German online consumer lending marketplace auxmoney announced that it has crossed a new milestone: the marketplace has granted more than 70,000 loans worth more than €500 million in cumulated volume.
Raffael Johnen, CEO of auxmoney, commented:
“Half a billion euros worth of loans. This demonstrates the importance of our marketplace for credit supply in Germany. Our loans make it possible for people who were excluded from the traditional credit supply chain to participate again in the economy.”
Not only is the absolute volume of loans granted by the Fintech company from Düsseldorf remarkable, but also its fast growth. Nearly half of the total volume was paid out in the past twelve months alone. The figures for the first half of 2017 confirm the trend: the volume of credit paid out in the first six month between January and June was €135 million. Compared to the €79.5 million from the first half of the previous year, this is a 70% increase.
“Just four years ago, we extended as much credit every quarter as we now do in a week. This makes it clear how strong our growth is, and how sustainable over several years it is,” emphasized Raffael Johnen.
auxmoney is also growing in number of employees: in 2017, the startup has created more than 20 new jobs in Düsseldorf. According to Raffael Johnen, the company is still hiring: “We are planning further recruitments in the coming months, especially in the areas of IT, data science, and sales.” Several months ago Insurance company Aegon pledged to invest a total of €1.5 billion in auxmoney loans over the coming years.
With this announcement, German auxmoney continues its neck-and-neck race for the No. 1 position in Continental Europe with French Younited Credit, who announced passing the half-billion mark a few month ago.
Therese Torris, PhD, is a Senior Contributing Editor to Crowdfund Insider. She is an entrepreneur and consultant in eFinance and eCommerce based in Paris. She has covered crowdfunding and P2P lending since the early days when Zopa was created in the United Kingdom. She was a director of research and consulting at Gartner Group Europe, Senior VP at Forrester Research and Content VP at Twenga. She publishes a French personal finance blog, Le Blog Finance Pratique.