Finnish crowdfunder FellowFinance authorised as Payment Institution

Source: FellowFinance

On December 11th 2017 Fellow Finance became the first Finnish crowdfunding and peer-to-peer platform which has been authorized as a payment institution by the Financial Supervisory Authority of Finland.

Alongside with the current operations the authorization will enable Fellow Finance to provide new services to its consumer and corporate customers, to expand its services further in Europe and to utilize the new payment service directive (PSD2) in the development of Fellow Finance service.

"Applying for the payment institution authorization as a part of our international strategy and product development was one of our milestones on our way to become the leading crowdfunding platform in Europe. Together with the new upcoming PSD2 directive the payment institution authorization opens up new opportunities in the evolving banking service environment. Our payment service authorization is also a natural step towards clear operating environment which in turn increases trust, credibility and confidence in crowdfunding and peer-to-peer lending as an alternative investment and financing option”, says Jouni Hintikka, CEO of Fellow Finance.

Fellow Finance - Crowdfunding for People and Businesses
Fellow Finance is the largest crowdfunding platform in the Northern Europe and the first one that offers both peer-to-peer-lending service to consumers and loan-based crowdfunding to companies. Fellow Finance has intermediated loans for over 192 million euros and the platform has 273.000 users from 43 countries. Fellow Finance Plc is regulated by the Financial Supervisory Authority of Finland as an Authorised Payment Institution.

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