Nordic app-based bank sells its peer-to-peer lending business

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App-based bank Lunar has sold its peer-to-peer (P2P) lending business to Swedish FinTech SaveLend to provide the necessary focus for the business.

According to Lunar, a specialist in this field would be better able to meet the needs of its customers than a bank, given the sizeable investment required in the peer-to-peer lending industry. Around 17,000 lenders and 7,000 borrowers will transfer to SaveLend as a result of the acquisition.

Since P2P lending requires a lot of expertise, Lunar is not the first digital bank to discontinue this service. Zopa, a pioneer in FinTech, stopped offering peer-to-peer loans in 2021 in order to concentrate on its banking service.

Read More: Nordic app-based bank offloads its peer-to-peer lending business

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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