Employee of Finance Plc, a crowdfunding and peer-to-peer lending platform offering services in Finland and 70 other countries, reports that in June 2021 its loan investors financed business and consumer loans “worth € 18 million”.
Fellow Finance, which aims to transform traditional finance and payments for direct transactions between individuals and legal entities, notes that the total volume of loans “increased to 786 million euros, and the total number of loan investors – up to 18,202 clients.”
As mentioned in the release, the service statistics, which includes the design of the return, can be accessed through the branded website. Official website… The development of profitability “takes into account the payment behavior of borrowers, including interest received on invested capital, realized credit losses and changes in loan loss provisioning,” the company added.
Fellow Finance has mediated over 750 million euros in consumer and commercial finance in Finland, Denmark, Germany and Poland and has served over 950,000 clients. The firm is regulated Financial Supervisory Authority Finland as Authorized payment institution and is listed on the Nasdaq First North Growth Market Finland.
Following the updated company strategy, Comrade Lasku, which is Fellow Finance’s digital commerce payment method, is now “published and available to consumers in Finnish online stores” (as of June 2021).
Fellow Lasku, a Buy Now Pay Later or BNPL solution, is currently being offered to customers in some Finnish online stores and will be “integrated into thousands of online stores in collaboration with a Finnish payment service provider after the summer,” the company confirmed.
As the firm notes, the dominant theme in the development of Fellow Lasku was “the combination of security and ease of use as a payment method.” The design focused on “a mobile shopping flow where a repeat customer can now pay in just three clicks,” the firm added, noting that the payment process “outperforms the currently available online store payment methods. relative ease of use. “
Payment method security was also “a key development concern,” the company added, noting that new customers “are identified through strong electronic identification and repeat customers through an enhanced background identification process.” The mobile-optimized shopping experience and simple customer identification process “provide increased conversions and sales for online sellers.”
The announcement also mentions that the new payment method aims to “combine responsibility and credit risk management.” Fellow Finance uses several new data sources and its machine learning credit rating models “to assess customer creditworthiness.”
According to the update, in the future, Fellow Lasku and credit card payments will be “integrated into Fellow Finance’s digital payment services.”
Juho Putkonen, Development Manager at Fellow Finance, stated:
“We are pleased with the flow of payments that Fellow Lasku is now offering to our clients. We believe that with our payment solutions we will be able to challenge the most advanced payment methods on the market and achieve a significant share in the rapidly growing e-commerce market. ”