German Varengold Bank Opens Office in Sofia
The German company Varengold Bank opened an office in Sofia. The branch in Bulgaria is part of the Bank’s expansion in Southeastern Europe. The Bank’s headquarters are in Hamburg, and in addition to Sofia, the company has only one other location outside Germany – in London.
Varengold Bank specializes in the so-called Marketplace Banking, a service to companies with difficult access to traditional bank financing. The company is focused on financing non-bank institutions providing fintech solutions – mostly companies offering peer-2-peer platforms. The bank model follows the forecast that this type of platforms will replace the current financing models for physical and legal entities. Varengold expects that the volume of this market in Europe will triple from the current EUR 3.8 billion by 2022 due to the rapid adoption of new technologies and the introduction of new regulations that make it easier for companies to attract customers.
The company’s office in Sofia is located in the headquarters of Eurohold Bulgaria, which holds a minority stake in Varengold Bank.
Varengold Bank was founded in 1995 as an asset management company and in 2013 received a bank license. Its shares are traded on the Frankfurt stock exchange, its assets are worth more than EUR 660 million and its equity totals EUR 28 million.
