April 20, 2023

On April 18, Willkie client American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced that 100% of the company was acquired by 7RIDGE, a specialized growth equity firm invested in transformative technologies for financial services. 

AFX is a self-regulated exchange with over 240 bank and non-bank members across the United States. It offers a suite of innovative products to improve transparency and efficiency in the interbank loans marketplace. AFX also facilitates the determination of a market-based interest rate benchmark called the American Interbank Offered Rate (AMERIBOR®). 

The acquisition by 7RIDGE reinforces AFX's leading role as a provider of credit-sensitive benchmarks to the U.S. lending market. The transaction is expected to enable AFX to accelerate its growth trajectory and expand its network of members borrowing and lending on its platform as well as further adoption of its AMERIBOR® benchmark.

The Willkie team was led by partners Dvir Oren and Heather Schneider.