November 23 (SeeNews) - Germany-based Varengold Bank said on Friday that it has commenced operations in Bulgaria.
"We are extremely pleased with the first partnerships we built in Bulgaria, and we are sure that they are the first step towards the expansion of our business in Southeast Europe," Frank Otten, member of Varengold Bank's management board, said in a statement following the opening of Varengold's office in Sofia on November 22.
There is a large number of tech companies in Bulgaria, a lot of them with a solid growth potential, which, combined with the growth of the Bulgarian economy, makes the country suitable for being a major hub for the bank's expansion in Southeast Europe (SEE).
Varengold Bank specialises in the so-called Marketplace Banking, which includes financing non-banking institutions providing innovative fintech solutions.
The lender expects a strong expansion of financial technologies both globally and in SEE.
"We will support those pioneers with our products in order to help them scale up their businesses," Sergey Panteleev, general manager of Varengold Bank's Bulgarian branch, said.
According to data from Bulgaria's commercial register, Varengold Bank has set up its branch in Sofia in May.