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Banco BNI Europa partners with Lendrock in the Spanish auto financing sector

Publish date: 11 May 2018
Author: Banco BNI

Banco BNI Europa partners in Spain with Lendrock to provide financing to consumers looking to buy a car. Banco BNI Europa will invest up to 15 million Euro on this online financing platform that specializes in near prime consumer auto financing.

In the wake of the agreed partnership, Lendrock will continue its growth trajectory. The partnership with Banco BNI Europa is starting with the acquisition of part of the existing loan portfolio, offering fast exposure to Lendrock’s loans and setting the stage for the acquisition of monthly origination volumes.

“Investing in asset backed auto loans to consumers in Spain is a very attractive class of investment to us”, says Pedro Coelho, Executive Chairman of Banco BNI Europa. “With the Lendrock team, we have identified a highly professional partner, whose credit analysis process has proven totally convincing to us.”

And Lendrock’s co-Founder and CEO, Ventura Pobre, is equally convinced about the partnership: “We are delighted at finding in Banco BNI Europa both a top tier institutional investor and a strategic partner to our platform, who, like us, is excited by the potential to drastically improve the car financing experience to all consumers, including those that need it most. Having developed our 100% online integrated financing platform and with Banco BNI Europa support, we are now ready to drive the scale up process and make a big a difference to many more consumers looking to finance a car.”

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