Distressed debt is one of the less glamorous corners of European finance — non-performing loans that banks have written off but that still represent real claims on real borrowers, traded between specialised investors who value them on the basis of expected recovery rather than face value. B2Holding was founded in Oslo in 2011 to build a Pan-European debt purchase and collection business — buying portfolios of non-performing loans from banks across Europe and operating the recovery infrastructure to manage them. The model is fundamentally cyclical: economic downturns produce more distressed debt, while economic recovery improves recovery rates. B2Holding has built a presence across more than 20 European markets, particularly strong in Central and Southeastern Europe where the legacy of past banking crises continues to generate distressed debt portfolios. The company is publicly listed on the Oslo Stock Exchange and represents the institutional-grade end of European debt management — not a consumer-facing fintech but a critical part of the financial system's mechanism for resolving non-performing exposures. In the broader European fintech landscape, B2Holding sits in a category that rarely gets discussed in the venture-backed startup conversation but that processes billions in financial activity through the recovery cycles that follow every credit expansion.