Corsair Capital agrees deal for Nordic financial products business Axo

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Corsair Capital has agreed to pick up a majority stake in Nordic financial services products provider Axo.

The Norway-headquartered company, which was launched just over a decade ago, specialises in consumer credit and loan brokerage by partnering with banks in the region.

It aims to provide market-leading acceptance rates and terms for consumers, while adding value for its banking partners by lowering customer acquisition costs and broadening their reach.

A statement from Corsair managing director Derrick Estes and principal Edward Wertheim said, “As the market leading broker for unsecured consumer loans in its home market – and with great traction across the Nordics – Axo represents an exciting growth opportunity.”

Arctic securities served as exclusive financial advisor to Corsair and William Blair served as exclusive financial advisor to Axo.

Corsair, which spun out from JP Morgan in 2006, specialises in banking and financial services investments.

The firm had raised about $420m towards its $1bn-targeting latest private equity vehicle early last year, PENews reported at the time, citing unnamed sources.

Corsair closed its predecessor vehicle on about $775m in 2012.

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