• Clipperton acted as sole financial advisor to FTV Capital on its investment in N2F, a leading provider of spend management software.
  • The partnership will drive N2F’s next phase of expansion, with a focus on accelerating product innovation, deepening AI capabilities, and scaling internationally. 
  • This transaction highlights Clipperton’s expertise in advising on mid-market Tech LBOs and Fintech deals, marking its fourth successful closing in the past year (following N2F, Epsor, Amelkis, and Rydoo). Clipperton also structured the debt financing for this transaction. 

About N2F

  • Founded in 2015 with headquarters in France, N2F provides a comprehensive platform for managing expenses, corporate cards, and automating accounts payable workflows.
  • Its highly configurable and user-friendly solutions integrate seamlessly with over 300 accounting, ERP, payroll, travel management, and banking systems – helping organizations from small to mid-market to enterprise scale streamline processes, ensure compliance, and gain full visibility and control over corporate spend.
  • Since 2023, following an investment from PSG Equity, the company has grown threefold to become a trusted technology partner to over 800,000 professionals across 90+ countries, such as Duralex, Lyreco, Malongo, Playmobil, and Bugatti, with a product available in 11 languages.

Deal Rationale

  • FTV Capital’s investment will further accelerate the development of N2F’s product suite, building on the momentum and strong adoption of N2F’s recently launched accounts payable and cards offerings.
  • It will also accelerate the company’s international go-to-market efforts, particularly in the DACH region, Italy, Iberia, and Benelux, where the platform is already fully localized to meet regulatory and operational requirements, and where growing local teams will drive commercial execution and customer success.
  • The investment reflects FTV Capital’s strong conviction in N2F’s vision and leadership, building on its roots of product excellence and a deep commitment to customer care, while empowering the company to scale to deliver world-class solutions to finance teams across Europe and beyond. Through this transaction, PSG Equity will be exiting its investment in N2F.

Clipperton’s track record in the Fintech space

This transaction demonstrates Clipperton’s expertise in advising on Fintech deals, with the closing of 4 of the most visible deals in Europe in the OCFO space in the past 12 months (N2F, Epsor, Amelkis, Rydoo).

Clipperton’s track record with mid-cap tech buy-out transactions

This transaction marks the 15th tech buy-out deal of Clipperton over the last 12 months, with recent transactions such as Didomi’s LBO with Marlin Equity Partners or Astorg’s investment in Redslim. 

Deal Team

About Clipperton

Clipperton is a leading pan-European investment bank dedicated to technology and growth companies, with offices in Paris, Berlin, Munich, London, and Amsterdam, as well as partnerships in the USA, China, Italy, and Spain. We provide strategic and financial advisory to entrepreneurs, corporates, and top-tier investors in Europe who are looking to execute strategic M&A, private equity, private placements, and debt financing transactions. Founded in 2003, we have completed over 500 deals with fast-growing technology companies, blue-chip corporates, and renowned financial investors.