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Musings on corporate finance, fund raising, capital markets and other matters

Case Study: €50 million Forward Flow Facility, AASA Global

In December 2017, Altimapa successfully secured a 5-year term, 50 million Euro financing for a AASA, a leading consumer lender operating in Finland, Sweden and Poland.

Company Background

AASA was set up in 2010 in Finland and provides instalment consumer loans in Finland, Poland and Sweden. The company uses an automated underwriting system and highly sophisticated scoring-algorithm to make real-time credit decisions. The data-driven underwriting allows our client to predict, optimise and manage the credit and return characteristics of the portfolio with a high degree of accuracy and is best-in-class in the industry.

Portfolio Growth

During the second half of 2016, the company underwent and internal reorganisation whereby a number of businesses were consolidated under a common banner. It also raised new equity, established an NPL forward sale program with a local player in Finland and raised local bank funding for its fast growing Polish business.

In early 2017 the company came back to the international debts markets to raise financing for supporting the continuing growth of its Finnish platforms.

The Solution

"We found communication and fundraising with Altimapa easy and efficient. We will be happy to work with them again in the future."
Founder and CEO

Altimapa worked with the company, managing discussions with international funders. A number of different solutions were offered. AASA elected to work with a consumer credit specialist who was able to commit to financing new loans through an off-balance-sheet securitisation structure. This was structured as a forward flow loan purchase agreement with costs and profits being paid back to the company.

The solution allowed the company to continue working with its current lenders, who had been key in supporting the company's growth but, also gave it the necessary visibility and stability of future funding.

Summary Terms


Amount €50,000,000
Tenor 5 Years
Type Forward Flow Loan Purchase Agreement