Volksbanken buy Fincompare

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

A group of four Volksbanks, together with DZ Bank and Atruvia, has taken over the credit platform Fincompare. According to information from Finance Forward and Finanz-Szene, the transaction is said to have cost around €15 million. The old shareholders such as the Dutch ING gave up 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 individually suitable financing solution, independent of providers," says Fincompare CEO Luv Singh. Berliner Volksbank, Raiffeisenbank im Hochtaunus, Volksbank Mittweida and Hannoversche Volksbank initiated the purchase via the joint VAD Beteiligungen. In future, the Volksbanks' advisors will be able to offer Fincompare's financing products to their customers. The Volksbanks will be able to broker their own loans on the credit platform. The current Fincompare team will remain in place.

Stephan Heller founded Fincompare in 2016. The start-up offers a comparison platform for corporate loans. In doing so, Fincompare says it works with more than 250 banks and financiers. Prior to the exit, the company's performance was weak and lagged far behind its competitor Compeon.