Auxmoney acquires Lender & Spender
German alternative financer Auxmoney has acquired a majority stake in Lender & Spender, a Dutch peer-to-peer investment platform. It is Auxmoney’s first acquisition, but it is already thinking about further growth through future acquisitions.
Lender & Spender has provided a total of over 250 million euros in peer-to-peer loans, with 5.170 active investors. The Dutch platform was founded in 2015. Last year, it already entered into a partnership with Auxmoney. After the acquisition, Lender & Spender will continue to operate under its own trade name in the Netherlands.
‘Lender & Spender has provided over 250 million euros in loans.’
Auxmoney provides credit to individuals and has been able to secure successful transactions through banks and financial institutions. According to the company, its growth so far has been organic. It does not rule out further growth through acquisitions.
Accelerating Lender & Spender’s success
“It was very important for us to invest in a company that possesses leading technology and a high-quality team”, said Daniel Drummer, CFO of Auxmoney. “At the same time, we are convinced that we can further accelerate the success of Lender & Spender with our tech and financing platform as well as our data expertise. The cooperation is already a real success model and potential blueprint to further acquisitions for which we see considerable potential in Europe.”
‘We want to lay the foundation for further profitable growth now.’
An increase in acquisitions in the sector had been expected for some time, as the market appears to be consolidating. “Auxmoney has navigated very successfully through the recent volatile environment. We have been growing consistently for years and have reached profitability a while ago”, Drummer said. “We want to continue this positive development and now lay the foundation for further profitable growth, not at least through successful acquisitions as this one.”