Case study

We advised BlackFin on its investment in financial start-ups

In November 2020, Grant Thornton Baltic conducted a limited financial and tax due diligence for the start-up company Modularbank, which offers customer-focused financial services as a next-generation banking platform.

Modularbank recently attracted 4 million euros from venture capital investors. The money will initially be used for business operations, including the opening of an office in the United Kingdom, as well as the expansion of operations in France, Germany, Austria and Switzerland. The company is headquartered in Berlin.

Our client, the venture capital firm BlackFin Capital Partners, was one of the investors who invested in Modularbank. Prior to BlackFin Capital Partners' investment decision, Grant Thornton performed limited financial and tax due diligence on Baltic Modularbank. The consulting project was led by partner Artur Suits, Kristjan Järve, Urzula Välb and Jaana Sild worked on tax issues, and financial advisers Ants Ansper and Rain Roball made great contributions.

BlackFin Capital Partners Michele Foradori, Investment Director stated that as usual in the start-up world, all processes take place quickly and so the schedule for due diligence was quite tight. "Nevertheless, Grant Thornton Baltic was able to smoothly involve specialists in various fields to form an advisory team that meets our needs. Our cooperation with the advisers went well and we highly appreciate their quick response ability and high quality work,” confirmed Michele Foradori.BlackFin-logo.png

 

 

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