Singapore-based Private Equity firm The Huntington Group invests in Turkey’s Skor Veri Analiz Hizmetleri A.Ş.
Insurtech investment by Huntington in Skor Veri as it continues its growth strategy
Singapore/Turkey, 11th November 2019 — Skor Veri Analiz Hizmetleri A.Ş (“Skor Veri”), Turkey’s leading financial risk scoring company with a country-wide network, has announced that Singapore-based Huntington Group (“Huntington”) has made an investment in the firm. Following the transaction, Huntington will be Skor Veri’s largest institutional shareholder, whilst the company’s management will continue to manage and own a majority stake in the firm. Huntington’s Managing Partner responsible for Turkey, Ece Berkün, will be appointed to the Board.
“Skor Veri looks forward to partnering with The Huntington Group as we enter this exciting new stage of our growth strategy,” said Erdoğan Çiftcioğlu, Chairman of Skor Veri. “Huntington has a proven track record of investment success globally in our industry. Their market expertise will be a significant asset to Skor Veri as we move forward.”
“Skor Veri is one of Turkey’s leading financial risk scoring companies, with proven leadership, broad industry reach and operational strength,” said Gerard L Pennefather, CEO and Chairman of Huntington. “Skor Veri possesses disruptive technologies in the personal credit market space that could significantly change the way credit assessments are currently determined. The technology will bring a higher level of security, efficiency, risk management and reach to the market. We embrace the opportunity to work alongside Skor Veri in facilitating its growth trajectory and expansion.”
“Skor Veri is at the forefront of the changing financial landscape by providing credit access to the emerging and unbanked consumers in Turkey, with a real potential to expand its scope across the developing world, through its partnership with Huntington. The focus is to provide affordable bespoke credit solutions to the emerging consumer market with only a few clicks” said Ece Berkün, Manging Partner, Turkey.
This exciting Singapore-Turkey collaboration seeks to bring together the combined resources of the two companies focused on the democratisation of capital markets to better serve the underinsured and underbanked emerging consumer.
Financial terms of the transaction were not disclosed.
About Skor Veri Analiz Hizmetleri A.Ş.,
Skor Veri, Turkey‘s leading financial risk scoring company with a nationwide network was established in 2015, developing business and individual risk scores by adopting ‘cutting edge’ financial algorithms, initially focused on insurance-based offerings. The product is currently used ‘real time’ with Koru Sigorta Anonim Sirketi(“Koru”), wherein Skor Veri provides the financial algorithm’s used by Koru to insure and guarantee payments and receivables.
About The Huntington Group
Based in Singapore, Huntington and its associated companies form part of the family office of Gerard L Pennefather. It is an integrated strategic advisory/start-up capital and private equity firm focused on (re)insurance with investments in numerous companies in the sector globally.
Skor Veri Analiz Hizmetleri A.Ş.,
The Huntington Group
Gerard L Pennefather