Helsinki-based peer-to-peer/marketplace lender Fellow Finance makes €0.15m profit in 2016.
Fellow Finance, Finland’s biggest marketplace lender by volume, notched another profitable year in 2016. The company’s revenues came in at €5.59m for the year, translating to €0.15m in profits. This is the second year in a row that the platform has been profitable – a rare feat within the world of marketplace lending.
Fellow Finance’s revenues grew by around €1.5m on a year-on-year basis in 2016, but profits fell by around €300k. CEO Jouni Hintikka attributes this to the company having made “significant investments” in starting up its SME loan offering in Finland and consumer lending business in Poland.
The company's business lending products in Finland now include both term loans and flexible invoice financing options. Both products are available to the platform’s investor base for investment.
Fellow Finance has lent over €95m to date, with a little over €5m lent so far this year. The firm boasts close to a 5 per cent market share within continental Europe’s marketplace lending sector, according to AltFi Data.
The company’s plans for 2017 are to “grow the business in Europe and expand the product selection further for both businesses and consumers”.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.