By Guglielmo de Stefano on 19th February 2016
Finstar Financial Group snaps up 51 % stake in Viventor.
Peer-to-peer investing platform Viventor has announced a strategic partnership with Finstar Financial Group, an international private equity investment holding company. According to the platform, the agreement strengthens its competitive position within the European market - Finstar has a strong track record in the financial technology and consumer finance space in Europe.
Viventor is Prestamos Prima’s newest product. Prestamos Prima – a Barcelona-based platform - has been operating in the European non-bank lending and alternative finance market since 2012. The company has gradually developed its portfolio, both in terms of loan volume and product diversity and is aiming at international expansion in 2016, having already established a leading position in the Spanish market.
Andris Rozenbahs, COO of Viventor, commented:
“Offering short-term consumer loans on Viventor is a big step forward for us as a company. A considerable number of our investors have expressed their desire to diversify their portfolios across different loan types, seeking higher returns. [...] We believe offering short-term loans is a great way of satisfying the demand of our investors.”
Viventor’s loans are secured by a 60-day Buyback Guarantee and are 100% pre-funded. Investors choose from a range of low-risk loans secured by real estate mortgages – historically yielding modest returns – or a variety of newly added short-term consumer loans, with no underlying assets, which have comparatively higher levels of risk and therefore generate higher returns, up to 15% per annum.
Founded in 1996, Finstar Financial Group claims to have significant experience in launching start-up projects and in restructuring and expanding of companies in selected industries. The Group has assets of more than $2 billion under management.
Nicholas Jordan, CEO of Finstar Financial Group, added:
“We are excited about our partnership with a peer-to-peer lending platform such as Prestamos Prima’s Viventor. Finstar is always looking for innovative products in the fintech space and Prestamos Prima is a leader in the European market. We are delighted to work with the talented management team to strengthen Viventor, assist with rapid expansion of other projects and the further diversification of its portfolio.”
Compared to its peers such as Italy, Spain boasts one of the largest Alternative finance markets in continental Europe. But it’s also very much at the start of its journey and it’s not comparable with North European countries, especially the UK. According to AltFi Data, Spain contributes for the 0.35% to the European peer-to-peer lending total lending volume, including the UK, whereas 2.28% excluding the UK.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.