Fortnox acquires Capcito for SEK 320 million

Capcito, a Stockholm, Sweden-based software developer of a fintech platform providing automated B2B loans and financing, announced that it entered into acquisition agreement with the local accounting company Fortnox.

The deal was made in cash for 78% of the shares at a company valuation of SEK 410 million ($46.3M) and includes Capcito's two subsidiaries, including the Monto platform.

Capcito, founded in 2015 by Michael Hansen, Mattias Axlind, Henrik Dyberg and Niklas Möller, built a platform providing access to three forms of corporate financing: selling invoices, mortgaging invoices and corporate loans. Capcito's operations consist of automated lending and invoice financing to companies directly in established Swedish accounting programs, but above all they own and operate the Monto platform. Monto is a data-driven SaaS service that allows banks and other lenders to assess and monitor companies' creditworthiness in real time using data from leading business systems and banks. Monto is today an integrated solution in several established companies, the platform will be further developed with the help of data and insights from Fortnox's large user base.

During the financial year 2020, Capcito had net sales of SEK 24.5 million ($2.8M) and an operating profit of SEK -36.1 million. During the same period, Fortnox had net sales of SEK 693.7 million and an operating profit of SEK 265.4 million (with an operating margin of 38.3 percent). Capcito has raised more than $11 million, with investors including Schibsted Growth, Ventech, SEB Venture Capital and Collector Ventures, which lastly backed the company in 2019.