This move wasn’t particularly surprising, as it was known that the company had the option to increase its ownership after three years of holding (first investment made in 2021). The exact ownership percentage and purchase price were not provided in the press release, which limits the ability to assess the sensibility of the deal. However, Sortter’s development has been strong and it seems like a good company in its own right. I will need to ask the company more specifically tomorrow in connection with the results about the operating model going forward with Sortter and what synergies are being sought. But indeed, it’s an interesting setup for a lender to also own a comparison platform. The company likely gains valuable data on competitive dynamics, and they capture at least a slice of the value even if the end-user chooses another lender’s loan. In a sense, this diversification of income is also represented by the Lea Bank ownership, through which the company gets more exposure to prime loans.
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