Finance (Wellman OÜ) sold its majority 70% stake in consumer credit holding
company Friendly Finance to 4finance Holding S.A., Luxembourg, at €16M total
Invesco Finance , an Estonian investment banking group sold its 70% stake in the consumer credit holding company Friendly Finance(http://www.friendlyfinance.eu/), which has successfully completed a 10 month audit and preparation period to be sold to the Luxembourg based 4finance Holding S.A. (http://www.4finance.com/company), based on the enterprise value of €16M.
Digits of the deal
During the operating time of the company, the total volume of loans has as of now exceeded the amount of €188M with a total of 620 422 separate loan transactions.
As for active state loans, Friendly Finance has about €25M worth of unpaid requirements for the customers.
What is Friendly Finance?Friendly Finance is a modern financial company which provides flexible short term loans (max. 31 days) online whilst providing a fast, fair and transparent experience. Friendly Finance does not pay much attention to the old-school lending principles that have hidden charges and encourage people to lend more. Friendly Finance has invested heavily in its in-house developed IT systems to handle a lot of the workload as well as to automate many important processes within the company. This helps both keep the company costs down as well as provide a real-time online loan service.
When giving a client a credit score, Friendly Finance uses ID and thorough credit checks as well as their own credit scoring tool to complement credit checks from credit rating companies.
How Friendly Finance got started?In December 2010, Friendly Finance was established in Holland. Within 1 year of activity it stood proud as the leading consumer credit company. Although, at the end of 2013, due to new regulations the company had to close its operations in Holland. In the meanwhile, between 2010 and 2014, Friendly Finance expanded into Prague, Czech Republic in 2011, Slovakia in 2012 and Poland in 2013. By now the company has not only gained foothold, but risen to the top positions in the financial sector in Czech Republic, Slovakia and Poland.. As of 2015, Friendly Finance expanded to Spain, where it has already won over a large customer base within only 1 year.
Where is Friendly Finance going?New market directions for FF include Georgia, Argentina and a separate direction in Asia.
About 4finance Holding S.A.4finance Holding S.A. is Europe´s largest and fastest growing online and mobile consumer lending group with €3.0 bn in loans granted since inception in 2008 and 4.6 million registered customers in 16 countries. In 2015, 4finance issued €1.062M in loans, received interest income of €318M and earned net profit of €64M.
4finance Holding S.A. investment strategy consists of acquisition of majority stakes in rapidly growing companies with proven business models in promising segments and capable founding partners. The founding partners stay to run the business until it’s viable, holding the minority stake.
More about Wellman Ltd/ Invesco Finance