Financial Services Capital (FSC), a private equity investor dedicated to the European financial services sector, has completed its acquisition of a stake in JZ Lending Ltd, which controls Spanish consumer finance specialist Unión Financiera Asturiana (Ufasa).
The Bank of Spain has approved FSC’s investment into this regulated financial services company.
Ufasa is an independent consumer finance specialist, founded in 1984 and headquartered in Oviedo, Asturias, that was initially partly acquired by JZ International in 2020. FSC’s investment is expected to accelerate the transformation and digitalisation of Ufasa’s business. FSC Co-Founders and Managing Partners Matthew Hansen and Miroslav Boublik, as well as Senior Associate Mehmet Demirci, will join the Board of Directors.
FSC’s investment has facilitated the acquisition by Ufasa of Spanish fintech company Zank, an omni-channel point-of-sale credit platform. This acquisition will enable Ufasa to underpin its strategy of digitalisation and modernisation of its business model, with the aim of becoming a leader in point-of-sale financing, with a differentiated value proposition based on service to the trade, as well as simplicity and transparency. Zank offers consumers and points-of-sale a fast and easy to use omnichannel financing solution. Its pioneering technology enables it to approve large transactions instantly, allowing it to finance more than EUR65 million in 22,000 consumer transactions to date.
Read more/Source: Private Equity Wire
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