A peer-to-peer lending platform Fellow Finance is now open for borrowers in Germany. Wirecard Bank supports the Finnish FinTech company Fellow Finance to enter and provide a digital infrastructure for the German financial market.
Wirecard Bank will place their German full banking license at the Fellow Finance’s disposal and in addition enabling a completely digital credit process.
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 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. This is again one step of making Fellow Finance the biggest consumer and business lending platform in Europe and proves the scalability and flexibility of our platform.”
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 in competitive interest rate. For more information, please visit: www.fellowfinance.de