Fellow Finance loanbook approaches €800m
Fellow Finance’s loanbook is approaching €800m (£577m) after €18m of business and consumer loans were funded on its peer-to-peer lending platform last month.
The lender said its cumulative loan volume has grown to €786m.
Three quarters of this figure has gone towards consumer loans and the rest has funded business finance.
Read more: Fellow Finance secures institutional backing for consumer loans
Most of the lending has taken place in Finland from more than 18,000 investors backing more than 950,000 borrowers.
The platform rejigged its international strategy in May, which will result in the closure of its operations in Sweden and the Czech Republic.
In Poland, Fellow Finance said it will resume the development of its business lending operations. It also said it will restart its consumer lending in July or August following the termination of the temporary interest rate cap at the end of June.
In Germany, its consumer lending will be relaunched with a new local partner bank, as some point between September and November. In Denmark, the platform will continue with consumer lending and explore new product opportunities.
The platform is also working with payments company Enfuce to develop a Fellow Finance-branded Visa card that can be used on mobile and physically.
The virtual card will enable Fellow Finance customers to pay online and in-store using Apple Pay and Google Pay digital wallets, with relevant card data available in the Fellow Finance app.
A branded physical card will also be offered to those interested.