IFC invests in Collectius as new minority equity partner
Collectius, the leading Singapore-based pan-Asian pioneer in debt management have partnered with IFC, a member of the World Bank Group, to launch a US$60 million regional investment platform solely dedicated to acquiring and resolving unsecured debt in Indonesia, the Philippines, Malaysia, Thailand and soon Vietnam. IFC has also become a minority equity shareholder in Collectius, at a post money valuation of US$80 million, taking the company's total capital raised to USD$123 million over six years.
The new initiative is IFC's first in Asia and aims to sustain the financial stability of the economy by supporting regional banks to strengthen their balance sheets by outsourcing the management of their NPLs, assisting debtors with their credit requirements and rehabilitating the debtor's financial position. The collaborative IFC and Collectius NPL platform is expected to operate as a model for other investors, by way of demonstration increasing market competitiveness and integration.
Gustav A. Eriksson, Founder and CEO, Collectius expressed: "This is a momentous milestone in our journey as a company, and we are extremely proud to partner with IFC. The partnership strengthens our influence in the market and the capital increase means we can further support banks and finance companies that want to sell their NPL portfolios. Most importantly, the new platform allows us to not only assist individuals struggling with debt, but also move the industry towards higher standards in ethics and regulations."
With a shared vision of building and maintaining economic stability in the region, IFC's commitment as a minority equity shareholder in Collectius will see the two examining the industry with a view to designing best practices around debt monitoring and resolution to beneficially affect regulations in Asia.
Collectius is majority-owned by the two founders Gustav A. Eriksson and Ivar Bjorklund, with the remaining owned by Stena AB and Formica Capital.
Detailed press release can be viewed here: https://www.collectius.com/News.
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