Lunar Doubles Lending by Buying Swedish Lendify Market

Different mortgageDigital financial institution

Lunar will take up Lendify’s mortgage portfolio because the digital financial institution consolidates its place as a one-stop-shop for banking companies within the Nordic international locations.

Picture supply: Ken Villum Klausen / Lunar Group

Sweden’s largest lending market, Lendify, has been acquired by the bloc’s new digital financial institution challenger, Lunar.

The Nordic challenger financial institution hopes to develop its client credit score providing and increase its operations in Sweden by its takeover of the choice lender.

Though particular monetary particulars of the acquisition haven’t but been disclosed, Lunar will purchase Lendify’s mortgage portfolio, value round € 300 million with 40,000 lively financial savings and mortgage prospects.

“Lendify has for a number of years been thought-about one among Sweden’s hottest fintechs and was an early innovator in client credit score with its peer-to-peer platform,” mentioned Ken Villum Klausen, Founder and CEO of Lunar Group.

“We need to enhance our purchasers’ deposits and speed up pan-Nordic progress, and Lendify is the proper match when it comes to danger urge for food, tradition and future imaginative and prescient,” he added.

Reasonably than paying a lump sum to the Swedish different lender, Lunar has bought all the remaining Lendify shares and can welcome all Lendify buyers and workers on board.

“This transaction could have an actual influence available on the market,” commented Lendify President Elisabet Lundgren.

“Lunar and Lendify are an excellent match and the mixed entities will probably be properly positioned for continued and powerful progress as a challenger financial institution. By way of the acquisition, Lunar could have entry to Lendify’s scalable know-how platform and industry-leading credit score reporting course of. “

For now, Lendify will proceed to function as an impartial platform and loans will probably be made beneath each manufacturers, with full integration occurring over the subsequent few months.

The transaction continues to be topic to regulatory approval, however is anticipated to shut in mid-Might.

Lunar’s acquisition of Lendify is its newest step in turning into a world monetary platform for its 250,000 prospects in Denmark, Sweden and Norway.

In December 2020, the digital financial institution launched a “ pay later ” function for its prospects, taking the enormous purchase now, pay later, Klarna, and giving its prospects the flexibility to separate all transactions in 4 retroactively or defer a fee for as much as 30 days.

In early November 2020, Lunar additionally took its first steps into the world of joint accounts, permitting its Premium and Professional prospects to share their accounts with as much as ten individuals within the Lunar app.

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