October, a leading European online lender, announced on Tuesday it has reached new milestone. The lending platform revealed €400 million has been borrowed by SMEs on the platform to finance more than 800 projects.
Ein weiterer Meilenstein in der Geschichte von October: mit dem heutigen Tag haben wir europaweit insgesamt 800 Projekte in einer Gesamthöhe von 400 Millionen € finanziert! #400 #EuropeofFinancing #KMU #KMUFinanzierung pic.twitter.com/d1hggmgwox
— October Deutschland (@October_DE) March 3, 2020
Established in 2015, October claims to be the number one SME lending platform in continental Europe. Formerly Lendix, the lending platform allows SMEs to borrow directly from individual and institutional lenders without going through banks.
“Lenders invest their savings usefully and profitably to facilitate the funding of the real economy whilst businesses find new, simple and effective sources of finance independently of banks.”
The latest milestone comes just a few months after October announced a new $110 million commitment from European Investment (EIF) and other investors to support the financing of European SMEs.
As previously reported, the €100 million (appr. $110 million) agreement was finalized by the EIF, CNP Assurances, Bpifrance, Zencap, and various other entities in order to fund European SMEs through marketplace lending platform October. Olivier Goy, founder at October, shared his thoughts about the commitment by stating the following:
“We offer two advantages for institutional investors who are looking to support the SME ecosystem in Europe : we are a pan European platform operating in France, Spain, Italy, the Netherlands and soon Germany and we allow them to support small and medium size companies at scale thanks to our technology.”
October then noted that €100 million commitment will help its management in funding SMEs with additional loans “ranging from €30,000 to €5 million” from all major sectors in France, Germany, Spain, Italy, the Netherlands.