FELLOW FINANCE PLC PRESS RELEASE 30.3.2020 AT 8:00 AM
Fellow Finance market share of Finnish peer-to-peer lending and crowdfunding markets increased by approximately 4,5 percentage points to total of 60,5% compared to the previous year. According to the Bank of Finland statistics released on 26th of March 2020, the total funding volume of intermediated loans to Finnish consumers and businesses through the peer-to-peer and crowdfunding platforms was about EUR 330 million in 2019. The peer-to-peer and crowdfunding markets have continued to grow strongly in Finland, particularly the loan-based crowdfunding for businesses.
"Fellow Finance has increased its market share of the total market to over 60 percent in 2019 (56% in 2018). Our market share in loan-based crowdfunding for businesses was approximately 41% (32%) and in peer-to-peer lending for private individuals approximately 91% (88%). The growth of our market shares shows that our services are regarded highly competitive. The growth of the total market indicates that this form of financing is filling the funding gaps left by banks with an increasing frequency. We are grateful to our customers for our growth," Jouni Hintikka, CEO of Fellow Finance, sums up.
"I am sure that now during these exceptional times the loan-based crowdfunding would support the government to speed up the distribution of vital funding for the businesses in need. I believe that our investor clients are ready to engage in financing businesses alongside with banks in response to the current surge in demand to ensure the continuity of Finnish businesses and jobs during and after the Corona virus. In the current situation, it would be important that Finnvera (state) guarantee would be available also for crowdfunded business loans" Hintikka adds.
FELLOW FINANCE PLC
Jouni Hintikka, CEO, Fellow Finance Plc, Tel. +358 40 585 5009, email@example.com
Certified advisor: Evli Bank Plc, tel. +358 40 579 6210
Fellow Finance Plc started its operations in 2014. The company is an expansive global FinTech group that provides crowdfunding services. A key role in the company's business services is played by the leading Nordic¹ loan-based crowdfunding and peer-to-peer platform maintained by the company which has already been used by more than 820,000 customers in approximately 70 countries. Fellow Finance Plc is an Authorized Payment Institution supervised by the Finnish Financial Supervisory Authority of Finland and the shares of Fellow Finance Plc are listed on the Nasdaq First North Growth Market Finland marketplace. The company has approximately 2 500 shareholders. www.fellowfinance.com
¹Measured by the amount of financing facilitated. Source: Brismo Market Data (data accessed on 30 March 2020).
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