Already a major player in the buy-now-pay-later sector with its Swissbilling subsidiary, Cembra Bank acquires two bill payment solutions companies.
Cembra Bank, a consumer credit specialist, completed the purchase of Swiss companies Byjuno and Intrum Finance Services, fully consolidating them with immediate effect, according to a statement Tuesday.
Cembra announced the purchase of 100 percent of Byjuno and its sister company Intrum Finance Services at the end of September. Cembra plans to merge Byjuno with its subsidiary Swissbilling, intended to create a «leading provider of invoice payment solutions» and create attractive offerings for on- and offline purchases in Switzerland.
According to earlier statements, Cembra paid 60 million Swiss francs for the company, with the acquisition another step towards expanding its embedded finance product offering and «buy now, pay later» (BNPL) business.
1,200 Store Collaboration
Byjuno and Intrum Finance Services' offerings to approximately 1,200 merchants in Switzerland will continue, with customers benefitting from a broader range of products and services. Cembra and seller Intrum AG also agreed to cooperate in the area of BNPL for collection and credit information.
The CEO role of the combined company is current Byjuno CEO Christian Stolz, and Jean-Christophe Calmes, while the current Swissbilling CEO, takes over as deputy CEO.
The bank has ambitious plans for the segment. The acquisition is expected to make a positive contribution to net income and generate an additional net profit of at least 6 million francs annually beginning next year. Integration costs through the end of 2023 are estimated between 4 to 5 million francs.
Cembra aims to achieve a net profit between 10 to 20 million francs in the bill payment solutions business by 2026.
