Finnish crowdfunding and peer-to-peer lending platform Fellow Finance announced on Monday it has expanded in Sweden. The company reported it launched a new channel for personal financing for Swedish customers and thus simultaneously created an opportunity for its investors to start investing in Swedish consumer loans. As part of the Sweden launch, Fellow Finance will offer its services to individual borrowers and plans to introduce a business loan option for companies in the future.
While sharing more details about the Sweden expansion, Jouni Hintikka, CEO of Fellow Finance, stated:
“We are thrilled to be in the Swedish market as our expansion to Sweden is a natural part of our strategy to become the leading crowdfunding and crowdlending platform in Europe. We see a great potential in Sweden and are happy to introduce the benefits of peer to peer lending for borrowers as well as for investors. We make investing and borrowing easy, reliable and transparent. When comparing Fellow Finance with the traditional financing channels such as banks and lending institutions the significant difference is that investors will bid in an auction to fund the loan. For the borrower this means that he will always get the lowest offers for his loan. For investors the platform offers an opportunity to invest directly in consumer and business loans and thus diversify investments easily in many loans.”
Fellow Finance reported that since launching in 2014 it has intermediated more than €270 million in funding between investors and borrowers and its volume makes it the biggest loan-based crowdfunding and peer to peer lending service in the Nordics. Hintikka then added:
”Our fast growth shows us that a customer friendly and transparent service approach is highly valued among our customers and is in high demand in all the markets we operate in. The borrowers who have received funding through our platform have appreciated the ease-of-use when applying for the loan and the opportunity to get the best quotes from investors. Investors on their behalf have been very satisfied with the opportunity to invest easily in an alternative asset class that doesn’t correlate with the more traditional asset classes such as stock and bond investments.”
The online lender also serves borrowers in Finland, Sweden, Germany and Poland and has investors from 50 different countries.
