Bank Frick Acquires Liechtenstein Based Trade Finance Startup Tradicoby Fintechnews Switzerland June 6, 2019
Bank Frick continues to strengthen its fintech capabilities and acquires a majority holding in Tradico AG. The Liechtenstein company offers finance for goods purchasing to companies.
Tradico, a Liechtenstein start-up, has already achieved turnover of over EUR 60 million since it was founded in 2015. The successful start-up is already operating profitably.
Tradico offers trade financing to SME companies. The core of its business activities lies in Germany. Tradico GmbH in Munich is a subsidiary of Tradico AG. Since its foundation in 2015, the online trade-financing organisation Tradico has relied on Bank Frick’s support as its refinancing partner.
Strategic expansion for Bank Frick
“Tradico offers a highly efficient alternative to the traditional bank loan”,
explains Melanie Mündle, the CFO of Bank Frick.
“By acquiring the fintech company we are gaining access to an innovative technological solution that enables us to expand the Bank’s financing business strategically.”
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 the startup. Meanwhile, Tradico’s co-founder Manuel Hehle is leaving the Board of Directors and will continue to be the CEO.
Tradico’s experienced management team under the leadership of Manuel Hehle will guide the company into the future:
“Bank Frick’s acquisition of Tradico confirms the Bank’s belief in our business model’s potential. With it as our owner, and with new capital, we can focus on growing and scaling our business”,
he says, delighted with the new prospects.
“Alongside our existing target market Germany, we will now be able to expand our market presence in Switzerland and provide companies there with straightforward, fast access to liquidity. This will revolutionise liquidity management for SMEs.”
Tradico’s trade financing allows the 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.
Featured image: Manuel Hehle, Tradico CEO and co-founder.