Bcas, a Spanish fintech that pays for students' courses up front in exchange for a share of their future income, has bought Lendorse, a Berlin startup that offered the same kind of contract to international students at German universities. The deal was announced on 6 October 2026 and is Bcas's first acquisition and first market outside Spain.
Terms were not disclosed. Lendorse co-founders Bjoern Christian Wolf and Hannah Sharpe are joining Bcas to run its German business, which gives the Spanish company a local team that already knows the market's rules from day one.
Bcas said the purchase makes it the only European platform with live income share agreement (ISA) operations in both Spain and Germany at the same time.
What Lendorse built
Lendorse was founded in 2022 by Wolf, Evgenii Avdeev and Sharpe. Munich Startup reported that the company started in Munich; it later gave Berlin as its home. Its model covered tuition, visa deposits and living costs for international master's students, who repaid a fixed percentage of their salary once they were earning.
In September 2024 Lendorse secured a credit line of up to €10 million (about $11.7 million) from Swiss lender i2 Group to fund more student contracts. At that point it had issued only about €200,000 (around $230,000) in financing, which it said was a deliberately small test of the model.
The company also won a Skills and Education Guarantee from the European Investment Fund, which Capital Riesgo described as an endorsement of the model.
“Alemania es el siguiente paso natural: es el mayor mercado de formación profesional de Europa y los estudiantes alemanes tienen exactamente el mismo problema de acceso a financiación que los españoles tenían hace cinco años. Lendorse nos da el trampolín para entrar con conocimiento real, no desde cero.”
The founders and the funding
Lendorse went through Techstars' finance accelerator in 2022. In June 2025 it closed a €1.75 million (about $2 million) seed round led by LUMO Labs and Soulmates Ventures, with PI Impact and angel investor Daniel Naber also taking part, according to Capital Riesgo. Earlier backers included Techstars, Earlybird Vision Lab, Evergryn Ventures, 4OS Capital and Vealo Ventures.
Wolf, who was chief executive, said at the time of the seed round that every Lendorse investment had a student and an ambition behind it. After the sale, he said joining Bcas would let the team build on what it started and bring flexible education financing to many more students, according to El Español.
Why Bcas is buying
Bcas was founded in 2019 by Bosco González del Valle and Javier Ausín, who now share the chief executive role. It sells two products: ISAs, where students pay nothing until they find work above an income threshold, and instalment plans of up to 48 months. It works with more than 100 partner schools, including Ironhack, thePower, The Bridge and ISDI.
González del Valle told El Español that Germany was the obvious next step because it is Europe's largest market for vocational training and its students face the same lack of financing that Spanish students had five years ago. Buying Lendorse, he said, meant entering with real knowledge rather than starting from zero. Ausín described the deal as speeding up the whole company, not just adding a country.
Bcas says it will combine its own deal-analysis and portfolio-management technology with Lendorse's regulatory know-how, commercial contacts and network of German training providers. It plans to hire only three people for international development.
Bigger targets after a €30 million round
The acquisition follows a €30 million (about $35 million) mix of equity and debt that Bcas raised in February 2026, led entirely by MyInvestor. González del Valle has said that demand for courses in artificial intelligence drove a sharp rise in applications, and that the company now finances many AI courses.
Bcas expects to finance more than 11,000 students and deploy over €40 million (about $47 million) in 2026. For 2027 it is aiming for €150 million (about $175 million) financed and 30,000 students in total, and it wants Germany to be one of its main sources of growth from that year. Its other backers include MyInvestor's credit line and support from the European Investment Fund.
The company has ruled out Latin America for now. González del Valle told El Español that Bcas wants to dominate Europe first and that another southern European country is likely next, while warning that differences in regulation mean expansion cannot move too fast.
