Consumer finance provider Afterpay has agreed to acquired Spain-based consumer lending platform Pagantis for at least €50m ($58.9m), enabling an affiliate of financial services firm Credit Suisse to exit.
The deal will consist of €5m in cash upfront and a minimum of €45m payable three years after it closes. The secondary payment may be increased if the equity value of Pagantis equity rises during that time.
Formerly known as Digital Origin, Pagantis has built an automated online platform that allows online merchants to sell goods to consumers in Spain, France and Italy using instant financing agreements.
Afterpay will fold the company’s instant credit products into its European brand, Clearpay, which plans to secure licences to operate in Pagantis’s markets.
Pagantis closed a $75m series B round in March 2019 featuring Credit Suisse’s hedge fund offshoot SPF Investment Management, as well as Prime Ventures and Rinkelberg Capital.
The company had previously secured $17.3m in a 2015 series A round led by Prime Ventures that included SPF in addition to Pagantis co-founders Pascal Pegaz and Rolf Cederstrom.