The swiftly expanding consumer lending platform Lendico has entered the Netherlands – meaning it now has a physical presence in six different countries.
Lendico – which was originally launched in Germany – is now also active in Spain, Poland, South Africa, Austria and the Netherlands. We’re unsure of exact lending volumes – but to give some measure of interest the platform has received over 6,400 loan applications worth more than £300m. Based upon a previous exchange between AltFi and Lendico – roughly 10% of these credit inquiries end up as loans listed on the platform. And of course, not all of these loans are fully funded. But the point is that the platform is steadily building traction since launching in December 2013.
Prospective borrowers from the Netherlands may now approach Lendico for loan amounts between £500 and £1,500 – for terms ranging from 6 to 60 months. Investors can partake in loans with a minimum investment amount of about £20. Lendico points to the 9 million registered users of the Dutch national credit bureau (BKR) as 9 million individuals that might be better served seeking a loan via the platform.
By the end of 2013, the Dutch alternative finance market was worth approximately £25m – according to the findings of Douw & Koren (a Dutch "crowdfunding consultancy"). That amount reportedly went towards funding 1,250 individual projects. In general the Netherlands is probably more active than any other continental European country in terms of crowdfunding and peer-to-peer lending activity. It’s a shrewd play by Lendico to get involved.