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FundedByMe has just launched its new product, loan-based crowdfunding, which is also known as crowdlending. This service enables savers and private investors from nearly all over the world to become lenders and benefit from the growth of Swedish small and medium businesses.
How to do it? It’s easy! Creating an account takes only a few minutes. However, after the registration is complete, FundedByMe has to verify the identity of each lender. This is done in order to provide both entrepreneurs and lenders with a transparent and secure environment. It also complies with international regulations.
In order to verify the lenders’ identity, FundedByMe asks the users to upload their IDs or passports on their accounts. FundedByMe later passes on the data to an external payment provider, MangoPay, which then verifies the lender’s identity. However, the personal data provided by the lenders to FundedByMe and MangoPay will only be used in order to verify the lender, as well as in the rare case of default. The lenders’ personal information will not be passed on to any other external actors.
After your identity has been verified, you can start lending straight away!
Once again, FundedByMe is changing the financial landscape in Sweden, by introducing a new financial instrument for investors: loan-based crowdfunding (also known as: crowdlending, peer-to-peer lending or social loans). On February 17th FundedByMe, being the fastest growing crowdfunding platform in Europe, introduced peer-to-peer lending available to Swedish small and medium enterprises.
The newly launched peer-to-peer lending by FundedByMe enables investors from all over the world to lend money to Swedish businesses. Swedish entrepreneurs are now able to receive alternative financing and use it to develop their companies. The whole process is online based and the registration takes only a few minutes.
Investors are welcome to browse the loan-based crowdfunding campaigns on the platform and choose those they are willing to lend their money to. The risk rate makes it easy for the investors to choose the suitable company and possible incomes. Then they need to only log in or create an account giving few data and then upload their ID, which is verified. It may take up to 2 business days.
Starting raising funds in crowdlending model is also very simple for an entrepreneur. After creating an account, entrepreneurs directly receive a feedback from FundedByMe, which calculates the risk grade based on the enterprise’s financial history. Depending on it, the exact interest rate of the potential loan is set down. However, they are relatively cheap and because the whole procedure si 100% online, an entrepreneur may apply for a social loan whenever she or he wants.
The new peer-to-peer lending (crowdlending) offered by FundedByMe provides investors with high revenues and entrepreneurs with competitive interest rates, which are on average lower than in banks. The whole process is transparent and secure, thanks to the latest financial information provided by the two credit bureaus FundedByMe has a collaboration with.
FundedByMe is now keeping its fingers crossed for the first crowdlending campaigns on the platform. You can also be a part of this history-changing moment: peer-to-peer lending.