.com.