Exit: HTGF sells givve shares to French Up group
Bonn, Munich — As the first seed investor in the Munich-based fintech startup givve, HTGF sells its shares to the French, internationally operating, Up group in a multi-million exit.
Founded in 2010, the sale will give the startup a much larger development opportunity in the financial services sector. As a technological market leader, givve has been able to generate enormous value development and win well-known customers since 2016.
givve: More than 250,000 card users in Germany
Fintech givve is already established in the employee loyalty market in Germany: More than 6,000 corporate customers use the givve cards. This works like a prepaid card that employers can use to reward their employees while also enjoying tax benefits for non-cash benefits. There are already more than 250,000 card users in Germany.
Up group offers loyalty programs, incentive and payment solutions, among others. The Up group employs more than 3,400 people. The parent company is a cooperative.
givve technology: machine learning and automated payment processing
Above all, the integration at the Up group offers givve greater opportunities for development. The technology developed in-house by givve includes automated payment auction matching processes that save staff capacity in payment processing. Moreover, these processes are constantly improving through machine learning.
Until now, givve technology has only been used in the area of employee retention. The Up group offers a much wider range of services, which opens up a greater variety of possible applications.
Up goup: New strategic investor
The acquisition by the Up group will not change anything for givve customers for the time being. And the brand will also be retained for the time being.
Patrick Löffler, Co-Founder and CEO of givve: “We couldn’t think of a better strategic investor than the Up group. Not only do they understand our business very well, they are also active in far more business areas than we are. givve will benefit greatly from this large network and the expertise it provides.”
HTGF: Seed investor recognizes technology’s potential early on
HTGF recognized the promising FinTech technology in givve at an early stage and sees the FinTech and blockchain sector as an increasingly significant and growing market with high development potential in the future.
Jens Baumgärtner, Investment Manager of HTGF: “The founding team has always convinced through the continuous pursuit of long-term and strategic business goals. The transaction comes at exactly the right time and opens up enormous opportunities for the team to grow even faster with their mature technology.”
The company was founded in 2010 by Patrick Löffler (CEO) and Alexander Klaiber (CTO). The givve prepaid credit card is the most flexible voucher in the world and can be used at more than 30 million acceptance points around the globe.
As a monetary additional benefit from the employer, the givve prepaid credit card is a smart way to increase wages. Companies have the option of providing their employees with tax-free benefits in kind amounting to 44 euros. With the givve card, which can be designed in the company’s corporate design, employees can use this amount as they wish. Thus, givve offers companies an advanced and sustainable tool for employee retention and motivation as well as for increasing employer attractiveness and is employee motivation that pays off. www.givve.com
About Up group
Up connects people, companies and regions by developing management, relationship and transaction platforms. Up develops integrated solutions that meet the needs of different partners, customers and users. Up facilitates access to food, culture, leisure, education, home care, social assistance, expense management, and incentive and loyalty systems through its solutions. With 3,465 employees and operations in 19 countries, Up is present in the daily lives of 26.6 million people worldwide. In 2017, total sales amounted to 494 million euros. Up is an independent group whose parent company is a cooperative and participatory company. www.up.coop