Lendonomy, a Norwegian fintech startup that is developing a blockchain-based "Airbnb for lending" targeting GenZ, and Neonomics, a leading provider of open banking APIs have announced a new partnership agreement.
The solution enables Norwegian customers of Lendonomy to instantly and securely lend and borrow small amounts of money to and from each other with payments powered by the Neonomics open banking API. The partnership is the first practical application of PSD2 payment APIs within the crowdfunding and crowdlending industry in Norway.
"Technically, we are creating a complex product, therefore it is essential for us to have the best user experience the modern tech of today can possibly allow," says Anzhelika Osmanova, CEO and Founder or Lendonomy. "That is why we chose to work with Neonomics. We are the first in Norway to be using PSD2 payments to support crowdlending, and it is both a great responsibility and a great opportunity."
Neonomics’ CEO and founder Christoffer Andvig also commented, “This is a remarkable use case for the PSD2 payment initiation service. Lendonomy was quick to realize the opportunities of PSD2, and we are glad that they have chosen to rely on Neonomics for the service.”
The cooperation with Neonomics automatically connects Lendonomy to all the banks in the Norwegian market, providing lenders on Lendonomy with the opportunity to invest directly and instantly from whichever account they choose without having to leave Lendonomy mobile app. The money will then go directly from one user to another, making both the lending and payback processes streamlined, and the user experience - unprecedentedly smooth.
"Today, crowdfunding players use old technology that is forming the basis for nearly all crowdfunding platforms. Most do not utilize Open Banking APIs and require punching customer identification numbers from their users," says Fredrik Slaatten, Lendonomy’s investor and Senior Vice President at AcornCapital II. "Neonomics’ distinctive technology which unifies the landscape through one API and Lendonomy’s innovative matching engine together are likely to make a difference in fintech."