Rocket Internet Fintech front-runner Lendico pulls in record funding of €20m
Lendico secures an additional €20 million in funding from various top-tier investors
02 MAY 2015, BERLIN, GERMANY
SummaryThe Berlin-based fintech company launched by Rocket Internet in Dezember 2013 – offering an online marketplace for business and consumer credits – reinforces its position as a digital alternative to traditional banks. The company will use the new round of capital to support its accelerating international growth, fund its proprietary technology development, and win further exceptional talent for its team. Apart from existing investors Rocket Internet, Access Industries and HV Holtzbrinck Ventures, another leading fintech investor participated in the funding round.
"We have won another experienced strategic partner as an additional investor in Lendico. Together we share the belief that there is no need for banks when it comes to lending money to business and individuals," says co-founder Dr. Dominik Steinkühler. "Solid funding is an important strategic advantage in a fast growing market environment. Lendico will now use the momentum and strengthen its position as a leading international online lending marketplace. Alongside our investors, we will continue to work on eradicating the dominance of banks and providing a better way for private individuals and especially for businesses to obtain loans. "
Oliver Samwer, CEO Rocket Internet SE says: "With Lendico, we are building the digital alternative to banks for business and consumer lending, with better rates and faster service. Fintech is at the beginning of a development we already have experienced in e-commerce: Long-established players will be outdistanced by new digital solutions. With Lendico we are actively shaping this process."
Sven Achter, partner at HV Holtzbrinck Ventures: "We look forward to continue supporting Lendico on its growth track on the way to improve traditional lending and to disrupt the structure of the global lending markets."
Just in March, Lendico announced that several banks and investment funds committed more than €100 million to finance loans via Lendico. "Thanks to the low capital costs of banks and the efficiencies in Lendico’s processes, our borrowers will be getting even better products in the future: we will be able to offer even cheaper rates and even faster loan payouts to our clients," says Dominik Steinkühler. Especially in Germany the strong demand for loans exceeds the expectations, where only last year borrowers requested loans worth more than €500m. This proves that potential borrowers are increasingly looking for faster and cheaper alternatives to traditional bank loans.
Lendico is a digital alternative to banks. The online marketplace for business and consumer lending directly connects borrowers and investors – skipping bank tellers and bank managers. Lendico operates completely online with no branch network and relies on proprietary technology to reduce costs and optimize the handling of loan applications. This allows Lendico to offer great rates to businesses and individuals as well as attractive returns for investors. Since its launch in December 2013 Lendico has gained the trust of more than 200,000 users and received loan requests volume exceeding €1 billion Euro.
About Rocket Internet
About Rocket Internet
Rocket Internet incubates and invests in Internet companies with proven business models. It provides operational support to its companies and helps them scale internationally. Rocket Internet focuses predominantly on four industry sectors of online and mobile retail and services that make up a significant share of consumer spending: Food & Groceries, Fashion, General Merchandise and Home & Living. Rocket Internet’s selected companies are active in a large number of countries around the world with more than 28,000 employees. Rocket Internet SE is listed on the Frankfurt Stock Exchange (ISIN DE000A12UKK6, RKET). For further information please visit www.rocket-internet.com.