Fellow Finance Plc, a loan-based crowdfunding and peer-to-peer lending platform offering services in Finland and 70 other countries, reports that in June 2021, its loan investors funded business and consumer loans “worth €18M.”
Fellow Finance, which aims to transform the traditional financing and payments to direct transactions between individuals and businesses, notes that cumulative loan volume “grew to 786 million euros and the total number of loan investors to 18,202 customers.”
As mentioned in a release, the statistics of the service, which includes the return development, may be accessed via the firm’s official website. The return development “considers borrowers’ payment behaviors including gained interest on invested capital, realized credit losses and the changes in the credit loss reservation,” the company added.
Fellow Finance has intermediated consumer and business financing of over 750 million euros in Finland, Denmark, Germany and Poland and served over 950,000 clients. The firm is regulated by the Financial Supervisory Authority of Finland as an Authorized Payment Institution and listed on the Nasdaq First North Growth Market Finland.
Following the updated company strategy, Fellow Lasku, which is Fellow Finance’s digital commerce payment method, has now “been published and is available for consumers in Finnish webstores” (as of June 2021).
Fellow Lasku, a Buy Now Pay Later or BNPL solution, is currently being offered to clients in certain Finnish webstores and will be “integrated into thousands of webstores in cooperation with a Finnish Payment Service Provider after summer,” the company confirmed.
As noted by the firm, the prevailing theme in developing Fellow Lasku has been “combining the safety and ease of use of invoice as a payment method.” In the development, particular focus has been given “to the mobile purchase flow, in which a returning customer is now able to pay with only three clicks,” the firm added while noting that the payment process is “superior to currently available webstore payment methods regarding its ease of use.”
Payment method safety was also “a key objective in development,” the company added while pointing out that new customers are “identified by using strong electronic identification and returning customers by using an advanced background identification process.” Mobile optimized purchase process and easy customer identification flow “delivers improved conversion and sales for online merchants.”
The announcement also mentioned that the new payment method aims to “combine responsibility and credit risk management.” Fellow Finance utilizes several new data sources and its machine learning based credit scoring models “in assessing customer credit worthiness.”
In the future, Fellow Lasku and credit card payments will be “integrated into Fellow Finance’s digital payment services,” the update revealed.
Juho Putkonen, Development Manager at Fellow Finance, stated:
”We are pleased with the payment flow Fellow Lasku now offers to our customers. We believe that with our payment solutions we will be able to challenge the most advanced payment methods on the market and achieve significant market share in the rapidly growing e-commerce market.”