Swedish lender Brocc lands Goldman Sachs funding

The Stockholm-based peer-to-peer start-up plans to boost lending into the Swedish consumer market.

Swedish start-up Brocc has raised funding from Goldman Sachs, which the peer-to-peer consumer lender will use to boost loans.

The Stockholm-based business lends to consumers who already have loans from other banks, but want to consolidate them at lower rates.

Brocc secured the undisclosed sum from Goldman Sachs Private Capital, the US investment’s bank’s arm set up to lend to smaller firms throughout the US and Europe. 

“We are looking forward to using this funding to continue to improve the credit conditions for the Swedish consumer,” said chief executive and co-founder Jonathan Klein and chief business officer Patrik Gunnarsson (pictured, left to right) in a joint statement.

They added: “The asset-backed investment facility provided by Goldman Sachs will allow us to increase Brocc’s origination of consumer loans via our platform, and facilitate debt consolidation at improved rates to the Swedish consumer.”  

Brocc has so far raised 11m Swedish krona ($1.4m) from investors since it was launched three years ago, according to database Crunchbase.

Last month, British peer-to-peer consumer lender Lendable secured a £200m funding line from Goldman Sachs Private Capital as the platform seeks to boost lending into the UK market.