February 13, 2019 / 11:18 AM / 3 days ago

Vitruvian puts German fintech Smava up for sale: sources

FRANKFURT (Reuters) - Buyout group Vitruvian is putting German consumer credit online platform Smava up for sale, people close to the matter said.

The private equity firm has asked investment banks to pitch for roles in a potential sale or initial public offering of the fintech, which may fetch up to $500 million, the people said.

Vitruvian and Smava declined to comment.

Vitruvian led a $65 million financing round for Smava last year, in which other investors such as Runa Capital also gave money.

Founded in 2007, Smava operates an internet platform allowing customers to choose between loans from 25 banks and private creditors.

According to the company, customers in average take on loans worth 10,000 euros each, which led to a total volume of brokered loans of 1 billion euros in 2017.

In various financing rounds, Smava has attracted $135 million in financing from investors as Vitruvian, Verdane Capital, Runa Capital and Earlybird.

Reporting by Arno Schuetze; Editing by Tassilo Hummel

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