Austria: Schoenherr advises fintech start-up Credi2 on investment from Volkswagen Bank

"Credi2 is another fintech start-up that we had the opportunity to comprehensively advise with our start-up and technology expertise," said Thomas Kulnigg, partner for technology & digitalisation at Schoenherr, specialising in venture capital transactions. "We are proud that we could support Credi2 on this key investment," he added.  

Credi2 is an Austrian fintech company founded in Vienna in 2015. In collaboration with banks, it develops and operates digital financial solutions for credit products. All steps such as customer onboarding, risk analysis, account management and dunning processes are managed with one tool and can be adapted to individual customer needs. The best-known Credi2 product for end users is cashpresso, a flexible credit line system.

Volkswagen Bank is part of Volkswagen Finanzdienstleistungen, an important branch of Volkswagen AG. The division also includes Volkswagen Financial Services AG and its associated companies, Porsche Financial Services as well as financial services companies directly or indirectly owned by Volkswagen AG in the US and Canada, except the Scania and Porsche Holding brands. Volkswagen Finanzdienstleistungen employs 16,267 individuals around the world, 7,010 of them in Germany alone. It has an annual balance of EUR 207.6 bln, an operative result of EUR 2.6 bln and a portfolio of about 20.3 m contracts.

The Schoenherr team advising on this investment was led by Thomas Kulnigg (partner, technology & digitalisation) and also consisted of Peter Feyl (partner, banking, finance & capital markets), Markus Piuk (partner, corporate/m&a), Clemens Gaugusch (attorney at law, corporate/m&a), Matthias Pressler (attorney at law, banking, finance & capital markets) and Maximilian Nutz (associate, corporate/m&a). Bernd Rajal (partner, regulatory), Nina Zafoschnig (associate, regulatory), Michael Woller (partner, ip & unfair commercial practices), Klaus Cavar (attorney at law, labour & employment) and Karin Pusch (associate, labour & employment) supported the team with their respective expertise.

Volkswagen Bank was advised by DORDA.