FinTecSystems partners with Smava for fully automated loan system

By Lisa Walls-Hester on Wednesday 1 February 2017

Alternative LendingDigital Banking

FinTecSystems, Fidor Bank, and credit comparison site Smava have partnered to launch Kredit2Go, which they claim is the first fully automatic credit system with an immediate payout.

Kredit2Go digitizes the entire loan application process. Requesting, processing and disbursement are fully automatic, with the payment initiated immediately after a digital signature is made.

The new system, available in Germany and Austria, aims to reduce the time of an entire loan application and disbursement down to a few minutes.

Stefan Krautkrämer, CEO, and founder of FinTecSystems says, "Surveys show it, again and again, lenders simply take too long to pay out the loan and the process is so far only associated with manual effort. This problem is solved with Kredit2go. Now, end customers can complete a loan within a few minutes and have the money quickly.”

“With our digital bank information, we ensure that the decision-making process through the credit approval by the lending bank can be significantly reduced.”

Kredit2Go has a digital and encrypted credit check in real time. The borrower uses their online banking access data within the application path, and only enters the login name and PIN on the Kredit2go platform of Smava, after selecting their bank. This makes the credit application process faster and fully digital.

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.