JZCP sells Fidor Bank stake to BPCE for $34.3m

Fidor's other shareholders sold their shares to BPCE as well – this includes the 10% stake owned by XAnge, the only French VC that backed the company. The total purchase price for Fidor was not disclosed. Founder and CEO Matthias Kröner will continue to hold a minority stake.

JZCP stated that during its holding period Fidor's loan book tripled and customers holding accounts increased more than sixfold. Fidor claims to have 350,000 members and 120,000 customers in Germany and the UK, where it launched last September. The business hopes to enter other European markets in the coming months.

Previous funding
JZCP invested $18.4m in Fidor in August 2013 through its EuroMicrocap Fund 2010. In November that year, Life.Sreda invested an undisclosed sum in the startup. XAnge had also backed Fidor with a €3.5m investment.

Company
Founded in 2009, Fidor bank is a provider of checking accounts and savings bonds, online savings certificates and investment opportunities in foreign currencies or precious metals and various credit services. The company is headquartered in Munich, Germany.

People
JZ Capital Partners – Miguel Rueda (senior partner).
Fidor Bank – Matthias Kröner (CEO).

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