Banco BNI Europa has started to invest in loans via the Fellow Finance platform.
The partnership between the Portuguese Bank and the crowdfunding platform will allow Banco BNI Europa to be present on the Nordic and central European consumer and SME loan markets.
Banco BNI Europa's new partnership follows its recent agreement with Funding Circle to support SMEs in Germany.
“Investing via Fellow Finance in consumer and SME loans offers us a great opportunity to easily expand our operations and we are very satisfied with the analytical and professional approach of Fellow Finance in credit intermediation,” said Pedro Pinto Coelho, executive chairman at Banco BNI Europa (pictured above).
Banco BNI Europa has developed 14 fintech partnerships with European fintech companies and reported growth of 141% by the end of 2017, taking its total assets to more than €500m.
Jouni Hintikka, CEO at Fellow Finance, said that modern banks expanded and grew by partnerships and its platform offered an easy route to invest and lend in the Nordic and central European consumer and SME loan markets.
“Through their investment account at Fellow Finance, Banco BNI Europa is able to diversify [its] balance sheet investment into Finnish and German loans easily and cost effectively.
“This is an example that [shows] banks don't need to set up their own expensive operations on [the] ground, but can effectively enter markets through marketplace lending platforms.
“It is also an example [of] how banks can also utilise the presence of fintech [with] their core business.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
N26 introduces MoneyBeam to UK users
N26 has introduced MoneyBeam to its UK users which will enable them to instantly send money to other users of the mobile bank...
NatWest names new CEO for Mettle
NatWest has named Marieke Flament (pictured above) as the CEO of its SME digital banking subsidiary Mettle...
CYBG to rebrand as Virgin Money and launch a new business current account
CYBG has revealed that it will rebrand to Virgin Money over the next two years with new Virgin Money-branded products...
New bank Chetwood Financial reveals long-term ambitions
Chetwood Financial is aiming to use technology to offer better deals to customers, having secured a banking licence late last year...
The opportunity for accountants to help businesses
In light of bank and building society branch closures, a new report published by Oxford Economics in partnership with Funding Circle has revealed that in the UK — despite the vast economic output generated by SMEs — small business lending accounts for only 2% of banks’ balance sheets...
Paragon Bank’s structured lending team passes £100m milestone
Paragon Bank’s structured lending team has passed its £100m milestone 18 months after launching...
Hanley Economic expands intermediary support team
Hanley Economic Building Society has appointed Kate McKeon (pictured above) as an intermediary sales assistant...
Gatehouse Bank names new direct adviser
Gatehouse Bank has appointed Robert Siddall (pictured above) as a direct adviser...
British Business Bank increases facility with Simply to £180m
Non-bank lender Simply has received a third facility of £60m from the British Business Bank under the latter’s ENABLE funding programme...
OakNorth provides facility for cloud platform provider acquisition
OakNorth has provided a loan to managed service and cloud platform provider Oncore IT for the acquisition of Fuse Technologies...
Monzo to launch first USA accounts this summer
Monzo has announced it will be launching its first accounts in the USA this summer...