HeavyFinance is pleased to announce a partnership with Multitude Bank, a core subsidiary of the Nordic region listed FinTech, Multitude Group.
Via a debt-asset securitization deal, Multitude Bank will reportedly invest EUR 14 million in loans for small and medium-sized agricultural businesses to support their “transition to sustainable farming practices.”
The investment is secured by a portfolio guarantee of up to EUR 10.5 million provided by the European Investment Fund (EIF).
The funds will be distributed among more than 500 European agricultural businesses, enabling them to “adopt and expand their sustainable practices.”
Alain Nydegger, CEO of Wholesale Banking at Multitude said the collaboration with HeavyFinance is emblematic of their mission of addressing climate change.
Laimonas Noreika, CEO of HeavyFinance predicted the two firms will help hundreds of small and medium sized farms advance their sustainability.
Multitude Bank plans to begin investing in loans “originated by HeavyFinance from December 2024, with full deployment of the EUR 14 million expected by the end of 2025.”
Antti Kumpulainen, CEO of Multitude Bank said:
“We are honoured to partner with HeavyFinance, a purpose-driven climate tech company dedicated to transforming agriculture and achieving their ambitious goal of removing one gigaton of CO2 emissions by 2050. This collaboration not only furthers HeavyFinance’s growth in customer base and geographic reach but also amplifies awareness of ESG priorities.”
Multitude’s Wholesale Banking division continues to deliver performance, showcasing “significant growth in 2024.”
Established as an independent unit in January 2024, it has positioned itself as a “high-growth enabler in the institutional finance space.”
The Wholesale Banking portfolio grew year-on-year, rising by “179% from €40.5 million at the end of 2023 to €112.9 million as of Q3 2024.”
Currently active in seven European countries, the division serves “a diverse client base, including Fintechs, SMEs, and payment institutions.”
It has expanded its payment solutions, “enabling real-time payments in SEK and EUR for institutional clients.”
