Volkswagen Bank increases stake in fintech Credi2 and launches new instant loan product
In order to strengthen cooperation with fintech buy now, pay later Fintech Credi2, Germany’s largest automotive bank, Volkswagen Bank, has increased its stake in the Viennese fintech from 20% to more than 28%.
Volkswagen Bank has held a stake in the company since 2019.
As part of its increased involvement, Volkswagen Bank has launched a new instant loan for private customers of Volkswagen Group car dealerships (VW, Audi, Skoda, Seat, Ducati). This allows merchants to offer their customers a fast and fully digital financing solution up to 12,000 euros. For partner merchants, this funding option translates to additional revenue potential and customer base expansion. The offer can be used for repairs, accessories or e-scooters – car financing is excluded.
“Our new instant loan is simple and the process from application to approval takes no more than 15 minutes. Customers and sales staff benefit,” says Volkswagen management spokesman Dr. Michael Reinhart Bank GmbH.
This is the second successful cooperation between the financial institution and the fintech, the first being FINANCE A BIKE in 2021. FINANCE A BIKE offers quick and easy bike financing at more than 1,000 bike dealers across the country. Germany.
Similar to FINANCE A BIKE, with the new Instant Loan, customers complete the fully digitized application process themselves in just minutes. This saves merchant partners time, valuable resources and paperwork, while the net loan amount is remunerated with a 0.5% commission.
Reinhart: “Our increased participation in Credi2 shows how satisfied we are with our cooperation. At the same time, we are taking another important step towards digitizing our business model and product portfolio. »