Incore Invest’s subsidiary Harmoney BidCo AB (publ) has successfully completed a EUR 130 million bond issuance under an established framework that allows an increase to EUR 200 million. The transaction attracted strong investor interest, and the proceeds will be used to further strengthen Incore Invest’s position in fintech through the acquisition of CoreOrchestration and its SaaS platform PaymentIQ.
Incore Invest has previously entered into an agreement to acquire CoreOrchestration AB from Worldline in a carve-out transaction. The acquisition is financed through a combination of capital from Incore Invest’s second fund and the EUR 130 million bond issuance, with DNB Carnegie acting as financial adviser and investment bank.
Following completion of the transaction, CoreOrchestration will operate as an independent standalone company. Incore Invest will support the business as an active, long-term owner, with a focus on accelerating product development and commercial growth.
“The strong demand for the bond demonstrates that capital continues to be attracted to high-quality SaaS assets with stable cash flows, clear business models and structural growth. Investors are more selective than in previous cycles, but companies with proven scalability and a clear position in the value chain are still viewed as highly attractive long-term investments,” says Nicolai Chamizo, Founder and CEO of Incore Invest.
Focus on scalable fintech platforms
The acquisition of CoreOrchestration is a central part of Incore Invest’s long-term fintech strategy: building a portfolio of category-leading platforms within payments, infrastructure and financial software.
“We invest in market-leading Nordic technology companies with strong products, international expansion potential and the ability to create significant value through operational development and geographic growth. The Nordic region is one of the world’s most advanced ecosystems, characterised by high digital maturity and innovative entrepreneurs. This is where we see companies capable of taking global positions. Through active ownership, industrial expertise and access to capital, we aim to support the next generation of Nordic fintech winners,” says Nicolai Chamizo.
Founded in 2014, CoreOrchestration generates approximately EUR 60 million in revenue, supported by solid growth and strong profitability. Its core product, PaymentIQ, is a SaaS-based payment orchestration platform that enables merchants to centrally manage, optimise and scale payment flows across multiple markets and payment service providers through a single integration.
About Incore Invest
Incore Invest was founded in 2021 by Nicolai Chamizo together with experienced industry specialists, with the ambition to support the next generation of fast-growing, technology-driven companies. The firm invests in fintech and B2B software across Europe, with a strong emphasis on the Nordic region. Its current portfolio includes Brite, Froda, Mynt and Kameo.
Incore Invest applies an active ownership model and works closely with founders, combining capital with operational experience, international networks and transactional expertise to create long-term value.
Contact
Nicolai Chamizo, Founder & CEO
+34 693 75 7000
nicolai@incoreinvest.com
www.incoreinvest.com