By Daniel Lanyon on Tuesday 4 February 2020
Lender & Spender will receive €20m of funding in a new deal to facilitate loans to Dutch consumers.
Hamburg-based Varengold Bank has struck a €20m deal with Lender & Spender, a fintech lending platform based in Amsterdam.
The new debt facility will help Lender & Spender provide loans to prime consumer borrowers in the Netherlands, it says, through its digital online lending platform. Technology-enabled onboarding and credit underwriting processes allow it to provide customers, it adds, with "cost-effective" loan pay-out within 24 hours.
Lender & Spender offers loans to Dutch consumers to finance purchases such as cars or home improvements.
Alison Harwood, Head of Varengold’s London Branch, which is also responsible for the bank’s business development activities in the Benelux countries, says: “We partner with the fintech industry to provide bold and innovative businesses like Lender & Spender with access to financing. We are particularly excited to fund the growth of businesses which challenge traditional lending models and provide customer-centric products. Lender & Spender fits this brief exactly and we are delighted to bring them onboard as our first financing client in the Netherlands.”
Robert Leclercq, Co-Founder and CEO of Lender & Spender, adds: “We are at a stage where we can really start leveraging our technology and help more people with a better loan. We have set ambitious growth targets for the coming years and also look to institutional funding to support our continued growth. In the search for such funding, Varengold Bank has proven to be a perfect fit due to its focus on fintechs, understanding of our business and high responsiveness. We are therefore very excited to have closed this funding transaction and look forward to continue working together.”