Fellow Finance, a Finnish peer-to-peer (P2P) lending platform, has expanded operations into Germany.
The foray into the German market was supported by Wirecard Bank, which offered the P2P lender access to its local full banking licence.
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Wirecard also plans to help the P2P lender in the scoring of potential borrowers and payment transactions over the coming days.
Fellow Finance CEO Jouni Hintikka said: “We are looking forward to working with advanced Wirecard Bank as a co-operation partner in the future. We are proud of the entry into the German market after having already proven our business model in Finland and Poland.”
Fellow Finance, founded in 2013, offers loans to consumers and SME’s. The company said that volume of German alternative online financial services reported a huge surge between 2013 and 2015, with P2P consumer lending posting year-on-year growth of 95%.
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By GlobalData
