The Düsseldorf-based e-commerce group The Platform Group AG is expanding its extensive portfolio to include a financial platform.

On Monday, the group announced that it had acquired 50.1 percent of the activities of Cologne-based FirstWire GmbH. The company, founded in 2015, operates Firstwire, a "digital platform for B2B financing solutions" that counts well-known companies such as Vonovia SE, Grammer AG, TAG Immobilien AG and "individual municipalities in Germany" among its existing customers.

According to The Platform Group, the transaction is expected to be completed in January next year. The purchase price has been kept confidential.

Dominik Benner, CEO of The Platform Group AG, explained the reasons for the latest acquisition. "With FirstWire, we are making our first acquisition in the financial platform sector," he explained in a statement. "We are thus actively strengthening our service goods segment and plan to continue to actively acquire in this area in 2025. As part of our anti-cyclical investment strategy, we currently see good market opportunities."

This article originally appeared on FashionUnited.DE, translated and edited to English.

It was translated using an AI tool.