In the case of east-meets-west, Zurich-based Credaris is merging with Milenia which is based in western Switzerland near Lausanne.
With the aim to shake up the consumer credit market in Switzerland, Milenia will be 100 percent taken over by its competitor Credaris, according to an announcement (in German) on Thursday. The financial details of the deal were not disclosed.
Milenia continues to operate as an independent company under the management of its founder, Jérémie Monney, who will also be a member of the Credaris board of directors.
No Job Cuts
The merged company will employ 80 people in Zurich and Lausanne, with the merger offering synergies between the two companies, but no job cuts are planned. The annual volume of loans brokered amounts to around 400 million Swiss francs (415 million US dollars). Individually the companies are leaders in their respective language regions, but together will be able to have a national offering.
Milenia, founded in 2017, bills itself as the fastest-growing consumer lender in French-speaking Switzerland. Credaris was founded in 2014 as part of the Comparis Group and has become by far the largest intermediary for personal loans in Switzerland. In 2022, the company exited the Comparis Group via a management buyout, although collaboration with its former parent continued.
Old Acquaintances
The companies have been working together for five years. «Joining forces in a very competitive business is the logical continuation of a previously successful collaboration,» said Marc Hallauer, CEO of Credaris. «We expect substantial consolidation in the consumer credit intermediary industry, driven in particular by investment needs in technology, regulatory pressure, and age structure.»
