Volkswagen Bank increases its stake in Austrian fintech Credi2

Volkswagen Bank has increased its stake in Viennese fintech company Credi2 from 20% up to 28%. The financial details of the deal are not disclosed.

• Founded in 2015 by Daniel Strieder, Jorg Skornschek and Michael Handler, Credi2 develops buy now, pay later solutions for banks, financial service providers, and trading companies in order to be able to offer their customers modern payment and financing solutions.
• The company cooperates with Apple, Volkswagen Bank, Deutsche Handelsbank, BLSK, Raiffeisen Bank International, and Erste Bank. Its best-known product for end customers is cashpresso, a flexible credit line.
• Volkswagen Bank is Germany’s largest automobile bank that provides automotive financing, savings and investment service, security, and insurance solutions. 
• In order to intensify its cooperation with Credi2, Volkswagen Bank is expanding its commitment, which has existed since 2019, and increasing its shares in the company from 20% to over 28%. 
• Also, relying on Credi2 services, Volkswagen Bank has launched a new instant loan for private customers in Volkswagen Group, which include VW, Audi, Škoda, Seat, Ducati, car dealerships. The new product allows retailers to offer their customers a fast and fully digital financing solution of up to 12,000 euros.