This week, Swedish crowdfunding platform, FundedByMe, announced it has received approval from the FSA for its loan making process.
“In light of the material FSA has received, in the request, judges FSA to FundedByMe Crowdfunding Sweden Aktiebolag [does not] need to take any action on the Act (2004: 299) on deposit operations.”
Here’s how FundedByMe’s loan making process works:
- Only registered limited liability company that has been operating for more than 18 months and has a turnover of at least 150 000 SEK can apply for loans of FundedByMe.
- Companies’ financial position and the information verified by the Credit Information Agency (UC) and Bisnode. A risk assessment drawn up showing the potential risk for the investment.
- Lender verifies their identity by uploading identification documents.
- The interest rate on the loan is determined by FundedByMe and gets between 6,25- 13.33%.
- Minimum loan amount is 50 EUR.
- A low fee of the loan with respect to success.