Bank Frick acquires Tradico
Bank Frick is acquiring the Liechtenstein startup Tradico. The fintech company offers non-bank financing for goods purchasing and has been working with Bank Frick since it was founded in 2015. This acquisition reinforces Bank Frick’s foothold in the financing area.
The trade financing provided by Tradico allows companies to finance purchases and sales of tradeable goods to be arranged without turning to a bank, Bank Frick writes in a press release. This financing is typically possible without any additional collateral or documentation, with purchasing volumes ranging between €20,000 and €1.5 million. Since it was founded in 2015, Tradico has generated sales of €60 million. Having relied on Bank Frick’s support as its refinancing partner from the start, the startup is already operating profitably.
Bank Frick specializes in banking for intermediaries and is strengthening its financing business through this acquisition. “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.”
Tradico co-founder Manuel Hehle will continue as CEO of the startup after the acquisition by Bank Frick. With its new owner, he says Tradico “can focus on growing and scaling our business” with new capital. Alongside the existing target market of Germany, the startup will now be able to expand its market presence in Switzerland.