Another investors who joined the round include French insurer Matmut Group (via Matmut Innovation) and Zencap Asset Management, Crédit Mutuel Arkéa, AG2R La Mondiale and Weber Investissements The latest investments bring Younited Credit’s equity capital to EUR 103 million.
The money will be used to fund Younited Credit’s expansion across Europe, with the platform already active in France, Italy and Spain. Due to the unstable environment that Brexit has caused, the bank is uncertain whether to expand in the UK or not. The company also plans to develop new products and to continue research and development for AI-technology based solutions.
Similarly to most lending platforms, Younited Credit will focus on data since and better scoring capabilities. The company also has developed APIs to license its services to partners, including neo-banks, mobile operators and insurers.
AltFI reports that the company has lent approximately EUR 550 million, with small loans of EUR 1,000 to EUR 3,000 making up 40% of the platform’s total loan obligations.
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