Multitude Bank Increases Stake in Lea Bank AB to 20.9%

Multitude AG, a European FinTech company, has increased its stake in Lea Bank AB to 20.9% through its subsidiary, Multitude Bank p.l.c. This move strengthens its position as the largest shareholder. The acquisition was completed following approval from the Swedish Financial Authority and involved five share purchase agreements.

This strategic increase in shares aims to bolster Multitude Bank's presence in the Nordic consumer finance market. Antti Kumpulainen, CEO, highlighted the potential for synergies and value creation. The acquisition, funded by internal liquidity, is expected to generate financial returns and enhance cooperation between the banks.

Lea Bank, founded in 2016, operates in consumer loans and deposit products across several European countries. With 50 employees, it serves over 70,000 customers and is listed on Nasdaq Stockholm.