Banco Sabadell’s venture hub InnoCells acquires lendtech Instant Credit
Financial details were not disclosed. With Barcelona-based Instant Credit, users can submit credit requests digitally and receive them instantly, with corresponding payments deducted from their account.
The platform offers financing through banks in Spain and other countries. It aims to offer a wide range of geographical coverage to retailers which operate in more than one country, and to also generate a higher ratio of credit approvals for end customers.
“We will be adding all of Banco Sabadell Group’s capacities to our model to grow our multi-financial solution for retailers and consumers located throughout Europe,” adds Octavio Soler Bach, founder and CEO of Instant Credit.
Julio Martínez, executive director of InnoCells, explains that “the acquisition of the company represents Banco Sabadell’s strategic commitment in payment methods and consumer financing”.
In Spain, consumer financing amounted to almost €31billion in 2017, 15% higher than last year. According to Bank of Spain, since mid-2016 Spain is a “leader in the Eurozone”, with growth rates in excess of 10%, whilst other countries fluctuated between 5%-10%.
InnoCells focuses on investing in companies to support the parent bank, particularly direct retail investments and acquisitions to speed up time to market.
In 2017, the InnoCells team co-led its first investment of €1.6 million of seed capital at Bud, the British platform for the integration of financial products in a single marketplace.
In February, InnoCells led an investment round of €1 million in seed capital for Biometric Vox, a Spanish start-up which offers authentication and electronic signature solutions through voice biometrics.