The loan was created via a technological partnership with Younited. It allows customers to easily synchronise banking information held in another institution, minimising the number of supporting documents and speeding up the processing of their application.
The loan will offer funding to the tune of between EUR 1000 and EUR 75000, towards a range of projects including travel, renovation works, and vehicle purchases.
The loan will be open to everyone regardless of whether or not they hold an Orange Bank account. The loan may be taken out by individuals or pairs. The procedure is estimated to take only around 5 minutes on average from start to the signing of the contract. Customers will be able to track and modify the details of the loan (e.g. deadlines and payments) via an app.
Launched in France in November 2017, Orange Bank is a digital bank that has a total of 1.8 million customers. It was envisaged as a broadening of Orange’s mobile banking services, at the time already existent in Africa, to Europe. It offers a range of services including currency exchange, insurance, and credit-debit cards. It expanded its presence to Spain in November 2019.
In January 2021, Orange Bank acquired French neobank Anytime, which caters to small businesses, as part of its development strategy, in order to expand its reach to that market segment.
In October 2021, Orange announced that it was acquiring insurer Grouparama’s 21.7% stake in the bank- making Orange’s total stake 100%- and injecting EUR 230 million worth capital into the bank. This was part of Orange’s move to improve the bank’s growth prospects, as well as increase the convergence of its telecoms and banking services.
Figures from Statista show that nearly three-quarters (72%) of France’s population had used online banking services as of 2021- a penetration rate ranking in the top 15 in Europe.
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