Business current account ANNA raises £17.5m for European growth from ABH Holdings

By Oliver Smith on Thursday 14 May 2020

Digital Banking

The Luxembourg-based banking group has taken a majority stake in the fintech.

Business current account ANNA raises £17.5m for European growth from ABH Holdings
Image source: Eduard Panteleev/ANNA.

London-based business current account ANNA Money has raised £17.5m by selling nearly 20 per cent of the business to its now-largest investor ABH Holdings.

The deal, announced this morning, values ANNA at £90m and comes four years after Andrey Pachay, Boris Dyakonov, Slava Akulov, Nikita Filippov and Eduard Panteleev co-founded the business.

“In just over 19 months since we launched, this investment recognises the success we’ve achieved so far and will help support the development of our business in the UK and expansion further into the EU and other markets,” said Panteleev.

He described ABH as “a strong financial and operational partner helps us towards our goal of becoming the leading UK and EU SME provider of business current accounts and financial admin services.”

In the coming months ANNA will begin introducing a wider range of financial products, including lending, which will be integrated with ABH’s other financial services providers including Amsterdam Trade Bank.

“At this moment most SMEs find themselves in a challenging situation, however, once the pandemic comes to an end, there will be a very clear realisation that neither corporates nor family businesses can afford to run most operational processes manually,” said Alan Vaksman, a member of the supervisory board at Amsterdam Trade Bank and the future chairman of ANNA.

Despite ABH taking a sizable chunk of the business and clearly setting out the terms of future growth, ANNA said it will continue to operate as a standalone brand with operational independence from its HQ in London.

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