The acquisition of the business of Danish financial services provider Omniveta will help to boost liquidity for SMEs
Transaction underlines Multitude's growth ambitions and aspirations
With this acquisition, CapitalBox is further expanding its market position in the area of business loans, reinforcing Multitude's SME banking segment. The transaction is in line with Multitude's new strategy of strengthening its market status as an alternative lender alongside banks and further expanding its business model through continued organic growth, partnerships, and acquisitions. The Company will fund the transaction from its strong earnings and high profitability. This move follows CapitalBox's recent announcement of diversifying its product offerings with secured instalment loans.
Omniveta was founded in 2012 and specialises in invoice purchasing, complementing CapitalBox's current alternative finance solutions offering. The company has been able to strengthen its collaboration with strategic suppliers to achieve an immediate improvement in liquidity for Danish SMEs. Suppliers receive cash payment, while the company's SME clients are able to keep the agreed credit period, which is financed by Omniveta. In turn, better liquidity with suppliers secures delivery and eliminates requests for accelerated payment, ensuring healthy cash flows on both sides. Invoice approval and payment distribution happen simultaneously.
Omniveta will assume the name CapitalBox moving forward, and its entire team will be integrated into the CapitalBox's Danish division. This acquisition will add invoice purchasing to CapitalBox offering for SMEs in
'We are delighted that Omniveta will be part of Multitude going forward. With the acquisition of Omniveta, we are not only strengthening CapitalBox's position in the European market, we are also reaffirming our ambition to become the leading provider of non-bank loans in
'Omniveta is the perfect add-on to our existing product offering. By combining CapitalBox and Omniveta, we are consistently expanding our business model and our added value. We will be able to make Omniveta's expertise available not only in the Danish market, but to all our customers across
Contact:
Chief Strategy and IR Officer
Tel.: +41 79 371 34 17
E-Mail: Lasse.makela@multitude.com
About
Multitude is a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized businesses, and other FinTechs overlooked by traditional banks. The services are provided through three independent business units, which are served by our internal Banking-as-a-Service Growth Platform. Multitude's business units are consumer banking (
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