The Swiss institution is making deeper moves into the European alternative financial space.
The Swiss institution is making moves into the alternative financial space.
Credit Suisse has acquired a majority stake in automated lending start up TradePlus24, with a view to offer the platform’s services to its own SME customers.
The Series A-1 financing round was led by SVC Ltd, a venture capital vehicle owned by Credit Suisse.
Founded in March 2016, the Zurich-based start up developed its own financial solution that allows SMEs to increase their working capital with a flexible business loan, by leveraging their domestic and export receivables.
Andreas Gerber, head of SME business at Credit Suisse, commented on the acquisition: “The Tradeplus24 lending product, perfectly builds upon our existing lending offering which allows us to reach out to our existing clients but also tap into new market segments.”
The news comes as alternative lending in Europe appears to be hotting up, with French online lenders Lendix and Younited Credit making big moves in the last two months with the release of new products and a landmark €40m fundraise.
Credit Suisse is also expanding its effort westward, after providing a $200m asset-backed revolving credit facility to American small business lender Kabbage earlier this month.
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.