The capital will be used to develop Lendify's offer and further its expansion into other Scandinavian markets. As an established market disruptor, this will also allow Lendify to keep providing highly competitive rates for borrowers and attractive returns for investors.
Lendify offers the first P2P lending platform in Sweden. The company operates a marketplace online credit platform that enables people to borrow money and lend money from each other without the involvement of banks or credit card companies. Peer-to-peer loans constitute a growing share of the market for loans to individuals without collateral.
Erika Hallbäck, IR Manager at Lendify commented: "Lendify is part of a global trend in which banks and other traditional financial players are challenged by fledgling actors. Lendify uses new technology to cut out unnecessary and costly intermediaries. With the authorization of the Swedish Financial Supervisory Authority (Finansinspektionen) along with this A-round capital raise, we are well-positioned to seriously challenge the major banks."
"Lendify is at the forefront of the Fintech revolution in the Nordic markets and shows how you can attract substantial capital with an excellent team and a very high standard of execution", commented Patrick Martin, Associated Partner at LD&A Jupiter.