Bank Frick acquired a majority holding in Tradico, a Liechtenstein based trade-finance startup.
The amount of the deal was not disclosed.
With the deal, Bank Frick continues to strengthen its fintech capabilities.
Led by Manuel Hehle, CEO and co-founder, Tradico provides companies with trade financing of purchases and sales of tradable goods to be arranged without turning to a bank. This financing is typically possible without any additional collateral or documentation. Purchasing volumes are between EUR 20,000 and EUR 1.5 million.
The company, which has the core of its business activities in Germany, has already achieved turnover of over €60 million since it was founded in 2015.
Alongside its existing target market Germany, Tradico will now be able to expand its market presence in Switzerland.
CFO of Bank Frick Melanie Mündle, Rolf Jermann, member of Bank Frick’s Board of Directors, and the fintech entrepreneur Marcel Vaschauner are joining the Board of Directors of Tradico.
Hehle is leaving the Board of Directors and will continue to be the CEO.
Liechtenstein based Bank Frick provides a fully integrated offering of classic banking and blockchain banking services. Its clients include fintechs, asset managers, payment service providers, family offices, fund promoters, pension funds and fiduciaries.
Today, it is majority controlled by the Kuno Frick Family Foundation (65 %), and the Nasdaq-listed financial technology group Net1 (which owns 35%).
The Bank employs over 120 members of staff at its Balzers office and operates a branch in London, UK.
FinSMEs
13/06/2019