Advent International Buys Bulgarian Bank
Private equity firm Advent International has completed its acquisition of tbi bank, a fast-growing Bulgarian challenger bank. The deal highlights sponsor appetite for tech-enabled financial platforms in Central and Eastern Europe, targeting scalable customer bases and high-margin digital lending models.
The seller was consumer lending group 4finance Holding S.A., which had owned tbi since 2016. Under 4finance, tbi bank's assets grew nearly tenfold as it repositioned into a digitally-focused challenger bank. The deal, first announced in April 2025, received final regulatory approval from the European Central Bank (ECB) in mid-February 2026. Advent International has a history of investing in the Central and Eastern European region and specifically in the financial services sector. Their portfolio includes investments in Addiko Bank, a consumer and SME-focused bank in the region, and Nubank, a large digital bank in Brazil. This acquisition marks Advent's fifth major deal in Bulgaria. tbi bank operates in Bulgaria, Romania, and Greece, with a customer base of 2.7 million. The bank issued over 1 million loans in 2025 and partners with over 38,000 merchant stores for its point-of-sale financing solutions. For the first half of 2025, tbi reported a net profit of 50.66 million levs ($30.8 million). The acquisition is part of a broader trend of consolidation and M&A activity within the Bulgarian and European banking sectors. With Advent's backing, tbi plans to further invest in its digital capabilities and expand its partnerships with merchants across Southeast Europe.
