5. Jun. 2019 - Press release
Bank Frick acquires trade-finance start-up Tradico
Bank Frick continues to strengthen its fintech capabilities and acquires a majority holding in Tradico AG. The Liechtenstein company offers finance for goods purchasing to companies. The successful start-up is already operating profitably.
Manuel Hehle, Tradico CEO and co-founder.
Acquiring Tradico reinforces Bank Frick’s foothold in the financing area. Tradico, a Liechtenstein start-up, has already achieved turnover of over EUR 60 million since it was founded in 2015; several thousand transactions have been successfully implemented on its www.tradi.co platform. “We have also been showing positive cash flow since the start of the year”, states Manuel Hehle, the Tradico CEO and co-founder.
Tradico offers trade financing to SME companies. The core of its business activities lies in Germany. Tradico GmbH in Munich is a subsidiary of Tradico AG. Since its foundation in 2015, the online trade-financing organisation Tradico has relied on Bank Frick’s support as its refinancing partner.
Strategic expansion for Bank Frick
“Tradico offers a highly efficient alternative to the traditional bank loan”, explains Melanie Mündle, the CFO of Bank Frick. “By acquiring the fintech company we are gaining access to an innovative technological solution that enables us to expand the Bank’s financing business strategically.”
Melanie Mündle, Rolf Jermann, member of Bank Frick’s Board of Directors, and the fintech entrepreneur Marcel Vaschauner are joining the Board of Directors of the ambitious fintech. Tradico co-founder Manuel Hehle is leaving the Board of Directors and will continue to be the CEO.
Tradico’s experienced management team under the leadership of Manuel Hehle will guide the company into the future: “Bank Frick’s acquisition of Tradico confirms the Bank’s belief in our business model’s potential. With it as our owner, and with new capital, we can focus on growing and scaling our business”, he says, delighted with the new prospects. “Alongside our existing target market Germany, we will now be able to expand our market presence in Switzerland and provide companies there with straightforward, fast access to liquidity. This will revolutionise liquidity management for SMEs.”
Tradico’s trade financing allows the financing of purchases and sales of tradable goods to be arranged without turning to a bank. This financing is typically possible without any additional collateral or documentation. Purchasing volumes are between EUR 20,000 and EUR 1.5 million.
Tradico AG is trading profitably and is the third subsidiary of the Bank. This year, Bank Frick successfully founded Distributed Ventures AG and The DLT Markets AG.
About Bank Frick
Bank Frick specialises in banking for intermediaries. The Liechtenstein bank provides a fully integrated offering of classic banking and blockchain banking services. Its clients include fintechs, asset managers, payment service providers, family offices, fund promoters, pension funds and fiduciaries.
Bank Frick has been family-run since its foundation as a licensed universal bank in 1998 and adopts an entrepreneurial approach. Today, the Bank is majority controlled by the Kuno Frick Family Foundation (65 per cent), the Nasdaq-listed financial technology group Net1 owns 35 per cent of Bank Frick’s share capital. The Bank employs over 120 members of staff at its Balzers office and operates a branch in London, UK.
In addition to its proven basic services, Bank Frick’s classic banking offerings cover services for funds and issues, focusing on formulating European (AIF, UCITS) and national fund solutions. In the capital market sector, Bank Frick develops tailored financial products for intermediaries and supports them along the whole issue process, acting also as a custodian bank.
Bank Frick is one of Europe’s pioneers of the regulated blockchain banking sector. As well as offering trading and custodian services for crypto assets, the Bank supports token sales and develops tailored crypto structuring solutions for intermediaries.
Bank Frick is the only Liechtenstein bank with acquiring licences from Visa and MasterCard to process card payments globally for payment service providers and their online merchants.
Bank Frick established subsidiaries in 2019 to appear independently on the market with new services: Distributed Ventures AG, an incubator and accelerator to promote and finance fintech and blockchain start-ups as well as The DLT Markets AG which offers institutional investors professional access to digital assets. In 2019, Bank Frick also acquired the fintech Tradico AG, which specialises in trade financing for SMEs.
About Tradico AG
The fintech company was founded in 2015 and offers cross-sector trade-finance solutions to SMEs in Germany, Austria and Switzerland (DACH region). It acts as an intermediary between supplier and purchaser and provides financing for the order that has been arranged. The invoice for the goods is sent to Tradico and the goods are sent to the customer. The latter then benefits from a longer payment term from Tradico. The company’s vision: we provide fast and smart liquidity to businesses through our working capital hub.
Bank Frick & Co. AG
Sigvard Wohlwend, Head of Corporate and Market Communications
T +423 388 21 46