AREX Markets, the Spanish fintech company that drives down financing costs for SMEs, has sold its Finland operations to Swedish payment and financing institution Svea Bank. The deal will see AREX’s 1200 customers and partners in Finland transferred to the bank’s portfolio.
The Finnish operation of AREX has financed over EUR 500 million worth of invoices. Customers in Finland have been informed of their transition, and their contracts and service details will port across to Svea. This move will strengthen the bank’s business and offer AREX’s partners and customers a wider range of services.
Commenting on the partnership, the bank’s officials said that over the years, Svea has grown a lot also through business transactions, therefore acquiring AREX’s business operations in Finland was a good and natural solution for them. In addition, the deal is pleasant for them at Svea because the focus of their activities is to help partners and customers succeed.
The deal also enables AREX to focus on the UK and Europe regions as it prepares for the rollout of embeddable financing products, which can be white-labelled by neo banks, ERPs, and accounting software alike. The business is seeking to bridge the liquidity gap faced by small businesses. UK SMEs can continue to access AREX’s core invoice financing product through the Xero marketplace.
Representatives from Ares stated that for them, this is a great step. They are developing a stronger presence in the field of embedded finance, which is underpinned by the company’s sophisticated marketplace software, its strongest point.
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