Switzerland-based debt financing platform operator Loanboox has raised CHF22m ($22.2m) in an oversubscribed series B round backed by financial services firm Deutsche Kreditbank (DKB).
Private banking and asset management group LTG Gruppe also participated in the round, as did family offices Mutschler Ventures and Delphen, and assorted angel investors. Loanboox is now valued at $122m.
Founded in 2016, Loanboox has developed an online platform that enables public-sector authorities, financial services firms, large enterprises and institutional investors to access significant amounts of debt financing.
The service is available in Germany, Austria, France and Switzerland, and allows for bonds and private placements to be issued in the latter market. Loanboox has processed some $20bn in transactions for more than 1,000 clients to date.
The company will use the capital to further expand across Europe, grow its product offering and work towards achieving profitability by the end of 2021.
Loanboox had previously raised an undisclosed amount of series A funding in 2017, though it has not disclosed further details of that round. Mutschler Ventures, Delphen and all the angel investors, were identified as returning investors in the latest round.
Thomas Jebsen, an executive board member of DKB, said: “In the future, the platform economy will also change the traditional financing business of the public sector in Europe and we want to participate in this at an early stage.”
