Banco BNI Europa has announced a partnership with Lendrock to invest in the Spanish auto financing sector.
The partnership will see BNI Europa invest up to €15m through the online financing platform.
Part of the agreement includes BNI Europa acquiring part of Lendrock's existing loan portfolio.
“Investing in asset-backed auto loans to consumers in Spain is a very attractive class of investment to us,” said Pedro Coelho, executive chairman at Banco BNI Europa.
“With the Lendrock team, we have identified a highly professional partner, whose credit analysis process has proven totally convincing to us.”
Ventura Pobre, co-founder and CEO at Lendrock, added: “We are delighted at finding in Banco BNI Europa both a top-tier institutional investor and a strategic partner to our platform, who, like us, is excited by the potential to drastically improve the car financing experience to all consumers, including those that need it most.
“Having developed our 100% online integrated financing platform and with Banco BNI Europa's support, we are now ready to drive the scale-up process and make a big difference to many more consumers looking to finance a car.”
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