In Spain, the chain of success began. When Pagantis was born in 2011, his idea was to develop a leading business in the country, as its CEO Rolf Cederström recalls.
“We were pioneers in online consumer credit and after the strong demand from our international merchants and partners, we are now expanding the supply of services to other European countries.”
Now, the fintech and parent company of Pagantis has just closed a round of financing of 75 million dollars. Series B in debt and capital, a modality that can only be aspired by companies that already have consolidated its business model and have the expansion as its main goal.
The new capital
The new capital, in which Prime Ventures have participated, SPF Investment Management (formerly Credit Suisse Asset Management) and Rinkelberg Capital Group participated in the round. It will be used to develop the e-commerce consumer credit service in Italy, France and Portugal. Pagantis, established in Spain since its founding, has recently received regulatory approval to operate in Italy and has opened a branch in Milan.
Although there are similar solutions in all markets that offer consumer financing, Cederström emphasizes that there is no single solution that operates in more than one market, ensuring the same user experience for the trade in all the countries where it is present. This has been one of the main motivations for its internationalization strategy.
As for its modus operandi, fintech offers omnichannel financing (online and offline) and its differential value in the market is instant approval and 100% online. Which is carried out in real time through an innovative scoring algorithm. This algorithm analyzes the risk of fraud and credit, relying on big data and machine learning techniques. With the aim of ensuring the highest possible acceptance by always controlling the risk of delinquency of each financing.