By Daniel Lanyon on 2nd December 2019
Citadele will be investing through Fellow Finance, the largest peer-to-peer lending platform in the Nordics, while Crosslend will assist with the securitisation of loans.
Finnish fintech lender has struck a partnership with Baltic bank Citadele that will see the former firm fund loans through the peer-to-peer lending platform, which isthe largest in the Nordics.
German platform Crosslend, meanwhile will securitize the initial €15m of loan assets which will be held by Citadele.
Citadele says it is the first bank in the Baltic states, to invest in consumer loans via a peer-to-peer lending platform.
Vladislavs Mironovs, member of the Management Board of Citadele Bank, said “The difference between universal banks and Innovative frontrunners is their ability to adapt to customer needs, creating best-in-class solutions internally or partnering with leading FinTech companies.
”Co-operating with CrossLend and Fellow Finance is a new way for Citadele to expand its business and learn from international innovations. This newly established partnership will allow Citadele to reach new consumer and corporate lending markets while offering modern financial services internationally.”