Interhyp

Believing that Interhyp AG possessed the key criteria that 3i seeks in venture investing: a disruptive technology, excellent management and a significant market opportunity, 3i invested €7.2 million for a 17.7% stake in 2000.

When Interhyp successfully floated on the Frankfurt Stock Exchange in September 2005, 3i sold 40% of its equity in the IPO, realising a profit of €14.4 million. 3i made further realisations of €19 million to 31 March 2006 and had a residual stake valued at €38 million.

Founded in 1999, Interhyp has grown to become the leading online (and subsequently offline) mortgage broker in Germany, the largest mortgage market in Europe. It has redefined this highly fragmented industry by combining the benefits of the internet with independent consultancy, providing borrowers with rates which are on average 0.5% below those of traditional branch-based retail banks.

Interhyp's management team has grown revenues since inception in 2000 to €40 million with a 33% EBIT margin. In 2005 new residential mortgage volume exceeded €3 billion.