MyBucks FTG Partnership
- MyBucks partners with German FinTech Group AG
- FinTech Group’s subsidiary biw Bank will provide credit facilities to MyBucks
- Joint forces for further growth of MyBucks in Europe
Frankfurt, August 23rd 2016 - Frankfurt listed MyBucks SA today announced that it will partner with Frankfurt-listed technology banking group FinTech Group AG in order to boost its consumer lending activities across both Africa and Europe.
Under the partnership, in a first step FinTech Group’s subsidiary biw Bank, one of the most successful and fastest growing European deposit-taking technology banks, will lend MyBucks SA an initial EUR 8m. In addition, FinTech Group is in discussion with various institutional investors to syndicate the loan, which can increase the amount of debt funding provided to MyBucks. The goal will be to increase the credit volume provided by biw Bank and its co-lenders to EUR 40m in the medium-term.
In a second step, FinTech Group and MyBucks are further looking to expand into several European markets together. Tim Nuy, Deputy CEO MyBucks SA says that the combination of MyBucks’ unique and proven machine learning credit scoring technology and FinTech Group’s Europe-wide banking license and efficient banking technology is a unique and winning combination. MyBucks already has operations in Spain and Poland.
“MyBucks is already expanding its offering both in Africa and Europe by adding insurance and banking products to its core lending product. FinTech Group and MyBucks also intend to co-operate on the technology side, using FinTech Group’s core banking platform to ultimately create a full service online retail bank”, Nuy says.
Frank Niehage, CEO of FinTech Group says “We have done extensive due diligence and are impressed with the credit scoring technology and risk management of MyBucks. We are very pleased about the partnership and look forward to expanding and growing it.”
Nuy says, “FinTech Group is undoubtedly the market and innovation leader in transaction banking and technology and outsourcing solutions for financial services companies in Europe. Especially its cashrich balance sheet with large retail cash deposits derived from FinTech Group’s online brokerage activities make it the perfect partner for us to quickly grow our lending book.”
MyBucks CEO, Dave van Niekerk says, “The success of our business is based on our ability to create scale and efficiencies through technology. This is further enhanced through unique partners like Opportunity International from the US and the latest partnership with the FinTech Group. It certainly helps being listed in Germany, which in the second quarter of the year took the lead as the fintech funding capital for the EU.”
MyBucks is a FinTech company based in Luxembourg that delivers seamless financial services through technology. Through its brands GetBucks, GetBanked and GetSure the company offers unsecured consumer loans, banking solutions as well as insurance products to customers. MyBucks has experienced exponential growth since its inception in 2011 and today has operations in twelve African and two European countries. MyBucks aims to ensure that its product offering is accessible, simple and trustworthy, in comparison to traditional, non-technological methods, ultimately working towards enhancing the benefits to the customer. The MyBucks product offering enables customers to manage their financial affairs easily and conveniently.
Discover more at: www.mybucks.com
About FinTech Group Ag
FinTech Group AG (WKN: 524 960, ISIN: DE0005249601, Ticker Symbol: FLA:GR) is one of the most significant innovative financial technology companies in Europe. Our B2C brands service a total of 200,000 private clients. Likewise, our B2B business lines are important technology partners for German and international banks and financial institutions. Our EBITDA 2015 is EUR 19,7 million. Our wholly owned subsidiary flatex GmbH has been one of the innovation leaders in the German online brokerage market for years. About 160,000 private clients both in Germany and internationally have chosen flatex’ clear and transparent pricing model. XCOM AG, in which we hold a majority interest, was founded in 1988 and is a German pioneer in the area of financial technology. Today, XCOM AG is one of the most successful software and technology providers for banks and financial institutions. biw Bank für Investments und Wertpapiere AG, which is also belongs to FinTech Group, has a full-service banking license and is the group wide backbone of our banking services. It also serves as outsourcing partner for other well-known banks (“white label banking services”) and is one of the most modern online banks in Europe. FinTech Group AG is also an important partner for many young fintech companies in the up and-coming German start-up scene, who benefit from our innovative profile.
Sandy Greaves Campbell
Phone: +27 83 408 3373