Finzia Securities delivers first multi-exchange securitisation for digital banking innovator
Milestone Achievement: €10M First Tranche Listed Across Three European Exchanges
We’re proud to announce the successful launch of our first multi-listed note under a groundbreaking €1 billion programme for Finmo Credit and Leasing. This milestone represents not only Finzia’s debut as listing agent for multi-exchange instruments, but also demonstrates our commitment to making sophisticated capital market solutions accessible to ambitious mid-market enterprises.
The Client: Finmo & Paysera’s Digital Banking Vision
Finmo Credit and Leasing SH.P.K. operates as part of Paysera, a forward-thinking fintech company actively transforming into a fully-fledged digital bank in Kosovo. With a completely digital banking model, Paysera delivers innovative solutions that seamlessly align with the evolving needs of both consumers and businesses.
Powered by an integrated core system managed by Paysera International Group, the platform ensures flawless banking operations and streamlined maintenance. Additionally, Paysera provides comprehensive merchant services, including Buy Now Pay Later (BNPL) and e-commerce solutions.
Accessibility as a core principle: Paysera distinguishes itself through its unwavering focus on affordability and reach, featuring a specialized ATM network and minimal transaction costs for both customers and merchants.
The Structure: A Compelling Proposition
The issued notes offer an attractive 5.5% annual coupon and are accessible through international clearing systems. What makes this launch innovative is the strategic multi-exchange listing:
- Frankfurt Stock Exchange
- Stuttgart Stock Exchange
- Vienna Stock Exchange
This broad listing not only enhances liquidity but also opens the instrument to a diverse range of institutional and retail investors across multiple European markets.
Technical Specifications
Instrument Identifiers:
- ISIN: CH1478430445
- Valor: 147843044
- WKN: A4EF4T
- Common Code: 317028270
- CUSIP: L37021AV1
Programme Details:
- Annual Coupon: 5.5%
- First Tranche Size: €10 million
- Total Programme Size: €1 billion
- Clearing Systems: Clearstream, Euroclear, SIX SIS
Our Role: End-to-End Securitisation Management
As an independent Luxembourg-based organization, Finzia Securities specializes in managing and monitoring securitisations, covered bonds, and structured financial instruments. For this transaction, we provided comprehensive support across every phase:
Setup & Structuring
- Coordinated legal documentation for issuance and listing
- Structured the instrument for optimal market acceptance
- Facilitated multi-exchange listing strategy
Ongoing Management
- Full management services throughout the instrument’s lifecycle
- Continuous communication with all stakeholders:
- Paying Agent (Bond Capital House GmbH)
- Exchanges (Frankfurt, Stuttgart, Vienna)
- Investors and debtholders
- Rating agencies and regulatory bodies
Regulatory Compliance
- Ensured adherence to European Medium-Term Facility (MTF) requirements
- Coordinated with multiple exchange regulators simultaneously
- Maintained compliance across three jurisdictions
What Makes This Transaction Unique
Multi-Jurisdiction Expertise
Simultaneously listing on three exchanges requires deep knowledge of each market’s specific requirements. Our Luxembourg base, combined with established relationships across European exchanges, enabled seamless execution.
SME-Focused Approach
While major investment banks typically focus on billion-euro mega-deals, Finzia deliberately serves small and medium-sized enterprises. This niche approach combines technical sophistication with practical execution, bringing capital market solutions typically reserved for corporates within reach of ambitious growth companies.
Digital Innovation Meets Traditional Finance
This transaction bridges two worlds: Paysera’s cutting-edge digital banking platform and the established infrastructure of European capital markets. It demonstrates how fintech innovators can access traditional funding sources while maintaining their agile, technology-first approach.
The Facilitator: Bond Capital House
Bond Capital House GmbH (BCH) played a crucial role as both Paying Agent and Listing Agent. Their expertise in cross-border securitisations and extensive network within European exchanges made the simultaneous three-exchange listing possible. The bond is eligible for clearing and settlement through Clearstream, Euroclear, and SIX SIS, ensuring maximum accessibility for investors.
Market Impact & Industry Trends
This launch signals several important developments in European capital markets:
1. Democratization of Capital Access
Mid-sized fintech companies increasingly access institutional financing previously reserved for established financial institutions.
2. Multi-Exchange as Standard
Strategic listings across multiple exchanges enhance liquidity and investor reach, becoming the new baseline for ambitious issuers.
3. Digital Banking Expansion
As challenger banks scale in emerging European markets, they require sophisticated funding structures to fuel growth.
4. Luxembourg’s Evolving Role
The Grand Duchy strengthens its position as the hub for innovative financing structures, particularly in securitisation and structured finance.
Looking Ahead: €1 Billion Programme
With a total programme ceiling of €1 billion, Finmo (through Finzia) now has the infrastructure in place to execute on its growth ambitions. This initial €10 million tranche is just the beginning. As Paysera’s digital banking activities expand in Kosovo and beyond, additional tranches under the programme can be issued efficiently, leveraging the established structure.
For Finzia Securities, this project represents a significant reference case. It demonstrates our capability to:
- Handle the technical complexity of multi-exchange listings
- Manage the complete chain from structuring to ongoing administration
- Deliver tailor-made solutions for ambitious mid-market clients
- Navigate multiple regulatory frameworks simultaneously
Our Commitment to Clients
This successful launch reaffirms our mission: making sophisticated securitisation solutions accessible to enterprises that traditional providers often overlook. We combine:
- Technical Excellence – Deep expertise in structured finance
- Practical Execution – Focus on what works, not just what’s possible
- Client Partnership – We succeed when our clients succeed
- Digital Innovation – Integrating Web 3.0 solutions (blockchain, tokenization) into traditional structures
Whether you’re a fintech scaling across borders, an SME seeking growth capital, or an established player optimizing your financial structure, we’re here to deliver tailor-made securitisation services that fit your specific needs.
Exchange Listings
Frankfurt Stock Exchange: View Listing
Stuttgart Stock Exchange: View Listing
Vienna Stock Exchange: View Listing
Get in Touch
Interested in exploring securitisation solutions for your organization? Our team is ready to discuss how we can structure a programme that aligns with your growth objectives.
Info@finzia-securities.lu
finzia-securities.lu
This case study is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Please consult with a qualified financial advisor before making investment decisions.