UK-based Alpha Group is set to acquire 85% of Cobase, a fintech developed with the support of ING that allows corporations to manage their banking relationships, accounts, and transactions through a single interface.
Cobase was established in 2017 and secured €7.5 million in funding from ING Ventures after successfully demonstrating its concept in an ING Accelerator program. In June 2020, the company raised an additional €10 million with backing from Nordea and Credit Agricole.
The fintech’s multi-banking platform provides users with the ability to view all their balances and transactions in one location, initiate payments, and execute actions related to cash management or corporate treasury tasks. Since its launch, ING has fostered a strategic partnership with Cobase, with wholesale banking relationship managers promoting the Cobase product to their mid-corporate clients.
With a team of 30 employees, Cobase has attracted over 100 clients and generates revenues exceeding €2 million annually.
Alpha Group, which is listed in London, combines consultancy with technology to assist international corporations in managing FX risk, global accounts, and payments.
Jorge Schafraad, CEO and founder of Cobase, expressed optimism about the acquisition, stating, “We are convinced that this will unlock exciting new opportunities for our customers, partners, and team going forward. All services we currently offer will remain in place for our existing and new clients, and we look forward to introducing additional features, products, and services in the near future.”
Financial terms of the deal have not been disclosed.