In order to strengthen the cooperation with the buy now, pay later Fintech Credi2, Germany’s largest automobile bank, Volkswagen Bank, has increased its stake in the Viennese fintech from 20 percent to over 28 percent.
Volkswagen Bank has held a stake in the company since 2019.
As part of its increased involvement, Volkswagen Bank has launched a new instant loan for private customers in Volkswagen Group (VW, Audi, Skoda, Seat, Ducati) car dealerships. This allows retailers to offer their customers a fast and fully digital financing solution of up to 12,000 euros. For the merchant partners, this financing option results in additional earnings potential and an expansion of their customer base. The offer can be used for repairs, accessories or e-scooters - car financing is excluded.
“Our new instant loan is easy and the process from application to approval takes no more than 15 minutes. Both customers and the sales staff benefit from this," says Dr. Michael Reinhart, spokesman for the management of Volkswagen Bank GmbH.
This is the second successful cooperation between the financial institution and the fintech, the first one being FINANCE A BIKE in 2021. FINANCE A BIKE offers fast and uncomplicated bicycle financing in over 1,000 bicycle dealers across Germany.
Similar to FINANCE A BIKE, with the new instant loan customers go through the fully digitized application process themselves in just a few minutes. This saves merchant partners time, precious resources and paperwork, while the net loan amount is remunerated with 0.5 percent commission.
Reinhart: “Our increased stake in Credi2 shows how pleased we are with our cooperation. At the same time, we are taking another important step towards the digitization of our business model and product portfolio.”