German digital lending platform smava GmbH agreed to acquire FFG Finanzcheck Finanzportale GmbH, an online comparison website for private financial products, from Speedster Bidco GmbH.
The transaction, which is expected to close before the end of the first quarter, will be financed by smava's existing investors, including Earlybird Venture Capital, Kreos Capital, Runa Capital, Verdane Capital and Vitruvian Partners, as well as by new investor Proventus Capital Partners, smava said in a Feb. 12 statement.
Speedster Bidco will become a minority stakeholder in smava as part of the deal, the latter company said.
The acquisition will strengthen smava's position on the digital consumer lending market in Germany, where the company has served over 500,000 clients since its launch in 2007, it said. In 2020, the combined amount of loans that clients of smava and Finanzcheck received using the portals amounted to more than €4 billion, of which about 65% was made via smava's platform, the company noted.