SaveLend predicts new product Flex will double inflows
SaveLend, the Swedish peer-to-peer lending marketplace, has heralded the “strong start” of its new offering Flex, which brings together six different originators on one platform.
The company, which currently operates in Sweden and Finland, launched Flex at the end of February to offer better diversification to its investors.
There are currently six different originators in Flex: three property lenders, two small- and medium-sized enterprise lenders and one consumer lender. The goal is for more to be added during the year.
Investors choose which types of loans they want to fund and SaveLend then acquires credits via external originators that match the customers’ wishes.
SaveLend said that Flex has been “well received” and has predicted that it will double investor inflows in a short space of time.
“One of the biggest challenges in running a marketplace is to accommodate both access and supply,” said chief executive Ludwig Pettersson.
“Balancing savings capital with credit opportunities is one of our most important tasks. Through Flex, we ensure the supply side, which is access to credit for our savers. Our assessment is that through this initiative, in a short time, we could receive a double inflow of savings capital with a maintained investment rate.”
SaveLend is also pledging to expand its product range in 2023, and improve the user experience of the platform, “technically as well as from a product and delivery perspective”.
SaveLend has an outstanding loan book of around £100m, Pettersson said, and facilitated £30m to £40m of lending in the last quarter of 2022.
Read more: Europe prepares for influx of newly licensed P2P and crowdfunding firms
Its parent company, SaveLend Group – which also runs an invoice financing platform – reported net revenues of SEK150.3m (£11.7m) and a SEK4m loss for 2022.
The platform has attracted more than 19,000 investors and reported an average investor return of 8.04 per cent for the 12 months to February 2023.
SaveLend received its EU crowdfunding licence at the end of February, meaning it can now benefit from the new regulatory framework aimed at harmonising the industry across the bloc.
Read more: Want to launch in the EU? Join the club…