Banco BNI Europa invests €15m in auto financing start-up Lendrock
Portuguese Banco BNI Europa will invest up to €15 million in Spain-based Lendrock’s online financing platform that specialises in near prime consumer auto financing.
The bank says the Iberian partnership begins with the acquisition of part of the existing loan portfolio, offering exposure to Lendrock’s loans and setting the stage for the acquisition of monthly origination volumes.
“Investing in asset backed auto loans to consumers in Spain is a very attractive class of investment to us”, says Pedro Coelho, executive chairman of Banco BNI Europa. “With the Lendrock team, we have identified a highly professional partner, whose credit analysis process has proven totally convincing to us.”
Lisbon-based BNI Europa is a subsidiary of an Angolan bank, Banco de Negócios Internacional (BNI). The European subsidiary was set up in 2014, hence it likes to call itself a “challenger bank”.
It is looking to partner with fintech companies to launch new products and “tries to exploit niche markets untapped by traditional banks”. It offers savings and lending products to individuals and businesses.
In March, it launched an online account opening process through the magical world of videoconferences.
In the same month, UK-based business finance company MarketInvoice signed an agreement with BNI Europa to add £90 million on its platform.
While back in January, BNI Europa and loans platform Funding Circle teamed up to target SMEs in Germany. As part of the agreement, BNI Europa will provide €50 million funding to finance small business loans over the coming months.
