Wirecard supports the Finnish FinTech company Fellow Finance to enter and provide a digital infrastructure for the German financial market. Fellow Finance is a peer-to-peer lending platform which connects investors with borrowers. This means that the company is able to create an alternative finance option for private customers looking to borrow money. Wirecard Bank is supporting Fellow Finance by placing their German full banking licence at the Fellow Finance’s disposal and in addition enabling a completely digital credit process. For example, the identification of the borrower as well as the signature of the credit agreement are made fully electronically.
The market volume of German alternative online financial services grew enormously between 2013 and 2015. In peer-to-peer consumer lending alone, there was year-on-year growth of 95%. Peer-to-peer lending is becoming an increasingly attractive alternative to classic lending procedures for both private individuals and investors.
Jouni Hintikka, CEO at Fellow Finance, says: “We are proud of the entry into the German market after having already proven our business model in Finland and Poland. We are looking forward to working with advanced Wirecard Bank as a co-operation partner in the future.”
Thorsten Holten, Executive Vice President Sales Financial Institution and FinTech Europe, adds: “Gaining Fellow Finance as a customer means that we can expand on our collaboration in the area of alternative lending with the aid of an international partner. With our expertise in the areas of banking and regulations, we help FinTech companies such as Fellow Finance to enter the market in the best way possible as well as to quickly and easily internationalise their business.”
In future, Wirecard Bank will support Fellow Finance in the scoring of potential borrowers and carrying out payment transactions. This means that end consumers in Germany will be able to quickly apply and raise a loan of EUR 1,000 to EUR 10,000 in competitive interest rate. For more information, please visit: www.fellowfinance.de