Auxmoney enters M&A with Lender & Spender acquisition
German alternative lender Auxmoney has made its first move into mergers and acquisitions by acquiring a majority stake in the Dutch credit marketplace Lender & Spender, sources have revealed. The valuation details of the deal were not disclosed. Lender & Spender currently originates around €200m annually and has 32 employees. The two companies have had a partnership since last year. The fintech sector expects increased M&A activity in the coming years, and this deal sets a precedent. Lender & Spender will continue to operate under its own brand in the Dutch market.
Auxmoney aims to accelerate Lender & Spender’s success
Auxmoney’s chief financial officer, Daniel Drummer, explained the rationale behind the acquisition. He stated that investing in a company with leading technology and a high-quality team was crucial for Auxmoney. Drummer believes that with Auxmoney’s tech and financing platform, as well as their data expertise, they can further accelerate the success of Lender & Spender. This collaboration serves as a successful model and a potential blueprint for future acquisitions in Europe, Drummer added. Auxmoney has had successful funding deals in recent years and aims to continue its profitable growth through further acquisitions.