DZ BANK invests in receivables auction platform TrustBills
The acquisition of a 25 percent share interest in the Hamburg start-up founded in 2015 is the first strategic investment in a FinTech by DZ BANK in the corporate customer business.
TrustBills is an electronic marketplace for selling international receivables of companies to institutional investors. Its goal is to become an international receivables exchange for companies of all sizes with the participation of top global banks. “The cooperative financial network is strongly represented in the German medium-sized corporate sector (Mittelstand) that we would like to see on the platform” says Jörg Hörster, founder and managing director of TrustBills GmbH. “We are therefore very pleased to welcome DZ BANK on board as our first investor. We are currently holding talks with other potential partners to achieve coverage of other regions and also make investing in the attractive yet heterogeneous asset class of receivables as simple as possible for institutional investors and asset managers.” By selling receivables on TrustBills, corporate customers not only gain liquidity but can also sell their receivables without recourse and thereby free up more of their balance sheet. This sets TrustBills apart from comparable suppliers.
“For DZ BANK the share interest represents an important strategic step towards digitally strengthening the corporate customer business of the cooperative financial network in the face of growing competition and occupy a business segment of the next generation right from the start”, as Stefan Zeidler, Managing Director responsible for Corporate Banking, remarks on DZ BANK's investment. The international character of the auction platform was a key criterion for our investment in TrustBills particularly as the corporate customers of the cooperative financial network export worldwide. A further advantage of the company is the high security standards guaranteed by TrustBills and its associated computing centers as companies domiciled in Germany. “Our decision to invest at an early stage also gives us a structural and time lead”, adds Zeidler. “As shareholders we can exert influence on the further development of the company in the interests of the cooperative financial network.” The move has also met with a very positive response from the cooperative banks. “We expect our customers will use this offer. The participation in a phase in which we can help to shape the platform, comes just at the right time”, claims Andreas Mertke, Managing Director of Berliner Volksbank.
DZ BANK has invested a 25 percent share interest in TrustBills. The contracting parties agreed to maintain silence over the price. TrustBills is a FinTech founded in 2015 with its principal place of business in Hamburg. The founder is Maravon GmbH, a consulting firm focused on banks and securities exchanges and specialized in the digitalization of bank business models and financial market places.