A new European regulatory framework enables the Portuguese operations to be managed from the French and Spanish offices.
The Paris-based consumer lending platform Younited Credit has increased its potential customer base by launching in Portugal, its sixth European market. Already distributing loans in Germany and Austria, it has 35 per cent of its loans in Italy and Spain.
The marketing and operations team managing the Portuguese business is based in the French and Spanish offices thanks to the “freedom to provide services” (FPS), a new regulatory framework. The FPS enables the fintech to operate within the Portuguese market without opening an office in the country. The regulation leaves the possibility for future international development.
Since launching in 2009, Younited has originated a total of EUR 900m throughout Europe, EUR 1m of which coming from Portugal since the expansion started in late June.
The Portuguese market has access to the company’s digital technologies. These products include digital signature, uploading supportive documents via smartphones and bank reader technology.
Charles Egly, CEO of Younited Credit, said: “Our unique business model allows us to combine the best of both financial & digital services. On the one hand, we are the only online lending platform to be fully authorized and regulated, and on the other hand we are a true fintech and we leverage our technology to address loan applications fast”.