Peer-to-peer lending platform Fellow Finance announced on Thursday it has officially made its debut in Germany, with the help from Wirecard Bank. According to the online lender, Wirecard Bank is supporting its entry into the country by placing the bank’s German full banking license at its disposal and enabling a complete digital credit process.
“We are looking forward to working with advanced Wirecard Bank as a co-operation partner in the future. We are proud of the entry into the German market after having already proven our business model in Finland and Poland. This is again one step of making Fellow Finance the biggest consumer and business lending platform in Europe and proves the scalability and flexibility of our platform.”
Thorsten Holten, Executive Vice President Sales Financial Institution, and FinTech Europe, also commented:
“Gaining Fellow Finance as a customer means that we can expand on our collaboration in the area of alternative lending with the aid of an international partner. With our expertise in the areas of banking and regulations, we help FinTech companies such as Fellow Finance to enter the market in the best way possible as well as to quickly and easily internationalise their business.”
Fellow Finance went on to add that in future, Wirecard Bank will support it in the scoring of potential borrowers and carrying out payment transactions. This means that end consumers in Germany will be able to quickly apply and raise a loan in competitive interest rate.