SeQura, the leading online payment platform in Spain, has reached an agreement with Chenavari to have a debt facility of up to 50 Mio Euros in the first phase and with the possibility to scale it up to 200 Mio Euros. This partnership will be key to supporting its growth, innovation in payment products, and finance new services to its end users.
David Backstrom, SeQura’s CEO, says: “We are very pleased to have Chenavari as our financial partner, as they have huge experience in the consumer credit sector and work with leading companies in their portfolio in Belgium, Italy, Netherlands and Ireland“.
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“In addition to the important liquidity injection, this operation also means that we can count on their support for our growth plans,” he adds.
Thanks to this agreement, SeQura will have the resources to continue with the innovation in payment methods and offer more financing options to consumers. The company’s goal is also to continue growing to become the most flexible and transparent platform on the market when it comes to buying and paying for products or services online, as well as to be the best ally of merchants in improving conversion.
The Barcelona-based company has doubled its revenue year after year, and currently has sales of €2 million per month, with the goal of exceeding €40 million in sales by 2021. Next year, the technology start-up is also expected to start expanding into some Latin American countries, such as Mexico and Colombia.
SeQura already has over 2,500 partner stores, including Privalia, EF, CCC, AliExpress, Phone House, Game or Maison du Monde. To date, more than 1 million purchases have been made through the online platform and they continue to grow every day. They have just launched the first Spanish platform capable of integrating all local payment methods “pay now”, “receive before you pay”, and “split your payments”.
Chenavari is an established, credit-focused asset manager with a core expertise in European markets. Assets under management are over $5bn, largely from institutional investors. The firm’s 90-strong team invests across the liquidity spectrum in European credit.
Benjamin Jacquard, a Chenavari partner, highlights that “SeQura has an impressive track record of constant innovation in online payments and the Spanish consumer finance market. For us, it is an opportunity to grow with them and combine our joint expertise in consumer finance across different European jurisdictions”.
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