The bank already has seven lenders in the process of onboarding, providing loans to customers across the Netherlands, Germany, Finland, Spain, Ireland and the UK.
SMEs across Europe hungry for cash have a new digital bank to turn to in the form of Fibr, which launches this week.
Fibr, is the new trading name of the rebranded Amsterdam Trade Bank, founded in 1996. The bank has a somewhat unique strategy in terms of lending directly to SMEs as well as providing wholesale lines of credit to alternative lenders across Europe such as Creditshelf.
Its direct lending comes in the form of secured business loans and working capital loans. It has lent over €20m of loans to over 175 SMEs in the UK and Netherlands so far but has plans to scale this to €1bn.
It offers savers deposit accounts, currently only in Germany and the Netherlands, that funds loan origination as well as third party funding lines. It will open for UK savers in 2022.
Headquartered in the Netherlands, Fibr also offers a lending-as-a-service platform to other lenders.
It currently has seven lenders in the process of onboarding, providing loans to customers across the Netherlands, Germany, Finland, Spain, Ireland and the UK.
Oren Bass, CEO of FIBR, says the bank will help SMEs across Europe, many of whom have faced intense pressure over the last 20 months and need funding to support their growth.
“On the flip side, savers want to see their money safe and to support those businesses that are the lifeblood of the community. At FIBR, our mission is to help the European economy recover by enabling the success of SMEs. We are focused on starting with a suite of lending products as that’s where SMEs most acutely feel the pain.”
“Our approach to other banks is uniquely different – we have drawn on our collective experience to build a strong and stable bank with the technology and agility of a fintech.”