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ING to sell 85% stake in fintech spin off Cobase to Alpha Group

ING to sell 85% stake in fintech spin off Cobase to Alpha Group

UK-based Alpha Group is to acquire 85% of Cobase, an ING-nurtured fintech that enables corporates to manage their banking relationships, accounts and transactions in one interface.

Cobase was founded in 2017, with €7.5 million in funding from ING Ventures after the concept was successfully proven in an ING Accelerator program. In June 2020, the firm raised an additional €10 million with the support of Nordea and Credit Agricole.

The fintech’s multi-banking platform allows users to view all their balances and transactions in one place, initiate payments, and perform actions related to cash management or corporate treasury.

Since its inception, ING has maintained a strategic relationship with Cobase with wholesale banking relationship managers offering the Cobase product to their mid-corp clients.

With a team of 30 staffers, Cobase has grown to over 100 clients and has revenues of over €2 million per year.

London-listed Alpha Group combines consultancy with technology to help international corporates manage FX risk management, global accounts and payments.

Jorge Schafraad, CEO and founder of Cobase, says of the transaction: “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 were not disclosed.

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