Volksbanken buy Fincompare

The pandemic is said to have taken its toll on the Berlin-based lending platform. Now the fintech is making an exit.

A group of four Volksbanks, together with DZ Bank and Atruvia, has taken over the Fincompare credit platform. According to Finance Forward and Finanz-Szene, the transaction is said to have cost around 15 million euros. The existing shareholders, such as the Dutch ING, sold their shares in the credit platform.

"We are happy about the transaction because the new consortium of owners shares our long-standing vision of being able to offer smaller companies the right financing solution for their individual needs, regardless of the provider," says Fincompare Managing Director Luv Singh. Berliner Volksbank, Raiffeisenbank im Hochtaunus, Volksbank Mittweida and Hannoversche Volksbank initiated the purchase via the joint VAD Beteiligungen. In future, the advisors of the Volksbanks will be able to offer their customers Fincompare's financing products. The Volksbanks will be able to broker their own loans on the credit platform. The existing Fincompare team will remain in place.

Stephan Heller founded Fincompare in 2016. The start-up offers a comparison platform for business loans. According to Fincompare, it works with more than 250 banks and financiers. Prior to the exit, the company was performing poorly and lagged far behind its competitor Compeon.