This interview was originally published on Newmoney.gr.
The spin-off of Qualco's software division and the launch of Qualco Technology complete the Group’s transformation roadmap. Spyros Retzekas, CEO of Qualco Technology and Deputy CEO of Qualco Group, discusses the new structure, international partnerships, upcoming acquisitions, and the technology strategy that paved the way from Greece to Japan.
“This is the final major piece of a corporate transformation that began a year ago. It was the natural next step following the creation of QIF and Quento. The spin-off of the software division clearly defines responsibilities and emphasises what we want to achieve in the fintech software space,” he says.
It is worth noting that last week the Group announced the establishment of Qualco Technology S.A., a spin-off that separates the software and technology division into an independent, wholly owned subsidiary. This move is part of the Group’s medium-term growth plan, aiming to maximise shareholder value, strengthen corporate governance, and accelerate international expansion.
The Strategy
Qualco Technology S.A. remains a 100% owned subsidiary of the parent company, Qualco S.A., with Mr. Retzekas serving as CEO and Mr. Dimokritos Amalos as Chairman.
“I’ll go to bed at night with the same worries and wake up with the same concerns in the morning,” he jokes. “Our target remains around 15% growth and an EBITDA margin of roughly 20%. Our aim is to strengthen our international presence and bring more partnerships into markets outside Greece.”
According to Qualco, the spin-off does not introduce significant costs and does not affect consolidated results. Instead, it enhances the flexibility and efficiency of the software division, supporting the prospect of improving profit margins over time.
But why was the decision to activate the spin-off taken now? “The main reason is to accelerate our expansion plan abroad and to strengthen potential collaborations and partnerships. By signalling a purely technological, product-driven company, it helps us attract tech-savvy talent and strategic partners in Europe and Asia,” Mr. Retzekas explains.
The new corporate identity makes Qualco’s technology brand clearer, while at the same time allowing for greater transparency regarding capital structure and the performance of the software division. “Higher profit margins translate into greater profitability for the Group and more dividends for our shareholders,” he emphasises.
International expansion and innovation
The establishment of Qualco Technology comes shortly after Qualco entered the Japanese market, where the company is partnering with a major financial institution, an important development that marks its first presence in Asia.
“Our product is entering a market with a different culture and regulatory framework, requiring only minimal adjustments. This is a validation of our work and of our technological direction,” says Retzekas.
Qualco has already strengthened its presence across Europe and the Middle East with 11 organisations (including 5 Tier-1 banks) and clients in more than 30 countries.
“70% of our clients are outside Greece. We built a sales network back in 2019, with teams across Europe and the Middle East. But the most important factor is that we designed our products to be global-ready. We consistently chose the harder path of making them easily “portable” so they can operate anywhere,” he explains.
“Now, with the spin-off, we want to send a clear signal of a technology-driven company to clients, partners, and the talent we want to attract. Qualco Technology gives us exactly that signal,” he adds.
The final piece of the puzzle
The establishment of Qualco Technology S.A. completes the Group’s corporate transformation roadmap through the end of 2025. “It’s the final piece of the puzzle. We wanted to have wrapped up all corporate transformations by the end of 2025, so that from 2026 onwards each business unit can run its business plan without interruptions,” Retzekas says.
Although there are no commercial partnerships ready to be announced yet, the Group is already in discussions both within Europe and beyond, estimating that by the second quarter of 2026, there will be concrete developments.
2026 and new acquisitions
At the same time, mergers and acquisitions remain a core pillar of the Group’s strategy, with Empedus (100%), Cenobe (50.1%), and Indice (50.1%) already incorporated into the portfolio. “We’ve approached several potential targets. Acquisitions are like a marriage; there has to be chemistry on both sides. If I were to set a timeline, I’d say that we’ll have news within 2026,” he notes.
The IPO milestone
Qualco's listing on the Athens Stock Exchange, in May 2025, was one of the landmark moments of the year for the Greek technology sector. Mr Retzekas stresses that beyond financial strengthening, the IPO heightened the sense of responsibility. “We feel more accountable, we no longer answer only to ourselves, but to the investors who trusted us. Nevertheless, our plan hasn’t changed. We remain consistent, steady and adaptable — our guiding light remains the same,” he underlines.
In the first half of 2025, the Group posted revenues of €89 million (+18%) and adjusted EBITDA of €13 million (+31%), with an EBITDA margin of 21%, fully aligned with IPO forecasts. Management maintains its growth guidance of 15% for 2025, with stable leverage and a 50% improvement in cash-flow conversion to profitability.
From Q360 to the platforms of the future
“Qualco was never a debt-management company. From day one, we have been building software in-house,” the Deputy CEO clarifies. The company, known for its Q360 software that became a standard for Greek banks, has now expanded across the entire credit and lending lifecycle, from customer onboarding and credit scoring to alternative financing solutions such as factoring, supply-chain finance, and dynamic discounting. “Our goal is to cover the full credit lifecycle, from the first touchpoint through to origination and servicing. We want to be next-generation players in fintech,” he explains.
This strategy is also reflected in the company’s new portfolio, which includes Qualco Intelligent Finance, a €600 million joint venture with DEI, as well as the creation of Quento, through which QUALCO entered the ICT sector, undertaking major projects for the European Parliament, the European Council and the Ministry for Climate Crisis and Civil Protection.
The new fintech landscape
“The game over the next 18–24 months will be played on platforms, embedded finance, and the end-customer experience,” he notes.
Mr. Retzekas describes an ecosystem in which payments fade into the background, and the user experience becomes the focal point of financial activity. “Younger generations are willing to pay for an experience when they perceive real added value. The goal is to create services that touch their daily lives, where the payment becomes almost invisible,” he says.
Qualco is investing in AI, data analytics, and machine learning not only for developing new products but also for improving productivity and profit margins. “There’s hype around AI, but it’s here to stay, just like the web in the ’90s. We invest organically, and there may be inorganic moves as well. We’re looking at it holistically: around our products, our clients and the organisation itself,” he adds.
Human capital
Qualco's technology team numbers around 500 people, with the vast majority based in Greece. “90% of our investment in intangibles is people, salaries, knowledge, and experience. We are bringing highly specialised professionals back to Greece, and for us this is strategically important,” Mr. Retzekas notes.
The company is shaping a culture of open communication and balanced daily life, with wellness programmes, development opportunities and a participatory environment. “We want to be an employer of choice. Times and generations change, and we change with them. Our people are the next generation of Qualco.”
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