Rocket Internet’s P2P lending venture Lendico has lift-off

Michelle Kuepper 2013-12-02 0

As we previewed in October, Berlin-based company builder Rocket Internet has just launched its latest German venture, peer-to-peer lending platform Lendico.

Borrowers using the platform can request loans of between €1,000 and €25,000 from lenders with interest rates starting at 2.99 per cent. As for the lenders, they’re able to invest as little as €25 in “projects” – the platform’s term for individual loans. Similarly to some crowdfunding platforms, applicants only receive their loans if they raise the full amount requested.

Lendico cofounder Dr. Dominik Steinkühler said: “From the start, Lendico was developed as the digital alternative to banks. We challenge the monopolistic situation in the loans business. Lendico is a new way of financing personal loans and a new asset class.”

The Samwer brothers – the founders of Rocket Internet – have a number of complimentary ventures in their portfolio. Earlier this year, they invested in credit scoring system and loans provider Kreditech via their venture capital arm, Global Founders Capital.

The company builder is also involved in mobile and online payments via its portfolio companies Payleven and Paymill. Meanwhile, in October this year Rocket Internet’s payment solutions provider for online retailers, BillPay, was taken over by UK-based short-term loan provider Wonga.

In typical Rocket Internet copycat style, Lendico is very similar to US-based platform Lending Club and UK provider Zopa. Lendico is already on track to launch in other countries within the next few months – an aggressive expansion plan is also typical for the company builder.

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