Tag Archives: Banking

Licensed-Fintech QI Tech Raises $200M Series B Led By General Atlantic, With Participation From Across Capital

General Atlantic

With the goal of decentralizing credit from major banks, the fintech is pursuing strategic acquisitions and continued growth

São Paulo – October 31, 2023 – QI Tech, the first Direct Credit Company (SCD) approved by the Brazilian Central Bank, today announced an investment of US$200 million (R$1 billion) in a Series B round led by General Atlantic, a leading global investor, with participation from existing investor Across Capital, which is doubling its initial investment in the company. QI Tech plans to leverage the new capital to further expand its leading product position and explore strategic M&A opportunities.

Founded in 2018 by Pedro Mac Dowell, Marcelo Bentivoglio, and Marcelo Buosi, QI Tech is transforming the credit market by simplifying the loan process, with a mission to decentralize credit away from major banks. QI Tech offers a comprehensive set of APIs that allows any business to offer financial products to its customers. The company’s “one-stop-shop” solution provides digital registration tools, data validation, credit scoring, digital account opening, wire transfers, Pix, bank slips, and credit underwriting for various sectors of the economy. To complete the range of services offered, QI Tech also holds a brokerage license (DTVM), used to structure, administer, and safeguard investment funds in credit rights (FIDC). The fintech holds a top-tier Fitch rating of A+ (bra).

“This new partnership lays the foundation for the size of the opportunity we are pursuing. We plan to use the new capital to strengthen our leadership position in Brazil, keeping an eye on potential local opportunities and executing an aggressive growth strategy for each business unit,” continued Pedro Mac Dowell, founder and CEO of QI Tech.

In 2021, after two years of operation, QI Tech raised a Series A round of US$50 million (R$270 million at the time), led by the Sovereign Investment Fund of Singapore (GIC). The company has been profitable since its first year of operation.

“QI Tech is a unique company; we have cutting-edge technology, solid fundamentals, and an experienced, ambitious team operating in a high-performance culture. We do everything with purpose, ensuring that our clients receive the highest level of support and our community gets the best product,” said Marcelo Bentivoglio, co-founder and CFO of QI Tech.

Luiz Ribeiro, Managing Director and Co-Head of the Brazil office at General Atlantic, added, “We have tracked QI Tech for several years and are impressed by the vision of the leadership team. By building native connectivity with the national financial system, as well as through a modular API, QI Tech has enabled the development of credit, payment, and banking solutions for a range of asset managers, corporates, and fintechs. As digital payments and credit adoption in Brazil continues to accelerate, QI Tech is capturing an exciting opportunity to power high-quality financial infrastructure for their customers. We look forward to supporting the company in its continued expansion.”

“In a world where fintechs continue to proliferate and companies want to offer financial solutions to their end customers, we create opportunities for these businesses to offer a complete range of financial products, increasing engagement with their customers and also creating new revenue streams,” Mac Dowell added.

QI Tech engaged J.P. Morgan as its leading placement agent, Vinci Partners as its financial advisor, and Freitas e Leite Advogados as its legal counsel.

About QI Tech

QI Tech is a one-stop-shop platform for financial, credit, banking, and anti-fraud services. With both SCD and DTVM licenses granted by the Brazilian Central Bank, it provides all the technological infrastructure for its clients and partners to monetize and engage their ecosystem of stakeholders. The company combines an intelligent platform with all regulatory compliance, so its clients can offer payment and credit services securely and in a way that best fits their business model.

About General Atlantic

General Atlantic is a leading global investor with more than four decades of experience providing capital and strategic support for over 500 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has more than $77 billion in assets under management inclusive of all products as of September 30, 2023, and more than 220 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.

Media Contacts

Emily Japlon
General Atlanticmedia@generalatlantic.com

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Qred, backed by Nordic Capital, becomes Europe’s newest bank and welcomes Mattias Carlsson as Chair of the Board

Nordic Capital
  • Qred, Sweden’s fastest growing fintech company, activates its banking license and becomes Europe’s newest bank for small businesses
  • In addition, Qred re-appoints Mattias Carlsson as the Chair of the Board

Qred, Sweden’s fastest growing fintech company according to the Financial Times, is thrilled to announce that the banking license the company acquired in May is now activated and the company is officially a bank. In addition to this, Qred is re-appointing Mattias Carlsson, former long-standing CEO of TF Bank, as Chair of the Board.

Qred is now able to offer savings accounts to private consumers with competitive rates, which will allow the company to offer even more competitive terms to its customers. The company will also be able to expand its range of services, offering even more comprehensive financial solutions to its customers. This license acknowledges the company’s dedication to providing accessible and tailored financial products to small businesses.

“Becoming Europe’s newest bank for small businesses is a significant achievement for Qred. It demonstrates our commitment to powering our customer segment with the financial tools they need to succeed. This milestone allows us to enhance our product offerings and provide our customers with an even greater level of financial support. I’m looking forward to showing the small businesses of Europe what a bank should be like,” said Emil Sunvisson, CEO of Qred.

In addition to becoming a bank, Qred is proud to announce that Mattias Carlsson has once again been elected as Chair of the Board. Carlsson was the Chair at Qred between 2018 and 2021, and has over fifteen years of experience in the fintech and banking sectors, having been the CEO of TF Bank as well as the Chair at both Hoist Finance and BB Bank ASA.

Sunvisson added: “We’re thrilled to see Mattias Carlsson back on our board. His extensive experience and deep industry knowledge is invaluable in guiding our strategic direction and ensuring we remain at the forefront of innovation in the financial sector. I also want to thank Per Widerström for his hard work and dedication during his time on the board.”

“I am honoured by the trust placed in me through this re-election to Qred’s Board. I’m excited to continue contributing to Qred’s mission of powering businesses with innovative financial solutions. Together, we’ll navigate the path ahead, driving growth and ultimately becoming the leading small business bank in Europe,” said Mattias Carlsson.

Mattias Carlsson’s appointment is effective as of October 2nd, 2023 and he assumes the role after Per Widerström, who resigned due to a new CEO role.

For more information, please contact:
Andrea Romander
Head of Brand & Communications, Qred
andrea.romander@qred.com

About Qred
Founded in 2015 by entrepreneurs for entrepreneurs, Qred is Sweden’s fastest growing fintech company according to the Financial Times. Qred is the market leader in the Nordic region and has Sweden’s most satisfied customers according to Trustpilot. With operations in Sweden, Finland, Denmark, the Netherlands, Brazil, Belgium and Norway, Qred has helped more than 25,000 companies. Qred’s fully automated, proprietary credit scoring system allows it to quickly and competitively provide business owners with the power they need to grow.

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Trustly, backed by Nordic Capital, joins forces with SlimPay to revolutionise the recurring payments experience

Nordic Capital

Trustly, a global payment method, announces that it is joining forces with SlimPay, a European leader in recurring payments, to set a new standard in recurring payments for merchants and consumers across Europe and the UK. SlimPay’s platform combined with Trustly’s proprietary technology will together bring a new, exceptional payment experience to the region.

Trustly’s acquisition of SlimPay will facilitate error-free payment registration, better conversion and flexibility, enabling consumers to pay bills, subscribe to a service or opt for flexible payment plans. The product synergy will create an intuitive payment process for consumers leveraging the best of Trustly’s Account-to-Account (A2A) technology and SlimPay SEPA direct-debit capabilities.

In 2022, Direct Debits totaling over EUR 10 trillion were collected across Europe, with 80% of these transactions occurring in markets where Trustly and SlimPay have combined operations. The combination will add to Trustly’s existing modern Direct Debit capability in the UK and Sweden and provide a comprehensive pan-European recurring payment service. Trustly and SlimPay will together improve the payments process for merchants and consumers in the Single Euro Payments Area (SEPA), including Germany, France, Spain and Italy.

The acquisition of SlimPay comes shortly after the successful launch of Trustly Azura, a revolutionary new technology and data engine that will improve the payments experience for merchants and consumers through personalisation and data optimisation. By adding SlimPay’s recurring payments and sophisticated data interface to its offering, Trustly expects to further accelerate the roll-out of Azura.

Johan Tjärnberg, Group CEO of Trustly, comments: “We are thrilled that SlimPay is joining Trustly. SlimPay’s SEPA solution for modern Direct Debit in combination with the optimised experience of Trustly Azura will together be able to revolutionise the recurring payment experience and create a new industry standard. The addition of SlimPay is fully in-line with Trustly’s strategy to offer a unique 360 degrees embedded experience across all types of digital payments.“

Jerome Traisnel, CEO of SlimPay, adds: “Together with Trustly, we will bring a new, streamlined payment experience to the European recurring payments space, creating an unrivalled network of merchants and consumers across the entire repeat payment economy. We look forward to working with Trustly to build an innovative and comprehensive platform across Europe.”

SlimPay, founded in 2010, is a European leader in recurring payments, offering digital payment solutions through innovative technologies to merchants and consumers across utility, financial services, and retail sectors. SlimPay is an authorised payment institution under ACPR supervision.

The transaction is subject to customary regulatory approvals. The parties have agreed to not disclose any financial details.

For more information, please contact:
Carlos Cancino
Communications Director, Trustly
tel: +46 70-216 77 85
e-mail: press@trustly.com

About Trustly
Founded in 2008, Trustly is a global leader in Open Banking Payments. Our digital account-to-account platform redefines the speed, simplicity and security of payments, linking some of the world’s most prominent merchants with consumers directly from their online banking accounts. Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to the traditional card networks at a lower cost. Read more at www.trustly.com

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Open Payments closes 3 MEUR in growth capital

Industriefonden

The Swedish fintech company Open Payments has closed a 3 MEUR growth round. Industrifonden, Sweden’s venture capital fund, led the round, with participation from Sony Financial Ventures – Global Brain’s venture capital fund, as well as existing investors. The capital will be used for business-, product development and expansion.

Open Payments is one of the leading Open Banking platforms in the Nordics with focus on business to business (b2b) transactions. The company´s platform enables online banking functionality to be shifted from the online bank to the customers’ business systems and interfaces, so that the end user e.g. can approve and make secure, direct payments without having to login to their online bank. Open Payments platform connects to commercial banks (via API technology) to enable services such as payments, account reconciliation and cash management for embedding directly in client applications like ERP systems, payment providers and fintechs.

“We see an increasing demand from leading accounting and ERP systems and other financial systems that want to utilize Open Banking in their products in a secure and reliable way,” says Louise Brandt, CEO and founder of Open Payments. “Above all, they want to be able to provide various payments for their business customers, such as supplier payments and salary payouts. Open Payments has a cutting-edge expertise in this area and there are vast business opportunities for both us and our customers. We see that b2b payments are part of the Open Banking space where we have a first mover advantage and can take the lead internationally.”

Industrifonden was the lead investor in Open Payments latest round in 2020, and welcomes Sony Financial Ventures and Global Brain, as a co-investors.

“There are great opportunities with Open Banking since companies don’t need to be banks to provide secure banking functionality within their own systems,” says Anna Ljungdahl, Senior Investment Director at Industrifonden. “What they do need though is a player like Open Payments whose technology lowers the entry barriers to these opportunities. We’re happy to keep supporting the team and also welcoming global investors to Open Payment’s list of owners.”

Open Payments platform is developed based on the European directive PSD2. This regulatory framework is forcing banks to make account information and payment initiation services available to third parties, with the aim of opening up the market to players other than the banks to bring about new and innovative solutions for financial services.

Open Payment’s customer base consists of accounting and ERP systems providers and tech companies, who have integrated Open Payment’s platform in order to provide their own Open Banking solutions. What the customers have in common is that they have high demands for stability, security and reliability for the millions of business-critical transactions that are being processed. The company’s platform has been extremely well-received so far, with several new collaborations underway and Open Payments is looking to expand into new countries with both existing and new customers. In order to continue to be at the forefront of the Open Banking movement, Open Payments will continue to scale the product and develop the platform further during this year.

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Alantra reorganizes its Investment Banking division to accelerate global growth ambitions

Alantra
  • The Firm announces the appointment of Miguel Hernandez as CEO of Investment Banking, based in London, and of Andy Currie and Franck Portais as Co-Chairmen
  • In Germany, Jan Caspar Hoffmann has joined the Firm as CEO and Managing Partner of Alantra Germany to develop Alantra’s Frankfurt office into one of the Firm’s key international hubs, next to London, Paris, and Madrid
  • The Firm has also promoted Philipp Krohn to CEO of Alantra in the US, based in New York and Boston, and Javier García-Palencia to CEO of Alantra Investment Banking in Spain
  • These appointments are part of a series of organizational changes aimed at fostering stronger integration and offering further value-accretive specialized services within Alantra’s Investment Banking division

London – Alantra, the independent global mid-market financial services firm, is pleased to announce the appointment of Miguel Hernandez as CEO and Andy Currie and Franck Portais as Co-Chairmen of the investment banking division, among other leadership appointments across the business. These changes aim to foster stronger collaboration and offer additional and value-accretive specialized services globally with cross-functional teams, focused, among others, on Advanced Analytics & AI and the Energy Transition. This is a natural extension of Alantra’s traditional offering and symbolic of the next phase of the Firm’s evolution.

Miguel Hernández, who has been with Alantra for over 20 years, has been appointed CEO of the Firm’s Investment Banking business and will be based in London. He has an extensive track record in cross-border and Spanish M&A deals, both on the sell- and buy-side, especially in real estate, and also in the industrial and consumer sectors. In addition to his managerial responsibilities, Miguel will coordinate the coverage of large multifunds and support business generation in Spain during a transition period.

Andy Currie and Franck Portais have been appointed Co-Chairmen based in London and Paris, respectively. They have led the development of Alantra’s London and Paris offices into two of Alantra’s principal hubs. Andy led the integration of Catalyst Corporate Finance with Alantra in 2017 and focuses on the professional services and industrials sectors, as well as advising private equity, bank consortia, and other complex shareholder structures. Franck leads the Paris office and has over 20 years of experience in corporate finance, having advised entrepreneurs, families, corporate and private equity funds in France and Europe.

In Germany, Jan Caspar Hoffmann has joined Alantra as the new CEO and Managing Partner of Alantra Germany. He has 25 years of investment banking experience, having worked in leading positions across bulge bracket banks and global independent firms in Frankfurt and London (Merrill Lynch, Société Générale, Moelis & Company). Jan Caspar has also been active as an investor and advisor to predominantly technology firms regarding disposal processes and strategic partnerships.

Philipp Krohn has been promoted to CEO of Alantra USA, having been with the Firm since 2010. His last role was Partner and Head of Corporate Development. Philipp will be based in Boston and New York and lead the expansion of Alantra’s US operations from there. Javier García-Palencia has been promoted to CEO of Alantra Investment Banking Spain. He has been with Alantra since 2015 and used to be Head of Debt. Javier has over 18 years of Corporate & Investment Banking experience in New York, London, Lisbon, and Madrid. Miguel Hernández, Andy Currie, and Franck Portais said: “With the series of appointments, we have laid the ground for a new chapter of growth focused on meeting the demands of sector specialization, the digital age, and the energy transition. In the coming weeks, we will be announcing the addition of further highly reputable professionals who will bring expertise in key sectors to our Firm. We want to grow across sectors and products and continue to position ourselves in transversal themes affecting mid-sized businesses across industries. We now have a strong team across our key international hubs to deliver on these growth opportunities.”

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Blackstone and Sixth Street Complete Sale of Kensington Mortgages to Barclays Bank UK PLC

Blackstone

London – March 1, 2023 – Blackstone (NYSE: BX) and Sixth Street today announced that funds affiliated with Blackstone Tactical Opportunities (“Blackstone”) and Sixth Street, have completed the previously announced sale of Kensington Mortgages (“Kensington”), the fast-growing specialist mortgage lender, to Barclays Bank UK PLC (“Barclays”).

Kensington, which is based in Maidenhead, has around 600 employees and originated approximately £1.9 billion of mortgages (including retentions) in the year ended 31 March 2022. Blackstone and Sixth Street jointly owned the business since 2015 during which time Kensington improved its processes and expanded its product offerings while achieving an extended period of accelerated growth.

The business is recognised in the industry for having a market-leading data and technology platform, which has facilitated profitable growth, product innovation and exceptional loan underwriting performance.

The transaction was announced on June 24, 2022.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $975 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

About Sixth Street
Sixth Street is a global investment firm with approximately $65 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Sixth Street’s London-based presence was formed in 2011 to invest in businesses and assets across Europe. Founded in 2009, Sixth Street has more than 400 team members including over 180 investment professionals around the world. For more information, visit www.sixthstreet.com or follow Sixth Street on LinkedIn.

Media Contacts

Blackstone
Rebecca Flower
Rebecca.Flower@blackstone.com
+44 (0)7918 360372

Sixth Street
Patrick Clifford
pclifford@sixthstreet.com
+1 (646) 906 4339

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Altor to build the leading green transition bank by acquiring a majority stake in Kommunalkredit

Altor Funds (“Altor”) have signed an agreement to acquire an 80% majority stake in Kommunalkredit Austria AG (“Kommunalkredit”) and enter a partnership with the existing owners and the management of the bank. Altor will support Kommunalkredit with incremental capital and expertise to continue its growth trajectory towards becoming the leading sustainable infrastructure bank in Europe. The existing long-term oriented shareholders, Interritus, Trinity Investments DAC and the Austrian Association of Municipalities will remain minority shareholders.

Stockholm/Vienna, 07/02/2023

Founded in 1958, Kommunalkredit is a provider of financing solutions to infrastructure and energy projects across Europe. Headquartered in Austria with a team of 350 FTEs, Kommunalkredit has transformed into a leading specialized infrastructure bank, having provided financing to around 200 projects with a core focus on the green transition and renewable energy over the last seven years. With EUR 4.4bn of assets, Kommunalkredit is expected to generate over EUR 120m in net interest income in 2022 with an impressive compound annual growth rate in excess of 50% over the past years.  Kommunalkredit’s success is founded on its strong management team and organisation, highly efficient operating model, stringent risk management and entrepreneurial culture, which have enabled Kommunalkredit to consistently outperform its strategic targets. A Return on Equity (RoE) of 20% and bank stand-alone cost/income ratio of around 45% corroborate its powerful track record.

Kommunalkredit and Altor are united in their vision of promoting the transition towards a green and sustainable future. Both institutions have accumulated extensive expertise within green transition financing through their investments and involvement in sustainable infrastructure and energy projects across Europe.

Bernd Fislage, CEO of Kommunalkredit, said:” This is a major step towards our jointly envisioned growth path as well as confirmation of our successful business strategy which will be further strengthened by this transaction and the targeted EUR 100m capital increase. It will enable us to maintain our momentum and further the development of Kommunalkredit and its role in tackling the challenges that Europe and the rest of the world is facing. Be it accelerating the energy transition, green transition or implementation and modernisation of social infrastructure. We will continue to address energy solutions, e-mobility, digitalisation and social infrastructure with a strong focus on sustainability and compliance with ESG criteria. We have a clear goal: Create value. For our customers, our shareholders, our stakeholders – our community.”

Paal Weberg, Co-Managing Partner at Altor, said: “We are proud and excited to partner with management and current owners of Kommunalkredit. Kommunalkredit has a unique position as financing partner to some of the most prominent green transition ventures and we believe that we jointly can build the European champion within sustainable infrastructure financing. Altor will support Kommunalkredit with capital and resources to strengthen its capabilities, building on our experiences from investing in other leading financial institutions and green transition champions. Altor with our long-term perspective shares a common view with the company and current owners on how to scale the business and pursue quality-led growth opportunities.”

 

 

Contact

Kommunalkredit Austria AG
Vera Mikula
Head of Communications
P + 43 1 31631 593
M v.mikula@kommunalkredit.at

Altor
Tor Krusell
Head of Communications
P + 46 705 43 87 47
M tor.krusell@altor.com

About Altor

Since inception, the family of Altor funds has raised EUR 8.3 billion in total commitments. The funds have invested in more than 85 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Carnegie, C WorldWide, Sbanken, OX2, H2 Green Steel, Vianode and Svea Solar.

For more information visit www.altor.com

About Kommunalkredit

Kommunalkredit is a specialist for infrastructure and energy financing. Together with its customers as partners, the bank creates values that continuously improve people’s lives. In doing so, it facilitates the construction and operation of infrastructure facilities by balancing the financing needs of project sponsors and developers with the growing number of investors looking for sustainable investment opportunities. Main investment segments are energy & environment | communications & digitalisation | transportation | social infrastructure | natural resources.

The bank offers a comprehensive product range covering everything from financial advisory services to structuring, arranging and providing borrowed capital and subordinated capital, as well as asset management via the Fidelio KA Infrastructure debt fund platform.

For more information visit www.kommunalkredit.at

Press contact

Tor Krusell

Head of Communications

tor.krusell@altor.com

+46 705 43 87 47

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UC Investments to Invest Additional $500 Million in BREIT Common Shares

Blackstone

Oakland, CA, and New York, January 25, 2023 – The Office of the Chief Investment Officer of the Regents of the University of California (“UC Investments”) and Blackstone (NYSE: BX) today announced an expansion of their long-term strategic venture. UC Investments will acquire an additional $500 million in Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I common shares with fees and terms consistent with existing BREIT shareholders. This follows the $4 billion investment by UC Investments into BREIT announced on January 3, 2023, bringing its total investment in BREIT to $4.5 billion.

This new investment, which is expected to close March 1, 2023 at BREIT’s public offering price on that date, will have the same structure, terms, and fees as UC Investments’ initial $4 billion investment, including an effective 6-year minimum hold period, and Blackstone will contribute an incremental $125 million of its current BREIT holdings into the strategic venture.

Simpson Thacher & Bartlett LLP is acting as BREIT’s legal counsel and Goodwin Procter LLP is acting as UC Investments’ legal counsel.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $951 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

Forward-Looking Statements
This press release includes “forward-looking” statements and “safe harbor statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in Blackstone’s and BREIT’s public filings with the Securities and Exchange Commission (the “SEC”). Blackstone and BREIT have based forward-looking statements on current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, any benefits expected to be achieved as a result of the transaction and statements regarding future performance. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the risks and other factors described in Blackstone and BREIT’s annual reports for the most recent fiscal year and any such updated factors included in their periodic filings with the SEC, as well as those described under the section entitled “Risk Factors” in BREIT’s prospectus, each of which are accessible on the SEC’s website at www.sec.gov. In providing forward-looking statements, neither Blackstone nor BREIT is undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If Blackstone or BREIT updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

CONTACT

Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com
(212) 583-5395

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Advent International to acquire up to a 10% per cent stake in YES BANK

MUMBAI, July 29, 2022 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has agreed to acquire up to a 10% per cent equity stake in YES BANK (“Bank”), the sixth largest private sector bank in India, as part of an overall $1.1 billion capital fundraise by the Bank.

The capital raised will bolster the capital adequacy of the Bank, thereby providing growth capital for the core business of the Bank. Once approved, this would be one of the largest private equity investments in the Indian banking sector.

This equity stake in YES BANK will be Advent’s first investment in a banking entity in India and Advent will have one nominee on the Bank’s Board following the transaction.

Commenting on the investment, Ms Shweta Jalan, Managing Partner at Advent, said, “We believe India’s banking sector is at an inflection point where tech-enabled banks like YES BANK have an advantage. This investment also demonstrates our commitment to the country’s banking and financial services industry, which is the core of India’s growth story. We think the Bank’s leadership team, led by Prashant Kumar, has done great work in reviving its performance over the last two years. We look forward to working with the Bank and to drawing on our sector expertise in supporting YES BANK in its next phase of sustained growth.”

Mr. Prashant Kumar, Managing Director & Chief Executive Officer, YES BANK said, “We are extremely pleased to onboard such pedigreed investors like Carlyle and Advent International as our partners, in fulfilling the long-term strategy of the Bank. This is a testimony to the inherent strength of the bank’s franchise. We are excited about the incremental opportunities that this partnership creates for us and confident that both the investors will play a crucial role in the next growth phase of the Bank.”

Headquartered in Mumbai, YES BANK is a Full Service Commercial Bank providing a range of products, services and technology driven digital offerings, catering to corporate, MSME and retail customers. Founded in 2004, it has a strong Pan India footprint with over 1,140 branches across all 28 states and 9 Union Territories in India. It also operates investment banking, merchant banking and brokerage businesses through YES Securities. The banks shares are listed on the National Stock Exchange and Bombay Stock Exchange.

Advent has been investing in India since 2007 and founded its Mumbai office in 2009. Currently, it has invested/committed almost $2.9 billion across 13 companies in sectors such as financial services, consumer products, healthcare, industrial and technology. Previous financial services investments include Aditya Birla Capital (a holding company for the financial services businesses of Aditya Birla Group) through which Advent has exposure to lending, asset management and insurance amongst others, and ASK Investment Managers Private Limited (a leading portfolio management service provider, real estate investment manager and wealth manager in India). New investments in the last twelve months include Eureka Forbes Ltd (health and safety solutions provider, with a presence in water purification, vacuum cleaning and other emerging categories), Encora (a global digital engineering services company specializing in software product development services for fast-growing enterprises and digitally-native companies) and Avra Labs (contract manufacturing and research services and specialty active pharmaceutical ingredients manufacturer).

Globally, Advent has invested over US$12.5 billion across 82 companies in business and financial services. Previous investments in banks include Addiko Bank (a universal bank operating in South Eastern Europe), Nubank (the largest independent digital bank in the world and based in Brazil) and Grupo Financiero Mifel (a leading Mexican mid-sized bank serving the retail segment and small and medium-sized companies).

The transaction is subject to closing conditions and relevant statutory and regulatory approvals.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 390 private equity investments across 41 countries, and as of March 31, 2022, had $75.9 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 265 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:
Website:  www.adventinternational.com
LinkedIn:  www.linkedin.com/company/advent-international

 

About YES BANK

YES BANK is a ‘Full Service Commercial ‘Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES, a wholly owned subsidiary of the Bank. Headquartered in Mumbai, it has a pan-India presence including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

For more information, please visit the Bank’s website www.yesbank.in

For further information, please contact:

YES BANK | Neha Chandwani
neha.chandwani@yesbank.in

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Engagement Banking Leader Backbase Raises €120M from Motive Partners

Motive Partners

Having bootstrapped to €200 million in revenue, Backbase is doubling down on its successful category strategy in partnership with specialist investor Motive Partners

Amsterdam, June 9, 2022 – Backbase, creator of the category-leading Engagement Banking Platform, raised €120 million in growth equity funding from Motive Partners. Having grown organically to over €200 million in revenue, Backbase is now partnering with a Fintech specialist private equity firm, to further strengthen its claim on the Engagement Banking category.
This growth investment values Backbase at €2.5 billion. Motive Partners is a founder-friendly partner, fully supporting Backbase in remaining an independent force and driving the Engagement Banking strategy, by continuing to focus on customer-centric innovation that transforms the financial services industry’s siloed channels and legacy applications.
Most banks struggle with a patchwork of disconnected, point and channel solutions that were never designed to service the customer holistically, leaving behind a raft of broken journeys for their customers. This investment will allow Backbase to double down on its vision for Engagement Banking and accelerate its mission of re-architecting banking around the customer.

Engagement Banking is a paradigm shift. Rather than stitching these legacy applications together and trying to rework banking around outdated technology, banks and credit unions can instantly leverage the power of a cloud-based engagement banking platform to create frictionless customer journeys across all the stages of the customer lifecycle. From onboarding, to servicing, to lending, to expanding share of wallet, this investment supports the growth through product expansion and further growing Backbase’s sales and marketing operations.
“Today is a major milestone for more than 2,000 Backbasers and 150 customers around the world, to celebrate the incredible progress we made. With this partnership, we’re even better equipped to drive our Engagement Banking vision to the next level. I couldn’t be more excited about the opportunities that lie ahead and the positive impact we can make,” Jouk Pleiter, Founder and CEO of Backbase said. “To all our customers, I personally want to restate our long-term commitment to being your independent, long-term partner in innovation. For us, it is still day one.”

Motive Partners were advised by Goldman Sachs as corporate finance advisor, Proskauer Rose LLP and Loyens & Loeff as legal counsel, EY as accounting and tax, and Motive Create for technical due diligence. Backbase was advised by De Brauw Blackstone Westbroek as legal counsel.

About Backbase
Backbase is a financial technology company on a mission to re-architect banking around the customer. Our whitelabel Engagement Banking platform empowers banks and credit unions to rapidly digitize their customer-facing operations and create seamless journeys that meet and exceed the expectations of today’s digital-savvy customers. With Backbase, banks and credit unions can put their customers back in the heart of their business.
Industry analysts Forrester, Gartner, Celent, Omdia and IDC continuously recognize Backbase’s category leadership position. Over 150 financials around the world have embraced the Backbase Engagement Banking Platform – including Advanzia, Banco Caja Social, Banco de la Nacion Peru, Bank of the Philippine Islands, Berenberg, BNP Paribas, Citizens Bank, ENT, Greater Bank, HDFC, Judo Bank, KeyBank, National Bank of Bahrain, Navy Federal Credit Union, Natwest, Pictet & Cie, Raiffeisen, SchoolFirst Federal Credit Union, Standard Bank, Société Générale, TPBank, Washington State Employee Credit Union and Wildfire Credit Union.
Backbase was founded in 2003 in Amsterdam (global HQ), with regional offices in Atlanta (Americas HQ), Boise, Mexico City, Toronto, London, Cardiff, Dubai, Kraków, Singapore, Sydney and Tokyo.

About Motive Partners
Motive Partners is a specialist private equity firm with offices in New York City and London, focusing on growth equity and buyout investments in software and information services companies based in North America and Europe and serving five primary subsectors: Banking & Payments, Capital Markets, Data & Analytics, Investment Management and Insurance. Motive Partners brings
“For more than a decade, Backbase has shown leadership and innovation in enhancing digital relationships between financial institutions and its customers,” explained Rob Heyvaert, Founder and Managing Partner of Motive Partners. “We’re excited to support Jouk and the Backbase team with this initial fundraise as they continue to expand, grow and build the leading, customer-centric, Engagement Banking Platform globally.”
Neil Cochrane, Partner at Motive Partners commented, “Backbase continues to lead an innovative category underpinning the banking sector, and we believe that together we have a unique growth opportunity to build upon Backbase’s strong foundations. As Backbase continues its growth journey, we’re excited to leverage our team’s depth of expertise alongside Jouk and the team.”
“Backbase’s proven track record of entrepreneurship and organic growth will continue. Our formula is simple: focus on the needs of our customers and empower highly skilled teams to deliver. We’re changing a big industry, which is hard work. Having critical mass and market momentum allows us to stay laser-focused,” Pleiter added. “Together we’re making it happen.”

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