Alpha Holding announces acquisition of 100% stake in FlexFin

Alpha Services and Holdings has announced that its fully controlled subsidiary Alpha Holding has signed a binding agreement for the acquisition of a 100% stake in FlexFin Ltd.

Alpha Services and Holdings S.A., is the 100% parent company of Alpha Bank S.A., and Alpha Holding S.A. is its fully controlled subsidiary. FlexFin Ltd is the 100% parent company of FlexFin S.M.S.A.

Flexfin is the first fintech company active in the provision of factoring services in Greece and Cyprus, specialising in liquidity solutions tailored to small and medium-sized businesses.

"Through its innovative platform, which offers convenience, speed, flexibility and transparency, Flexfin has established itself as a benchmark for SME financing," a Alpha Services and Holdings announcement says.

"The strategic merger of ABC Factors - the most historic factoring company in Greece with extensive experience and market leadership - and of Flexfin, with its technology platform and flexible service model, is leading their customers into a new era," it continued.

As Alpha Services and Holdings went on to say, "The significant synergies being created demonstrate ABC Factors' commitment to providing customers with modern, innovative and streamlined financing solutions that meet market needs."

It continued, "Facilitating SME access to sufficient financing is a key strategic priority for Alpha Bank, thus the acquisition and subsequent merger of Flexfin with ABC Factors represents a decisive step towards this goal. With a priority focus on enabling financing through factoring of SMEs – a crucial pillar of the Greek economy - the merged company will significantly contribute to SME operational efficiency and growth and consequently to jobs creation."

"The integration of Flexfin is expected to significantly expand ABC Factors’ customer base in the Greek market, with financing targets likely to exceed EUR 1 billion in the coming years," the announcement concluded.

FlexFin Founder Alex Kelaiditis welcomed the move in a LinkedIn post, saying, " Extremely proud of the Flexfin team that has reached this amazing milestone, grateful to Alpha Bank who believed in us and our vision, and thankful to all who have supported us along the way including our investors, lenders, and clients. On a personal note, I am also deeply grateful to Dimitris Vranopoulos (Executive Director, FlexFin) for coming up with the idea and dragging me along! A new and exciting day for us all. "

Also read: FlexFin: Not your typical fintech story