PostFinance and GLKB join CredEx
PostFinance and Glarner Kantonalbank (GLKB) take a stake in the mortgage marketplace CredEx and thus become shareholders of Zurich Credit Exchange AG. PostFinance is also contributing its Valuu platform to CredEx.
Credit Exchange AG has gained two new shareholders, PostFinance and GLKB, according to a press release. The two banks will also sit on the company’s board of directors. Mobiliar and Swisscom from Berne, Vaudoise Insurance from Lausanne and Bank Avera from Wetzikon ZH are already represented on the board. Mobiliar and Vaudoise Versicherungen will also participate in the current capital increase.
The new shareholders want to help expand the mortgage marketplace CredEx. To this end, PostFinance will also contribute its comparison and closing platform Valuu to CredEx. Specifically, Valuu is to be transferred to the joint venture CredEx, as PostFinance explains in a statement. CredEx will then bundle the brokerage business under the Valuu brand and continue to operate the brokerage business.
GLKB is already a long-standing partner of CredEx. “Over the years, a unique settlement ecosystem has been developed together with GLKB, which has greatly contributed to CredEx’s success,” Andrea Canonica, CXO of Credit Exchange AG, was quoted as saying in the statement. “With GLKB’s rich experience in the fintech sector, I am convinced that we will also achieve similar milestones together on the financing side,” Canonica added.