October takes over Credit.fr
European crowdfunding platform October is taking over its French competitor Credit.fr. As a result of the takeover, October now represents over 860 million euros in loans, which have been extended to 3.100 companies. The takeover is in accordance with October’s growth strategy, as the platform aims to expand its corporate lending business.
The European crowdfunding platform October specializes in business loans. It has funded SME’s in France, Spain, Italy, Germany and the Netherlands. Loans are financed by both institutional and private investors. By the end of 2021, it had funded a total amount of 650 million euros.
Now, the platform is taking over French competitor Credit.fr, which was founded in 2015 and has since then closed over 900 loans. It is the second largest platform for business lending to French SMEs with a volume of 15 million euros.
Since 2015, Credit.fr has closed over 900 loans.
“Our goal is to provide SMEs with the best financing solutions and support their development. At the same time, we offer our investors the opportunity to support the growth of companies. The expertise of the Credit.fr team is undeniable; we have followed their work with great interest. We are therefore delighted to join forces and strengthen each other’s teams”, says Patrick de Nonneville, CEO of October SA.
According to October, the takeover is part of the company’s growth strategy. It wants to expand it business lending model. In 2020, it launched its software October Connect, which helps banks and asset managers to improve their risk analysis, detect fraud and optimize processes based on data.
October Connect currently generates 15% of October’s turnover.
The software product currently generates 15 percent of October’s annual turnover, but the platform wants to expand the sales of this product even further. “October’s Connect-activities will be the main part of our investments in the next 24 months. We are strengthening our technical, data and product teams and building a European sales team”, explains Luuc Mannaerts, CEO of October Netherlands.