UK based Madiston has shared that FinBee, the first licensed peer to peer lender for SMEs in Lithuania, has launched using Madiston tech. FinBee has already been in operation providing consumer loans using the Madiston platform. The company is extending the arrangement to move into small business lending. Madiston also operates its own P2P platform in the UK – LendLoanInvest.
The Lithuanian government has recently established the legislation needed to allow P2P lenders to provide business loans. It was reported that FinBee played an active role in its development.
Laimonas Noreika, CEO of FinBee, said they were delighted to receive the first license.
“When we first launched consumer lending, we chose Madiston’s software because it was ready to go with what we needed but also gave us the ability to add functionality as we grow. The first step in our expansion plan was to add business lending and the technology was there for us, Madiston has been a supportive partner throughout.”
Audrius Griskevicius, head of business lending at FinBee, said that investors now have the option to diversify their portfolios further with both consumer and business loans.
“We’re told by people researching Marketplace Lending technology, that the Madiston software is one of the most comprehensive, highly configurable, global systems out there,” said Tim Simon, CEO of Madiston. “Being global was particularly key to FinBee, with our multi-currency, multi-lingual facilities, and we look forward to helping them with their plans to expand into neighboring countries in Eastern Europe.”