/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
Lunar to acquire Swedish marketplace lender Lendify

Lunar to acquire Swedish marketplace lender Lendify

Nordic challenger bank Lunar is to acquire the loan book of Swedish digital lender Lendify.

The sale reflects the challenges facing standalone lenders without a deposit-taking licence to fund their lending operations. Lunar's application for a credit licence was rejected last year and the firm has struggled to raise a profit.

The peer-to-peer lender currently has 40,000 customers and a €300 million loan book.

The sale to Lunar will involve the transfer of the company's 61 employees and investors. Since being founded in 2014, Lendify has raised a total of €90m in equity funding.

Terms of the transaction were not disclosed, but it is understood that Lunar is looking at an all-stock deal in the region of €100 million.

Comments: (0)