Alpha Bank Acquires Flexfin for SME Factoring Expansion
Deal News | Jan 28, 2025 | EIN
Alpha Bank has announced its acquisition of 100% of Flexfin, a financial technology company specializing in SME factoring services, and its subsequent merger with ABC Factors. Flexfin, known for its innovative platform that streamlines financing processes, offers solutions such as ledger automation and cash flow forecasting to SMEs in Greece and Cyprus. This merger promises to create significant synergies, enhancing ABC Factors' already strong market leadership in Greece. The new entity aims to support over 4,500 SMEs with a financing portfolio projected to surpass 1 billion euros. This move aligns with Alpha Bank's strategic objective of strengthening SME liquidity access, thus fostering growth and job creation in the Greek economy. Alpha Bank's CEO, Vassilios Psaltis, highlighted this merger as part of Alpha Bank's commitment to provide cutting-edge services and foster Greek entrepreneurial progress. The integration aims to create the strongest pillar in the factoring sector in Greece.
Sectors
- Financial Technology (Fintech)
- Factoring
- Banking
Geography
- Greece – The operations and strategic interests of the companies involved are focused in Greece.
- Cyprus – Flexfin, one of the merger participants, provides services in Cyprus.
Industry
- Financial Technology (Fintech) – The acquisition and merger involve companies providing innovative, technology-driven financial services to SMEs.
- Factoring – The core business of the entities involved is factoring, a financial transaction and a type of debtor finance.
- Banking – Alpha Bank is a major financial institution in Greece. Its involvement highlights the banking sector's interest in SME financing solutions.
Financials
- 1 billion euros – The projected financing portfolio of the merged company supporting SMEs.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Alpha Bank | Acquiring Company | Company | A leading bank in Greece involved in the acquisition and merger to enhance SME financing. |
| Flexfin | Target Company | Company | A fintech company specializing in SME factoring services, acquired by Alpha Bank. |
| ABC Factors | Merging Company | Company | A leading factoring company in Greece merging with Flexfin under Alpha Bank’s strategy. |
| Dimitris Vranopoulos | Founder | Person | Co-founder of Flexfin, involved in the merger with ABC Factors. |
| Alex Kelaiditis | Founder | Person | Co-founder of Flexfin, involved in the merger with ABC Factors. |
| Vassilios Psaltis | CEO | Person | CEO of Alpha Bank, driving the strategic acquisition and merger. |