Banqup Group, a provider of integrated business communications solutions, has announced a package of strategic and financial measures including new shareholder funding, revised debt covenants with its senior lender and an agreement to divest its Baltic operations.
The company confirmed it has secured a subordinated shareholder loan of up to €6,0m from a consortium of existing investors, while also recalibrating the financial covenant framework attached to its senior facilities agreement with Francisco Partners. In parallel, Banqup has signed a share purchase agreement for the sale of its Baltic operations to Fitek Oü, following advance negotiations announced earlier in January.
The shareholder loan has been agreed with existing backers including SFPIM NV, Alychlo NV and PE Group N.V.. The currently subscribed amount totals €5,45m and is intended to support working capital requirements and the rollout of Banqup’s solutions in the French market. The facility is subordinated to Banqup’s existing senior facilities agreement.
Under the terms of the loan, the maximum principal amount is capped at €6,0m with a maturity date of 21 May 2027. The interest rate is set at 9.00% per annum and will be capitalised annually, with repayment structured as a bullet payment at maturity.
Voluntary prepayment is permitted, subject to a 3% fee if made within six months of signing. Subject to legal conditions and shareholder approval, the outstanding loan and accrued interest may also be converted into newly issued shares at defined conversion windows with a 10% discount to the applicable market price.
Alongside the funding, Banqup has agreed revised financial covenants with its senior lender. The updated framework includes a minimum liquidity requirement of €2,5m, quarterly ARR subscription revenue targets rising from €22,5m to €25,0m during 2026, a leverage ratio capped at 4.00:1.00 and a guarantor coverage test requiring at least 70% of quarterly digital recurring revenue.
The company has also signed an SPA with Fitek Oü for the sale of its Baltic operations. Completion of the transaction remains subject to regulatory approvals and is expected by the end of February 2026. The divestment is intended to strengthen Banqup’s balance sheet and allow management to focus resources on core digital services across key European markets.
Commenting on the announcement, Banqup CEO Nicolas de Beco said, “I am pleased to announce these important strategic and financial developments, which reflect the strong confidence our shareholders and financial partners have in Banqup’s transformation and growth trajectory.
“The shareholder loan strengthens our financial position at a pivotal moment, while the revised covenant structure provides enhanced flexibility to execute our strategy with confidence. Today’s signing of the Fitek SPA marks further progress in our portfolio optimisation strategy, enabling us to sharpen our focus on high-growth digital services markets. We remain committed to capitalising on the regulatory tailwinds driving e-invoicing adoption across Europe.”
Banqup offers cloud-based SaaS solutions to streamline transactions across the entire lifecycle, from e-invoicing and e-payments to tax reporting. Its platform offers purchase-to-pay, order-to-cash, e-invoicing compliance, and e-payments.
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