Alpha Bank announces the 100% acquisition of Flexfin and its subsequent merger with ABC Factors to create the most innovative factoring company in Greece.
Flexfin is the first fintech company active in the provision of factoring services in Greece and Cyprus, specializing in liquidity solutions tailored to small and medium-sized businesses. Through its innovative platform, which offers convenience, speed, flexibility and transparency, Flexfin has established itself as a benchmark for SME financing. Through its innovative transaction platform the Company simplifies the financing process for its Customers, helping them better manage their receivables, through features such as ledger automation, cash flow forecasting and early warning of payment delays.
The strategic merger of ABC Factors – the most historic factoring company in Greece with extensive experience and market leadership – and Flexfin, marks the start of a new era for the sector. The significant synergies that will be created demonstrate ABC Factors’ commitment to providing Customers with modern, innovative and streamlined financing solutions that meet their evolving needs.
Facilitating SME access to liquidity is a key strategic priority for Alpha Bank. The acquisition and subsequent merger of Flexfin with ABC Factors represents a decisive step towards this goal. By focusing on SME financing – a crucial pillar of the Greek economy – the merged Company aims to make a significant contribution to enhancing SME growth, extroversion and job creation.
The integration of Flexfin and its founders D. Vranopoulos and A. Kelaiditis into ABC Factors, is expected to create the strongest pillar in the factoring sector, with plans to support more than 4,500 small and medium-sized businesses and a financing portfolio exceeding EUR 1 billion in the coming years.
Alpha Bank Group CEO Vassilios Psaltis said: “Our goal at Alpha Bank is to constantly evolve, by providing our Customers with cutting-edge services and enabling progress for Greek entrepreneurs and businesses. We are delighted to welcome Flexfin and its founders, Dimitris Vranopoulos and Alex Kelaiditis, into our Group. Through the merger of ABC Factors and Flexfin, we are creating the most innovative factoring company in Greece, with the ability to offer an innovative digital service platform and to create new growth opportunities, particularly for SMEs“.
Acting as advisors to Alpha Bank in this transaction were AXIA Ventures Group as exclusive financial advisor, Sardelas Petsas law firm as exclusive legal advisor and
PricewaterhouseCoopers as exclusive tax advisor. Due diligence was conducted by PricewaterhouseCoopers and Sardelas Petsas law firm.
Flexfin Founders Bios
Born in 1980, Dimitris Vranopoulos is one of the pioneer startup angel investors in Greece, and in addition to founding Flexfin in 2017, he has completed more than 20 different investments in the space. Between 2008 and 2012 he was an Executive Director in the European sales team – Securities Division at Goldman Sachs, where he developed portfolio and risk management solutions, primarily for banking institutions and asset management companies. From 2001 to 2004 he worked in investment banking at Salomon Smith Barney / Citigroup in London, specializing in M&A across multiple sectors. He holds a BSc in Economics from the London School of Economics and an MBA from Columbia Business School.
Before founding Flexfin, Alexandros Kelaiditis (born in 1980) worked as the Chief Investment Officer at Dolphin Capital Opportunities, an investment company specializing in the hotel sector with more than 100 million euros under management. He has more than 10 years of experience in investment banking having worked at Goldman Sachs and UBS, where he was responsible for client relationships in Greece and Cyprus. During this time, he was involved in a number of flagship transactions, such as the privatization of the Hellenic Telecommunications Organization (OTE), as well as numerous capital increase and M&A transactions, including the acquisition of Shell Hellas by Motor Oil and the issuance, for the first time by the Hellenic Republic, of bonds tied to inflation. Alex graduated summa cum laude in Economics from Amherst College.