SaveLend Group has received regulatory approval from the Danish FSA (Finanstilsynet) to acquire Lunar Bank’s peer-to-peer lending business.
According to a statement by SaveLending, the P2P business will now be migrated over to Savelend in the coming months.
The acquisition includes all customer relations with investors and borrowers within Lunar’s P2P operations, including the brand Lendify.
Alongside the migration, the capital on the savings platform SaveLend will increase by SEK 450 million.
SaveLend said compensation for the acquisition is via a performance-based metric that will be paid to Lunar of 50% of actual earnings during the period 2023-2027 from the active investments taken over.
Ludwig Pettersson, CEO of SaveLend Group, said they are pleased to be able to move forward and complete the acquisition – a project that has been in the works for quite some time.
“The team and I are really looking forward to welcoming the new investors and borrowers to our platform! The acquisition is also an excellent opportunity for us to clearly prove our scalability, both technically and organizationally.”
The acquisition includes the following assets:
- Over SEK 450 million in invested capital.
- 17,000 active investors.
- SEK 26,500 average capital per investor.
- 60% of investors reinvest repayments and returns automatically.
- 10% of investors have active monthly savings.
- The Lendify brand and domains (.fi, .se, .com, .dk, and .no).
- 7,000 borrowers.
- 6,000 inactive investors.
SaveLend is also approved as a securities crowdfunding platform under European Crowdfunding Services Provider Regulations (ECSPR).
