Swisscom Ventures has exited invoice financing services provider Advanon in an acquisition of undisclosed size by peer Creditgate24.
Advanon, a Switzerland-based short-term enterprise loans service backed by telecommunications firm Swisscom, has been acquired by direct lender Creditgate24 for an undisclosed sum, Finews.com has reported.
Founded in 2014, Advanon provides direct loans structured to meet the short-term cash flow requirements of small and medium-sized enterprises. It was forced to cut most of its headcount during 2019 after being duped by an invoicing fraud scheme, according to Finews.
The merger is seen as consolidating Switzerland’s lending market, enabling the new…
