Parisian per-to-peer lender October has bought its competitor Credit.fr. Through this acquisition, October will be able to complete its know-how and enrich its processes to meet the financing needs of SMEs.
The deal brings together two significant lending platforms in France, to create a new entity with a loan book valued at more than €860 million. The two platforms have lent to 3,100 European companies in France, Spain, Italy, the Netherlands and Germany to date. Through the acquisition, October will be able to complete its know-how and enrich its processes to meet the financing needs of SMEs.
The SaaS technology October Connect helps banks such as Bpifrance and asset managers to enrich their risk analysis and detect fraud. Going forward, the October Connect business will be the focus of the new company’s investment over the next 24 months.
Talking about the acquisition, Patrick de Nonneville, CEO of October, said: “Our objective is to offer the best financing solutions to SMEs to support their development. At the same time, we offer our investors, both institutional and private, the opportunity to support the growth of these companies. The expertise of the Credit.fr teams in this area is recognised. We are delighted to see our teams merge and strengthen each other.”
Since its launch in 2015, Credit.fr has completed more than 900 financings with loans worth more than €115m. Specialising in providing financing to small- and medium-sized enterprises (SMEs) in France, Credit.fr was a wholly-owned subsidiary of Tikehau Capital since 2017. Tikehau is also investing in the new venture.