Banqup Group prepares an €11.5 million disposal in the Balkans, with net debt of €56.3 million
Banqup Group stated on 12 November 2026 that it is finalising this disposal, while its net financial debt stood at €56.3 million as of 30 September 2026, against cash of €2.0 million excluding restricted cash. The group specifies that its financing requirements constitute a key consideration of the ongoing transactions.
Four countries and €9.3 million in revenue in 2025
The transaction covers all shares of Unifiedpost CEE SIA. This company holds the group's interests in its operating companies in Serbia, Bosnia and Herzegovina, Slovakia and Croatia, as well as the eFaktura World platform.
The buyer is the group's long-standing local partner, together with local investors. It already holds the remaining 25% of the group's main Serbian operating company.
In 2025, this scope generated revenue of €9.3 million and adjusted EBITDA of €1.3 million, with 82 full-time equivalents. According to the press release, the business would continue under local shareholding, with the management team that developed it.
A price staggered until 2031, €5.5 million net at completion
The price is set at €11.5 million for 100% of the shares, corresponding to the equity value of the group's interests. It is split between €7.7 million for the 67.2% held by Banqup Group and €3.8 million for the 32.8% held by its Estonian sub-holding Financial Automation Solutions OÜ.
Banqup Group would receive €6.0 million at completion and shortly thereafter, then the balance in two annual instalments, secured by a pledge over shares of Unifiedpost CEE SIA. The shares held by Financial Automation Solutions OÜ would be transferred within 30 months of completion, the price to be paid in full no later than 31 December 2031.
Prior to completion, Banqup Group would buy the 51% interest in Unifiedpost d.o.o. (Zagreb) for €0.5 million, so that the Croatian electronic activities remain within the group. The transaction would generate a net cash flow of €5.5 million at completion and shortly thereafter, of which €2.0 million would be allocated to repaying a bank credit line.
Signing subject to Serbian approval, reinforced financing
The parties are finalising the share purchase agreement. Signing and completion of the first tranche are subject to formal authorisation from the Serbian competition authority, which the group expects shortly.
This disposal is part of the strategic simplification plan announced on 15 June 2026, under which Lazard has been mandated to seek buyers for one or more divisions, or for the group as a whole, as well as financiers. The board of directors is evaluating the non-binding offers received for each component of the business.
Banqup has also obtained an additional line of up to €10.0 million from its senior lender Francisco Partners, of which €9.0 million has been drawn under the senior debt facility, and benefits from shareholder loans of €8.8 million.
Part of this financing covered the non-recurring costs of a restructuring that brought development resources to the level needed to maintain the existing product range.
According to the press release, the documents business contributes positively, by year-end, to monthly net cash flow after investments, while the payments business remains cash-consuming, mainly due to insufficient volumes.
