Swiss online peer-to-peer loan platform operator CreditGate24 is acquiring debt financing platform operator Advanon GmbH in a deal that will see the two companies merge, finews.com reported.

Terms of the deal were not disclosed.

Creditgate24 founder Christoph Mueller will be the CEO of the merged entity, while Advanon co-founder Phil Lojacono will be responsible for business development, human resources and marketing, according to the report.

Lojacono said Advanon considered a merger as an option after its successful turnaround in 2019 as its prospects for exponential growth had dimmed, while Mueller said both companies and their investors believed a combination "would make sense for clients" amid tougher competition.