Piraeus Bank proceeded to finalize the financing of Natech SA. (“Natech”) using resources of the Bank and the Recovery and Resilience Fund, within the framework of the National Recovery and Resilience Plan “Greece 2.0”.
Natech is a banking systems for financial institutions and large organizations, combining over 30 years of first-generation management experience with the fresh ideas of business and development teams. Among the top 35 banking platform vendors globally, offer customer-centric financial solutions products based on simplicity, flexibility and technological innovation. Recently started utilizing SaaS (Software as a Service) & BaaS (Banking as a Service) models for certain products with promising results significantly reducing the servicing costs and standard delivery services, resulting in time and cost efficient solutions.
Natech’s investment project, with a total budget of 21.2 million euros, concerns the digital transformation and the upgrading, expansion and diversification of the company’s systems as well as its offered services. In particular, the company with the funded project aims to develop its business model in order to penetrate the market of smaller financial institutions as well as non-banking customers, providing services related to software license sales, transaction services, innovative digital banking products and services with the use of emerging cutting-edge technologies, as well as access to digital banking services.
The investment is part of the Digital Transformation pillar of the Recovery and Resilience Fund (REF) and seeks to contribute to the fulfillment of the relevant objectives of the National Recovery and Resilience Plan.
The financing of the project includes the granting of a long-term loan, totaling 17 million euros, with the utilization of loan funds, amounting to 10.6 million euros, from TAA resources, and loan funds, amounting to 6.4 million euros, from Piraeus Bank. The remaining 20% of Natech’s investment project, amounting to 4.2 million euros, will be covered by the company’s own funds.
The Deputy Minister of Finance and responsible for the National Recovery and Resilience Plan “Greece 2.0”, Theodoros Skylakakis, said: “The Recovery and Resilience Fund financially supports investment plans of small and medium enterprises. In particular, projects with high added value, with quality characteristics such as those of innovation and extroversion. Its loan component is the largest financial instrument that Greece has ever had and has attracted the interest of investors, thanks to the fast track procedures and the favorable lending conditions (fixed interest rate of 0.35% for micro and small businesses and 1% for medium and large) that provides. Already, the total budget of the projects that have been submitted to it exceeds 12 billion euros, and of these, more than 3 billion euros concern small and medium-sized enterprises.
The Commander of the Special Coordination Service of the Recovery Fund, Nikos Mantzoufas, pointed out: “With the support of the loan arm of the Recovery Fund, an innovative Greek company based in Ioannina will be able to upgrade and expand its systems to offer advanced technological solutions for financial services, and to further strengthen its extroversion by penetrating new international markets”.
The President & CEO of Natech SA, Athanasios Navrozoglou, emphasized: “Thanks to the utilization of TAA’s resources, we are allowed to move to the implementation phase of our investment plan. Natech’s Digital Transformation will contribute to upgrading, expanding and diversifying the systems, as well as attracting specialized executive human resources to the region.” The Vice President & Financial Director of Natech SA, Dimitrios Navrozoglou, underlined: “In order to be able to achieve the product and geographical expansion of the company, resources are required. In this direction, we managed, among other things, to secure significant financing through TAA from Piraeus Bank, a fundamental supporter of investments with macroeconomic power, on a path of dynamic and durable development”.
The Finance Manager of Natech SA, Georgios Pantazis, added: “The Recovery Fund is an important financial and development tool for Natech. We thank Piraeus Bank for the smooth completion of the transaction in question and the channeling of the fund’s resources, emphasizing the speedy execution both during the approval process and the contractualization of the transaction.”
The Executive General Manager, Chief Corporate & Investment Banking of Piraeus Bank, Theodoros Tzouros, underlined: “The financing of Natech’s business plan is a key pillar of Piraeus Bank’s strategic choice to support and finance investment projects with clear and pioneering results in the direction of the Digital Transformation of the Greek economy, which contribute decisively to the fulfillment of the relevant objectives of the National Recovery and Resilience Plan “Greece 2.0”. Piraeus Bank is a pioneer, both in the development of digital products and services and in the strengthening of business plans aimed at the modernization of Greek businesses, the development of investments aimed at digitization, the use of new cutting-edge technologies and the exploitation of the benefits of the fourth industrial revolution. Possessor