Germany's Varengold Bank Agrees to Buy 20% of Bulgaria's Klear

Germany's Varengold Bank Agrees to Buy 20% of Bulgaria's Klear

Germany's Varengold Bank said on Monday that it has agreed to acquire a 20% stake in Bulgarian peer-to-peer (P2P) lending platform Klear, with the deal expected to be wrapped up by the end of June. Varengold Bank will invest 1.5 million levs ($857,000/767,000 euro) in Klear in the form of an equity investment and a loan which will be used to expand the platform's operations in Bulgaria and Southeast Europe (SEE), the German lender said in a statement.Varengold Bank did not clarify what part of the total sum will be in the form of an equity investment and what part a loan.According to commercial register data, Klear Lending, which operates the platform, has a registered capital of some 1.956 million levs. At the end of 2017, the company was majority owned by private investor Loic Le Pichoux, who held a 72.87% stake.The company booked a net loss of 476,000 levs in 2017, compared to a net loss of 15,000 levs in 2016, according to its latest available financial statement. Klear Lending's operating revenue increased sharply to 619,000 levs in 2017 from 32,000 levs in 2016.Varengold Bank set up a branch in Bulgaria in last year and announced at the time that the branch is the lender's first step towards expanding its operations across SEE.

Previous Next
Close
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using


These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.


These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.


These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.