Verdane partners with Amp Eleven to build three European leaders in fintech and mobile app development
Verdane, the European specialist growth equity investor, has announced its investment in the Amp Eleven portfolio, a Norwegian investment vehicle owned and led by Nordic fintech experts Henrik Lie-Nielsen, Geir Nordrik, Henna Raknes and Roger Jørgensen. The portfolio includes three assets across Verdane’s core investment themes of digital consumer and software, and had a combined revenue of NOK 578 million in 2021. Verdane sees great growth potential across the portfolio, and will support the companies through an equal partnership with the founders by leveraging its long-standing expertise in the digital consumer and software spaces. Henrik, Geir, Henna and Roger will remain involved in the development and running of the companies moving forward, bolstering the Verdane ecosystem with industry-leading fintech expertise.
The portfolio includes Stacc, a fintech software provider; Kravia, a digital debt collection provider; and Shortcut, a mobile app creator for brands. All three companies in the portfolio demonstrate strong long-term growth potential, and present an opportunity for Verdane to invest in attractive tech-enabled businesses with clear value creation and expansion capabilities.
Stacc is a Norwegian digital banking platform targeting banks and financial institutions in the Nordics. The company has greatly benefitted from the banking industry’s need for automation and increased security, and has already completed several M&A transactions in recent years, including the acquisition of software company Quesnay in Q3 2021. Verdane will support the company as it seeks to grow its operations organically, while expanding across Northern Europe and considering further M&A opportunities.
Kravia is a Norwegian digital debt collection company that provides a fully integrated and automated solution to its customers. The company has demonstrated robust momentum recently because of the digitisation of the debt collection market; Verdane will provide capital, operational and technical support to help Kravia continue scaling its business across Northern Europe.
Shortcut is Scandinavia’s leading mobile app solutions provider, with clients including REMA 1000, Ruter, Cutters, Coop Danmark, Danmarks Radio, Clever, Securitas, Brobizz, HerCare and Volvo. Shortcut has experienced strong, consistent growth over the past years, and Verdane will provide operational and M&A support to support the company’s growth journey.
Johnny Rindahl, Partner at Verdane commented: “The Amp Eleven portfolio partnership, made possible by our flexible mandate to invest in portfolios, allows us to access fast-growing, ambitious and attractive companies with potential to scale. We’re happy to be partnering with Henrik Lie-Nielsen and his team on this transaction, and to provide the Amp Eleven portfolio companies with the support and tools to develop into future European leaders within their niche.”
Henrik-Lie Nielsen, Managing Partner at Amp Eleven commented: “Verdane has a long-standing track record of excellence in scaling tech-enabled companies in Europe, and is the ideal partner for management teams and entrepreneurs looking to take their growing business to the next level. This partnership is a great opportunity for the Amp Eleven portfolio companies to access the resources, capital and support they need to continue growing, and I am very excited to be working alongside the firm as we join forces on this journey.”
As part of its Verdane Capital strategy, Verdane has a mandate of acquiring portfolios of companies, and has significant expertise in such investments, having completed 49 portfolio acquisitions since 2003.