Multitude, a Gzira, Malta-based listed fintech company that offers digital lending and online banking services to consumers, SMEs, and other fintechs, announced that its subsidiary, Multitude Bank, has acquired a 9.9% stake in Lea Bank ASA, a Norwegian digital bank dedicated to providing consumer financing across Nordic countries and Spain.
Multitude Bank has also signed an additional agreement to acquire further 8.7% of Lea Bank, subject to approval by the Norwegian Financial Authority and the Swedish Financial Authority.
The amount of the deal was not disclosed.
Founded in 2016 and led by CEO Jorma Jokela, Lea Bank operates in two primary segments: consumer loans and deposit products. It provides consumer loans in Norway, Sweden, Finland, and Spain, while offering deposit products to customers in Norway, Germany, Spain, Austria, and France. With a team of 48 employees, Lea Bank serves over 70,000 customers and is now positioned for further expansion into additional European markets. As part of its strategic objectives, Lea Bank is in the process of relocating its headquarters to Sweden within the next six to twelve months and has been granted a Swedish banking license in June 2024. Additionally, while the company is currently listed on the Oslo Stock Exchange, it plans to be listed on the Nasdaq Stockholm in 2025.
Led by CEO Antti Kumpulainen, Multitude is a listed FinTech company offering digital lending and online banking services to consumers, small and medium-sized enterprises, and other FinTechs overlooked by traditional banks. The services are provided through three independent business units, which are served by our internal Banking-as-a-Service Growth Platform. Its business units are Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank). Multitude Group employs over 700 people in 25 countries and offers services in 16 countries, achieving a combined turnover of 230 million euros in 2023.
FinSMEs
10/10/2024