CEO Johnen had already admitted last year that the growth targets for 2020 could not be achieved.
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(Photo: Auxmoney)
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Berlin The Auxmoney credit platform is gearing up for further growth. Auxmoney receives from Citigroup and Chenavari Investment Partners, according to information from the Handelsblatt, 250 million euros, with which new loans are to be issued to customers. The credit platform always takes on a smaller part of the commitment.
According to Auxmoney CFO Daniel Drummer, this financing commitment from a leading global debt investor shows “the attractiveness of digital loans as an asset class”. Further partnerships are already in preparation.
Auxmoney CEO Raffael Johnen explains: “We are pleased to bring more strong partners to the Auxmoney platform today.” Auxmoney already had a cooperation with the major French bank last year BNP Paribas announced. As part of this partnership, Auxmoney has EUR 500 million of its own funds available, which the company can use for co-investments in loans.
Johnen sees this as a consistent further development of the company. In a first step, private investors provided money to finance loans. Then institutional investors came along. And finally, Auxmoney is now investing alongside marketplace investors on its own platform.
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The development obviously convinced the cooperation partners. “We are delighted to be investing in German consumer loans via a German platform for the first time through this partnership with Auxmoney,” said Hubert Tissier de Mallerais, Senior Portfolio Manager at Chenavari, an asset manager specializing in loans. By using digital technology, Auxmoney offers more people access to loans and investors a “highly attractive asset class for diversifying their portfolios”.
Sebastian Walf, Managing Director at Citigroup, emphasizes that the “credit performance of Auxmoney’s marketplace loans has remained remarkably stable even in the corona pandemic”. However, the company has not published any current figures.
CEO Johnen had already admitted last year that the growth targets for 2020 could not be achieved. Although there were no significantly increased failures to record, the risk criteria were proactively sharpened. In 2019, Auxmoney extended loans with a volume of around 700 million euros to private individuals and the self-employed.
More: Loan platform Smava takes over financial check – and could have achieved unicorn status
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