Froda is launching a card-based embedded lending solution in Denmark in partnership with digital bank Lunar and Visa.
According to a public statement, the launch follows a successful test period, as the company strives to make it faster and cheaper for SMEs to access growth capital.
Froda states that (SMEs make up 99% of all Danish businesses* and play a vital role in Denmark’s economy. At the same time, these smaller firms struggle to gain financing.
The embedded lending solution is now offered as a white-label product through Froda to partners that are issuers of Visa business cards.
Olle Lundin, co-founder and CEO of Froda, explained that an idea has become a reality in one year thanks to the partnership with Visa and Lunar. Lundin said they have experienced significant demand from Danish SMEs.
Philip Konopik, Regional Managing Director at Visa in Nordics and Baltics, said the partnership allows the entire loan process to be digitized.
“Lunar will be the first to launch an entirely new type of financing for small businesses in Denmark. It is easy to apply through our app, and you receive a non-binding offer within a few minutes. Additionally, we offer an attractive price guarantee, making our product extremely competitive and supporting our goal of building the best everyday bank in the Nordic region, especially for small businesses,” said Anne Marie Kindberg, Chief Revenue Officer of Lunar Group.
The lending product will be available to all Lunar customers in Denmark from the 20th of June.
Lunar is an early-stage digital bank for private and business customers and aims to make running a business in Denmark easier.
