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
Industry reacts to Conservatives winning majority
The Conservatives have successfully won a majority in the 2019 general election, taking 364 seats (with one constituency left to declare) and 43.6% of the vote...
Shawbrook appoints Deepak Parekh as senior director of Midlands regional business team
Shawbrook has recruited Deepak Parekh as senior director of its Midlands regional business centre team...
Metro Bank launches receipt management app beta trial with Sensibill
Metro Bank is collaborating with Canadian technology firm Sensibill on the beta launch of its app-based receipt management technology...
Wyelands Bank appoints board and executive team members
Wyelands Bank has appointed Stephen Rose (pictured above, left), as deputy chief executive officer, and Rachelle Frewer (right), as chief financial officer...
Koto set to launch in January with aim to replicate monobank success
Koto is set to launch in the UK in January next year offering fixed-fee lending via an app...
What does responsible lending look like?
Lending responsibly is about much more than a bank managing the risk to itself...
Starling Bank adds Sparqa Legal as first legal service partner
Starling Bank has added Sparqa Legal as its first legal service partner...
OakNorth Bank completes £750,000 deal with Bright Minds Daycare
OakNorth Bank has completed a £750,000 debt finance deal for independent Birmingham-based nursery group Bright Minds Daycare...
OakNorth Bank makes several senior hires and opens new Birmingham office
OakNorth Bank has opened an office in Birmingham to support businesses in the Midlands and recruited four new senior hires...
The identity challenge: how can banks know who’s who?
Technology has transformed the world of banking, bringing all manner of new services to the table and revolutionising the way that customers manage their finances...
Metro Bank reduces BTL fixed rates
Metro Bank has announced it is cutting its fixed buy-to-let (BTL) interest rates by 0.2% for borrowers up to 70% LTV...