Mintos sees strong potential in Sweden’s alternative lending market
Mintos has heralded Sweden as a “ripe market for fintech innovation and alternative lending”.
Sweden – which was ranked as the fourth most competitive country in the world – is projected to see the value of its digital investment market reach €762m (£656m) in 2023, with an expected revenue growth of 32 per cent in 2024.
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Mintos said that the country’s alternative lending space is evolving, as new products emerge for consumers and businesses. It claims that this emerging market “provides various investment avenues outside traditional banking systems, including peer-to-peer lending, crowdfunding, and most notably, investments in loans.”
In the market, Mintos said Klarna stands out as a major player in the Swedish fintech space with 150 million active users worldwide, handling €71bn in online sales last year.
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The European lending marketplace noted that consumer credit in Sweden has become increasingly common in the past decade, with the volume of new deals increasing by more than 1,000 per cent and the number increasing by over 4,000 per cent. Currently, Swedish household borrowing consists of around 80 per cent mortgages and 20 per cent consumer credit.
New lending for both unsecured loans and object finance – loans for the acquisition of physical assets – that are under €4,941 has increased by around 23 per cent since 2008, Mintos said in a blog post on its website.
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“With an increasing number of individuals and businesses looking for alternative sources of funding, the alternative lending market in Sweden has the potential to become a key contributor to the country’s economy,” Mintos said.