Credit Exchange AG attracts new minority shareholder and mortgage lender Thurgauer Kantonalbank
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Zürich (ots)
Following this transaction, Credit Exchange AG (CredEx) will be focusing purely on its core white-labelling business and sell "Valuu" the mortgage brokerage platform to Thurgauer Kantonalbank (TKB)
Upon completion of the transaction, TKB will participate as an additional mortgage lender on CredEx. As such, it will help extend the CredEx platform's offering. At the same time, it will also become a new minority shareholder, thereby strengthening the existing shareholder base consisting of Die Mobiliar, PostFinance, Vaudoise Insurance, Swisscom, Bank Avera and Glarner Kantonalbank.
CredEx experienced substantial growth on its white-labelling platform last year, with newly issued volumes almost doubling. After an excellent first quarter, this trend is likely to be continued this year. Accordingly, after careful consideration and with a view to focussing resources, the management and the board have decided to transfer its successfully transformed "Valuu" business to TKB. The latter will integrate it into "Brokermarket" to strengthen its own broker mortgage platform. "Valuu", which was founded in 2019, will enable TKB to expand its broker business with 120 brokers and 24 lenders more quickly and sustainably. Both existing "Valuu" and "Brokermarket" customers will benefit from this acquisition.
Serkan Mirza, CEO of CredEx, sees the collaboration and focus on the core business as "an immense opportunity to continue CredEx's strong growth in the coming years. With TKB, we are gaining a partner that is highly competent in the mortgage business. As the second active cantonal bank on our white-labelling B2B platform, CredEx will benefit from TKB's vast experience in innovation and mortgages as a product category."
Andrea Canonica, CXO of CredEx, is convinced that "we are taking another significant step towards the long-term positioning of the CredEx platform as a leading provider in the Swiss market for B2B mortgage exchanges. At the same time, the transaction helps us in our constant endeavour to further improve the experience and added value for all participants."
Credit Exchange AG
CredEx is an open and neutral white-labelling B2B marketplace for Swiss mortgages. Regulated Swiss financial institutions can join to specifically engage in selected activities in the mortgage value chain, from distribution, processing to financing.
With its approach, the CredEx platform enables its participants a high degree of automation, which is supported by the latest technologies such as APIs, SaaS, and AI. With a staff of 25 and over CHF 3 billion in mortgages on the platform, CredEx is the leading provider in the B2B segment. www.creditexchange.ch
Valuu
Launched in 2019, it was the first fully digital mortgage brokerage platform for private borrowers. It has successfully established itself nationwide in the online market with continuously increasing volumes and a good reputation. In the course of this success, and accelerated after the transfer to CredEx, the business was expanded to broker customers. As a platform with an end-to-end process, 'Valuu' now boasts over 120 mortgage broker partners and 24 lending partners, consisting of banks, insurance companies, and pension funds.
Thurgauer Kantonalbank
With 850 employees and a balance sheet of over 30 billion Swiss francs, Thurgauer Kantonalbank (TKB) is one of the larger banks in Switzerland. The publicly traded financial institution is the market leader in the canton of Thurgau and offers comprehensive financial services for individuals, companies, businesses, and the public sector. www.tkb.ch.
Contact:
Serkan Mirza,CEO
Credit Exchange AG
mirza@credex.ch
+41 79 611 3060
Hardstrasse 201, 8005 Zürich