Intrum - comment

The sale of its Swiss BNPL start-up Byjuno to rival Cembra Money is not a major event for Intrum, but it’s interesting that the transaction involves the transfer of its €18m book at par. We do not know how Cembra are able to structure their transaction and if any discount is instead reflected in the €60m purchase price of the business. But on balance the transaction could be positive. Intrum are separately gaining a service contract for future BNPL delinquencies.