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Fellow Finance Online Lenders Expand to Sweden
Fellows Finance opens a new way to personally finance our clients in Sweden and at the same time gives our clients the possibility to invest in consumer credit in Sweden. Fellow Finance will provide its borrower service from the outset and is planning to implement a corporate credit facility in the near-term.
"It is a great pleasure to be in the Sweden business as our continued presence in Sweden is a logical part of our ambition to become the premier crown finding and crown bending marketplace in Europe. There is great promise in Sweden and we are pleased to present the advantages of peer-to-peer credit for both borrower and investor," said Jouni Hintikka, Group CEO.
It is the only investment finance investment services where an individual can seamlessly diversify his or her assets into corporate and consumer credit in more than one country, thereby achieving wide cross-border and multi-diversified investment opportunities. Fellow Finance's mandate is to convert balancesheet banks' conventional credits into credits between private persons and businesses.
The main distinction between Fellow Finance and conventional funding sources such as banking and credit institutes is that financial buyers are bidding in an auctions to finance the loan. This means for the borrowers that they always receive the cheapest offer for their loan. Hintikka continues: "The investment opportunities offered by the online credit market are direct investment opportunities in consumer and corporate credit, making it easy for companies to dilute their investment in many types of credit.
Since its inception in 2014, Fellow Finance has brokered over 270 million in funds between investor and borrower and is the largest credit-based crowdfunding services and peer-to-peer credit services in the Nordic region (Source: Altfi). Fellows Finance advises borrower in Finland, Sweden, Germany and Poland and has 50 different investor nationalities.
Fellow Finance's 2017 Finnish franchise was 39% (source: Bank of Finland). Borrower financed through our site valued the user-friendliness of the loan application process and the ability to get the best deals from investor. In their name, they were very pleased with the possibility of investing without difficulty in an alternate investment category that does not correspond to more traditionally invested categories such as equities and bonds," says Hintikka.
The operation of a crowdlending as well as crown funding system in Sweden is subject to the approval of the payment institution. The Fellow Finance is a payment institution authorised by the Finnish Financial Supervisory Authority to provide its EU and EEA cross-border financial intermediation from Finland to Sweden and has been entered in the Swedish Financial Supervisory Authority's Financial Inspectorate's Registers of Regulated Entities (Företagsregistret).