Spain-based consumer lending platform Pagantis has closed a $75m series B round with commitments from SPF Investment Management, a hedge fund spun out of financial services firm Credit Suisse’s asset management arm, El Confidencial reported yesterday.
Venture capital firm Prime Ventures also contributed to the round, as did investment firm Rinkelberg Capital.
Founded in 2011 as Digital Origin, Pagantis operates an online platform that provides real-time, fully automated consumer finance for e-commerce purchases in Europe. The service has originated more than €500m ($565m) in loans to date with an average APR of 16%.
The company has also partnered 3,000 merchants in Spain. It established an office in Italy in 2018 and will use the series B capital to expand into France and Portugal.
Pagantis also hopes to form partnership agreements with a large e-commerce platforms such as Amazon, eBay or Alibaba to drive further international growth.
Prime Ventures previously led the company’s $17.3m series A round in 2015 and remains its largest shareholder after the latest funding round, followed by co-founders Pascal Pegaz and Rolf Cederstrom, and SPF Investment Management.
