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Fellow Finance opens in Sweden

Fellow Finance - Fintech Zoom
Fellow Finance - Fintech Zoom

Fellow Finance has opened its business finance service for Swedish companies.

Fellow Finance has opened its business finance service for Swedish companies. From now on, Swedish companies can also apply for crowdfunding on its platform to finance investments, to have working capital, and to finance trade receivables. Fellow Finance opened its financial services to Swedish consumers in the summer of 2018.

“In line with our strategy, we will continue to expand our service offering in our countries where we operate in. In Sweden we will roll out the business loan and invoice finance product. The competition for clients in Sweden is known to be fierce, but at the same time we see demand for services outside the traditional banking sector for small and medium-sized companies, ”says Jouni Hintikka, CEO

Fellow Finance is the only crowdfunding service where investors can invest in both business and consumer finance across multiple countries through the same platform, thus providing a broad geographic diversification of their investments across different types of loans. The aim is to transform traditional banking into direct market-based lending between people and businesses.

“Compared to banks and financial institutions, a borrower applicant at Fellow Finance platform is able to receive loan offers and bids from thousands of investors for their loan application, which always ensures the best possible financing offer from our investors,” Hintikka continues.

Since its founding in 2014, Fellow Finance has intermediated approximately EUR 510 million in financing between investors and borrowers and is therefore the largest Nordic provider of loan-type crowdfunding and peer-to-peer services (source: Brismo Market data). Fellow Finance serves applicants for funding in Finland, Sweden, Denmark, Germany and Poland. Investors are from approximately 70 countries.

The provision of crowdfunding and peer-to-peer loan services in Sweden requires permission to operate as a payment institution. The Company is a licensed payment institution supervised by the Finnish Financial Supervisory Authority and provides its services across borders within the EU and is registered with the Swedish Financial Supervisory Authority’s (Finansinspektionen) Register of Companies (Företagsregistret).

Mia Turner

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