Natech secured €21m through RRF

Natech’s secured an RRF investment, with a total budget of €21.2 million, aiming towork on the digital transformation, upgrading, expansion and diversification of the company’s systems as well as offered services. In particular, the company aims to develop its business model to penetrate the market of smaller financial institutions  non-banking ones, 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 (RRF) 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, with the utilization of loan funds, amounting to €10.6 million, from TAA resources, and loan funds, amounting to €6.4 million, from the Bank Piraeus. The remaining 20% of Natech’s investment project, amounting to €4.2 million, 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”, Mr. Thodoros Skylakakis, said: “The Recovery and Resilience Fund supports financial, investment plans of small and medium-sized 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 Governor of the Special Coordination Service of the Recovery Fund, Mr. 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 S.A., Mr. Thanasis Navrozoglou, emphasized: “Thanks to the utilization of RRF resources, we are enabled to move to the implementation phase of our investment plan. Natech’s Digital Transformation will contribute to upgrading, expanding and diversifying our systems, as well as attracting specialized executive human resources to the region.” The Vice President & Financial Director of Natech SA, Mr. Dimitrs Navrozoglou, hihgligted: “To be able to achieve the product and geographical expansion of the company, significant resources are required. In this direction, we managed, among others, to secure significant financing through the RRF from Piraeus Bank, a fundamental supporter of investments with macroeconomic power, on a trajectory of dynamic and long lasting development”. The Corporate Finance Manager of Natech SA, Mr. Georgios Pantazis, added: “The recovery fund is an important financial and development tool for Natech. We would like to thank Piraeus Bank for the smooth completion of the transaction and the channeling of the fund’s resources, emphasizing on fast execution both during the approval process and the contractualization of the transaction.”

The Executive General Manager, Chief Corporate & Investment Banking of Piraeus Bank, Mr. 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 goals 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. Possessing the know-how, Piraeus Bank is consistent in its commitment to make a substantial contribution to the reconstruction of the production model and to the strengthening of the country’s development prospects, with investments that contribute to the modernization of Greece.