Leading global private equity investor Advent to acquire TBI Bank EAD, South-East Europe’s leading tech-enabled challenger bank, from 4Finance Holding S.A. The transaction is subject to customary regulatory approvals and is expected to close in Q4 2025. The total value of the consideration exceeds 2024 year-end book value, with more than 75% of this cash consideration paid at closing and the balance covered by an earnout over the following 18 months.
4finance Holding S.A. (the ‘Group’ or ‘4finance’), one of Europe’s largest digital consumer lending groups, has entered a definitive agreement for the sale of TBI Bank EAD (‘tbi’) via its subsidiary TBI Financial Services B.V. to Advent, a leading global private equity investor, according to a press release.
tbi is a rapidly growing and highly profitable South-East European tech-enabled challenger bank that is evolving from an embedded finance model into a broader ecosystem integrator. tbi is already playing a key role in the convergence of merchants and consumers in its markets with its one-stop mobile-led financial and lifestyle proposition.
tbi is present in 32,000 merchant partner check-out points in its main markets of operation, Bulgaria, Romania and Greece, helping more than 2.4 million customers finance their desired purchases, utilizing its award-winning app. In 2024, tbi continued to show strong financial results with a record net profit of EUR 50m, 18% higher year-on-year based on audited consolidated financial results, whilst maintaining strong liquidity and capital positions.
As a global financial investor with local experience, Advent is well positioned to partner with tbi’s management team to support its strategic growth plan. Advent’s investment approach is based on in-depth sector knowledge, combined with a strong team of seasoned industry executives and functional advisors. Advent has built a strong track-record of investing across the banking and financial technology sectors, including investments in Nubank (Brazil), KreditBee (India), Aareal Bank (Germany), Yes Bank (India) and Addiko (Austria).
Key stakeholder comments
Kieran Donnelly, CEO, 4finance, commented: “Back in 2016 we bought a small, traditional bank and we began the journey to grow and transform the business. tbi’s rapid growth as part of 4finance has been the result of a relentless focus on customers and a ground up digitization of banking. We know the role of the challenger and are happy to have made a real impact across Bulgaria, Romania and Greece. I want to thank the management team for what they’ve developed and wish them and Advent every success as they continue the journey.”
Petr Baron, CEO, TBI Financial Services B.V., commented: “The tbi team and I are very excited to start a new chapter in our journey toward becoming a leading regional challenger bank. The support of Advent will unlock significant opportunities for us to accelerate the execution of our strategy and enhance the way we serve our clients. We are proud of what we have accomplished so far, and we are grateful to Advent for their trust and confidence in us. We extend our sincere thanks to all team members at tbi, Advent, and 4Finance, as well as to all the advisors who have worked tirelessly to bring this transaction to realization.”
Ranjan Sen, Managing Partner, Advent, commented: “4finance developed tbi into a digital-first, agile and customer focused organisation. We have a shared vision for helping to shape the future of banking and are excited to partner with the management team to support them as they continue to scale and provide innovative solutions for customers.”
Banking 4.0 – „how was the experience for you”
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