Axactor extends client relationship into Sweden with a new forward flow agreement.
Oslo, September 21st, 2018
Axactor has reached an agreement to start acquiring fresh claims from Instabank in Sweden, building on the existing relationship in Norway. The total capex for the 2 year contract is expected to be between 4 mEUR and 5 mEUR, with claims arriving from April 2019.
Lisa Sohtell, Country Manager for Axactor Sweden commented "The team is working very hard to increase the volumes in Sweden and this is another example where that hard work is paying off."
This acquisition will be financed through Axactor's existing cash and credit facilities.
For additional information, please contact:
Johnny Tsolis, CFO Axactor
Mobile phone: +47 913 35 461
Instabank ASA is a Norwegian digital bank, launched in September 2016, with offices in Skøyen, Oslo. The Bank's vision is to create the best customer experience in its market - and has a uncompromising focus on accessibility, simplicity and innovation. Instabank currently offers competitive savings, insurance and unsecured loans to individuals. The bank is mainly owned by Norwegian investors and there is no individual shareholder who owns more than 10% of the company.
Axactor Group specializes in both Debt Collection and Debt Purchasing across several countries, with operations in Italy, Germany, Norway, Sweden and Spain. The company has a Nordic base and an ambitious Pan-European growth strategy, which targets the market for non-performing loans (NPL) in Europe. This market is estimated to be about 1,500 billion euros across Europe providing significant opportunities for Axactor's future expansion. Axactor has approximately 900 employees.