Multitude SE strengthens market position with the acquisition of the Omniveta business through CapitalBox
05 March 2024 - 6:06PM
UK Regulatory
Multitude SE strengthens market position with the acquisition of
the Omniveta business through CapitalBox
Multitude SE strengthens market position with the
acquisition of the Omniveta business through
CapitalBox
- 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
Helsinki, 5 March 2024 – Multitude SE, a listed
European FinTech company, offering digital lending and online
banking services to consumers, small and medium-sized businesses,
and other FinTechs (ISIN: FI4000106299, WKN: A1W9NS) (“Multitude”
or “Company”) announces that its business unit CapitalBox,
alternative financing specialist for small- and medium-sized
enterprises (SMEs) in Europe, proclaims its acquisition of
Copenhagen-based Omniveta Finance’s business yesterday. The invoice
purchasing company is dedicated to improving lending liquidity for
SMEs across Denmark. The parties have agreed not to disclose the
terms of the transaction, which will take effect from
1st March 2024.
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 Denmark and an
opportunity to extend such offering across all the markets
CapitalBox currently serves.
"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 Europe," said Jorma Jokela, CEO of
Multitude SE.
"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 Europe," said Lasse
Mäkelä, Chief Strategy and IR Officer.
Contact:
Lasse Mäkelä
Chief Strategy and IR Officer
Tel.: +41 79 371 34 17
E-Mail: Lasse.makela@multitude.com
About Multitude SE:
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 (Ferratum), SME banking (CapitalBox) and
wholesale banking (Multitude Bank). Multitude Group employs over
700 people in 25 countries and offers services in 16 countries,
achieving a combined turnover of 212 million euros in 2022.
Multitude was founded in Finland in 2005 and is listed on the Prime
Standard segment of the Frankfurt Stock Exchange under the symbol
'FRU'. www.multitude.com
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