Financo finalises the acquisition of My Money Bank’s auto activities

01 June 2018
Financo finalises the acquisition of My Money Bank’s auto activities

On 1 June 2018, Financo finalised the takeover of My Money Bank’s auto activities in continental France.

The subsidiary of the mutual lending group Arkéa has just brought its exclusive negotiations with My Money Bank to a successful end. Financo aims to exceed €1.2bn in credit production by 2020.

The integration of the My Money Bank’s scope of activities and its about 60 employees (salespersons and credit analysts) will boost its customer portfolio by 11% (to a total of 470,000 customers).

This deal makes sense, given the two entities’ geographical fit, complementarity in product offerings (My Money Bank being more business, rent-to-own and premium oriented) and in business finders, and which will allow the teams concerned to continue their developments.

This is a transformational deal for Financo, allowing it to better pursue its goal of €600m in automotive financing by 2020. The new entity totals €2.5bn in outstanding loans, all markets combined.