Embedded finance fintech Arex sells Finnish arm to Svea Bank
Arex Markets, a fintech that offers embedded finance solutions to enable firms to provide credit products for small and medium-sized enterprises (SMEs), has sold its Finnish operations to Swedish payment and financing institution Svea Bank.
Svea acquires Arex Markets’ Finnish operations
Svea says the deal, the financial details of which are undisclosed, will “strengthen” its position as a corporate financier following the transfer of Arex’s 1,200 Finnish customers and partnerships to its portfolio.
The Finnish business of Arex has financed a total of more than €500 million worth of invoices to date.
“Over the years, Svea has grown a lot also through business transactions, therefore acquiring Arex’s business operations in Finland was a good and natural solution for us,” says Pasi Väre, country manager of Svea in Finland.
Arex says it will continue to focus on the UK and its operations in Spain, rolling out its suite of credit products for SMEs as they seek to plug the liquidity gaps forming due to gloomy economic conditions.
The firm provides embedded finance products that can be white-labelled by neobanks, enterprise resource planning (ERP) software and accounting software.
Svea Bank says the acquisition will give it the ability to offer partners and customers a wider range of services.
