Multitude SE strengthens market position with acquisition of Omniveta business through CapitalBox
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Acquisition of Danish financial services provider OmniBeta will help improve liquidity for small and medium-sized businesses
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This transaction highlights Multitude's growth ambitions and desire
Helsinki, March 5, 2024 – Multitude SE is a European listed FinTech company that provides digital lending and online banking services to consumers, small and medium-sized businesses, and other FinTechs (ISIN: FI4000106299, WKN: A1W9NS) (“Multitude” or the “Company”) announced that its business unit CapitalBox, a European specialist in alternative financing for small and medium-sized enterprises (SMEs), yesterday announced the acquisition of the business of Copenhagen-based Omniveta Finance. announced. This invoice buying company focuses on improving loan liquidity for small and medium-sized enterprises across Denmark. Both parties have agreed not to disclose the terms of the transaction, which will take effect from January 1.cent March 2024.
With this acquisition, CapitalBox further expands its market position in the field of business loans and strengthens Multitude's small business banking division. The transaction is in line with Multitude's new strategy to strengthen its market position as an alternative lender alongside banks and further expand its business model through continued organic growth, partnerships and acquisitions. The Company will fund this transaction due to its strong revenue and high profitability. The move follows Capital Box's recent announcement to diversify its product offering with secured installment loans.
Omniveta was founded in 2012 and specializes in invoice purchasing, complementing the current alternative finance solutions offered by CapitalBox. The company strengthened its collaboration with strategic suppliers and was able to immediately improve liquidity for Danish SMEs. Suppliers are paid in cash, but the company's small and medium-sized business customers are able to honor agreed credit terms funded by OmniBeta. As a result, increased liquidity with suppliers ensures delivery dates, eliminates early payment demands, and ensures healthy cash flow for both parties. Invoice approval and payment distribution occur simultaneously.
Omniveta will now take on the CapitalBox name and the entire team will be integrated into CapitalBox's Danish arm. This acquisition adds invoice purchasing to CapitalBox's services for small and medium-sized businesses in Denmark and provides an opportunity to expand such services to all markets currently served by CapitalBox.
“We are delighted that OmniBeta will now become part of Multitude. The acquisition of OmniBeta not only strengthens Capitalbox’s position in the European market, but also reaffirms our ambition to become the leading provider of non-bank loans in Europe. ” said Jorma Jokela, CEO of Multitude SE.
“Omniveta is the perfect add-on to our existing products. By combining CapitalBox and Omniveta, we are continually expanding our business model and added value. We are bringing Omniveta’s expertise to the Danish market and beyond. All of our customers across Europe,” said Lasse Makela, Chief Strategy and Investor Relations Officer.
contact:
Lasse Makela
Chief Strategy and IR Officer
Phone number: +41 79 371 34 17
Email: Lasse.makela@multitude.com
About Multitude SE:
Multitude is a publicly traded European FinTech company that provides digital lending and online banking services to consumers, small and medium-sized businesses, and other FinTechs overlooked by traditional banks. This service is delivered through three independent business units powered by an in-house Banking-as-a-Service growth platform. Multitude's business segments are Consumer Banking (Ferratum), Small Business Banking (CapitalBox), and Wholesale Banking (Multitude Bank). Multitude Group has over 700 employees in 25 countries, provides services in 16 countries and achieved total sales of 212 million euros in 2022. Multitude was founded in Finland in 2005 and is listed on the Prime Standard sector of the Frankfurt Stock Exchange under the symbol: “FRU”. www.multitude.com
