Capitec to acquire 40% stake in online lending group Creamfinance
Banking group Capitec announced on Friday that it is to acquire a 40% interest in international online lending group Creamfinance for ¤21m. Creamfinance is registered in Cyprus and the group provides online consumer loan products in a number of countries, including Poland, Latvia, Georgia, the Czech Republic, Mexico and Denmark. Capitec said its business model, sophisticated technology and advanced credit scoring methods aligned with Capitec’s business model, as well as supported its long-term digital strategy. "We believe that Creamfinance will provide Capitec’s management with the opportunity to gain experience in entering and operating in foreign countries, more specifically advancing credit in the international and online environment and to work with a foreign partner to manage an international business," Capitec said.
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