Alpha Bank announced the acquisition of 100% of Flexfin with the aim of merging it with ABC Factors and creating the most innovative factoring company in Greece.
Flexfin is the first fintech company in the factoring sector in Greece and Cyprus, specializing in providing liquidity to small and medium-sized enterprises, utilizing its pioneering digital platform.
“Based on the basic principles of convenience, speed, flexibility and transparency, the company has established itself as a reference point for financing solutions for small and medium-sized enterprises,” it said in a statement.
The integration of Flexfin into the ABC Factors team is expected to create the most powerful company in the factoring sector, aiming to support, in the coming years, over 4,500 small and medium-sized enterprises with financing of over 1 billion euros, doubling the size of the factoring sector in the operations of the Alpha Bank group.
“The strategic merger of ABC Factors, the most historic factoring company with its long-standing experience and market leadership, and Flexfin with its technology and flexible services, leads to a new era for existing and new customers of the two companies. The significant synergies that will be created mark ABC Factors’ commitment to offering its customers increasingly modern, innovative and simplified financing solutions that meet the needs of the market,” it added.
According to Alpha Bank, facilitating access to financing for small and medium-sized enterprises is a key strategic priority of the bank, towards the implementation of which it is taking a decisive step through the acquisition of Flexfin and its subsequent merger with ABC Factors.
“By placing factoring financing for small and medium-sized enterprises, which constitute a key pillar of the Greek economy, as a strategic priority for its operation, the single company that will result from the merger will contribute decisively to strengthening the operation and development of small and medium-sized enterprises and ultimately to the creation of jobs,” the announcement said.
“Our goal at Alpha Bank is to continuously evolve, providing the most modern services to our customers and supporting the progress of Greek entrepreneurship. We are particularly pleased to welcome Flexfin and its two founders. With the merger of ABC Factors and Flexfin, we are creating the most innovative factoring company in Greece, offering a modern digital service platform and providing new growth opportunities, especially for small and medium-sized enterprises,” Alpha Bank Group CEO Vasilis Psaltis underlined.
