By Ryan Weeks on Friday 10 August 2018
Compeon’s new product, DMK, will give businesses access to up to €750k.
Compeon, a German credit brokerage platform for SMEs, has unveiled a new product by the name of Digitaler Mittelstandskredit (DMK).
The product is a fully digital corporate loan of up to €750,000 which takes a maximum of just 48 hours to advance. Loans of €100,000 can be agreed in 24 hours. That speed is possible thanks to data drawn from the company register, credit agencies and an e-balance sheet which is fed into each bid.
Compeon claims that DMK offers the quickest pay-out on the market.
The loans comes from solarisBank, with Compeon acting as the exclusive sales representative. SolarisBank is a banking-as-a-platform business which is also based in Germany.
Compeon and solarisBank have forged a deep integration, from customer verification right up to the pay-out of the loan.
“By adopting this new product in collaboration with solarisBank, we can offer our customers a loan that can be adapted to the company’s financing needs extremely quickly, comfortably and flexibly. Financing with a term between six and 60 months is possible for loans of 10,000 euros and above. The nominal interest rate on loans starts at 2.7 percent with no need for collateral,” said Dr Nico Peters, managing director of Compeon.
Compeon is a fintech brokerage platform which works with more than 220 banks and alternative finance firms to facilitate a range of financing solutions for business borrowers, including loans and leasing, factoring, mezzanine capital, finetrading and project financing. The company raised €12m in a series B fundraising round led by Tengelmann Ventures in October of last year.