Avida Finans AB (publ) (“Avida”) in which certain funds and accounts managed by KKR Credit Advisors (US) LLC and its affiliates are the majority shareholders, has agreed to enter into an exclusive agreement to negotiate a long-term alliance with the loyalty company partnership established by Norwegian and Strawberry. The alliance, which is subject to the satisfaction of certain conditions, will develop next-generation financial services for more than 7 million loyalty program members, with Avida - a high-quality financial services provider - as the preferred financial partner.
Upon completion of this and related transaction, Avida will become an approximately 2% shareholder in the loyalty company, while the loyalty company owned by Norwegian and Strawberry will become an approximately 11% shareholder in Avida.
“This new alliance with Norwegian and Strawberry’s leading loyalty company will be a game changer for the members of their loyalty programs and for Avida. Integrating Avida’s services into the newly formed platform will over time provide members with seamless access to a range of embedded financial services catering to the need of the individual customer”, says Tine Wollebekk, CEO of Avida.
“Avida is a perfect fit long-term partner to bring our newly announced collaboration with Strawberry to the next level. Avida, as headed by Tine Wollebekk and with substantial KKR backing, has industry leading competence and access to growth capital and will provide a range of attractive services and benefits to all our loyalty program members throughout the Nordic countries. This also marks the start of inviting several additional partners to become part of our joint loyalty ecosystem,” said Christoffer Sundby, Chief Marketing & Customer Officer at Norwegian.
Avida, headquartered in Stockholm and in which certain funds and accounts managed by KKR Credit Advisors (US) LLC and its affiliates are the majority shareholders, offers financial solutions and services to private individuals and corporates in Sweden, Norway, and Finland. Avida is a privately held Financial Services company regulated under the Swedish FSA. As an entrepreneurial niche player Avida has excellent prerequisite for creating the next generation of embedded financial services together with Norwegian and Strawberry Loyalty company for private individuals in the Nordics.