Swedish Startup Space

He’s Buying His Company Back From Schibsted To Get A Fresh Start

Written by on October 4, 2016
Editors Note: This post is part of a series called Featured posts, presented by Breakit.

Fakturabörsen (The Facturing Exchange) transforms into Relenda when founder Roni Bicér buys his company back from Schibsted Media Group.

In 2011, Roni Bicér launched his company Fakturabörsen – a platform where small and mid-sized companies can sell their invoices to increase liquidity. Hedgefunds and investment firms buy the invoices as a substitute for putting money in the bank.

Despite being an early player in the Swedish fintech game, Roni Bicér feels that his company has landed outside of the startup spotlight.

“We have been somewhat forgotten as a fintech company. We are, as a matter of fact, Sweden’s firts P2P fintech company. We have sort of kept grinding and try to build a good service”, he says.

The company has operated at a loss every year so far, with 2015’s revenues ending at $400.000 and an operating loss of $670.000. To cover its losses the company has performed several emissions of new shares over the years.

Schibsted has steadily acquired a larger and larger part of the company and held around 80 percent of the shares – until now.

Roni Bicér has grown tired of sharing the ownership and is buying back the entire company to run it by himself.

“I felt that there are certain things that I want to do a little bit faster and different. Like changing the press strategy and be more visible, for example”, Mr. Bicér says. “I want to shift up a gear. That’s why we struck the deal.”

He’s planning to shift gears in more ways than one.

Among other things, he talks about acquisition plans and discussions of partnerships with banks. However, he does not want to share any details about the discussions. What seems evident is that he is planning to turn a profit already in 2016. He claims that the company is on track to – with a slightly longer fiscal year than usual – reach revenues of $1.2 million and profits of $350.000.

“We are also looking at launching our own Relenda investment fund for private individuals. So far, we have only allowed institutional investors to buy invoices. This is a way to change that. We are also looking to raise a $2.3 million series A round”, Roni Bicér says.

The company is also changing its name from Fakturabörsen to Relenda.

“We are getting out of the shadow now. A part of that is to relaunch with a more modern brand name”, Mr. Bicér says.

The parties has not disclosed any financial deals about the buyout. However, the company’s expected revenues and other transactions in the same industry indicates a valuation of $2-3 million.

Fakturabörsen raised a seed round 9 months ago in which the company was valued at around $1.2 million.

 

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