Lendomatic’s Danish Subsidiary Finans 247 ApS has today been granted its Danish Consumer Finance License. This is a major milestone for Lendomatic. This is a testament to Lendomatic’s significant effort to accommodate its business model and processes to the new Danish legislation framework. Click here to see the official license letter (in Danish).
Lendomatic announces that Founder & CEO Mads Dahlerup will take up the position as Chairman of Lendomatic Holding, where he will increasingly be focusing on strategic issues as well as investor relations. At the same time, CFO Peter Andreasen will become CEO of the whole group. This will ensure that Lendomatic is well structured to continue its growth in an increasingly regulated environment. At the same time, COO Jeff Saul will become Deputy CEO of the group ensuring the right focus is placed upon growth initiatives, continued automation of the business and the growing importance of attracting funding for Lendomatic’s growth journey.
At today’s Annual General Meeting, Attila Boros was elected for the Board of Directors of Lendomatic Holding A/S. Attila is the majority Shareholder in Judulimp SA, which owns 10% of Lendomatic Holding.The election of Attila Boros to the Board of Directors increases Judulimp’s presence with Iavor Tzolov having joined the Board at the Annual General Meeting in 2020. This signals Judulimp’s strong belief in Lendomatic’s growth potential over the coming years.
At today’s Annual General Meeting, Shareholders approved the Annual Report for 2020 for the year ending on 31 December 2020. Download the full report here.
Lendomatic has moved its headquarters to a more convenient office space in the heart of Copenhagen. The new premises better serves Lendomatic’s future space requirements with the added bonus of not sharing its office space with other companies. The new address is Vester Voldgade 83, 2, 1552 Copenhagen V, Denmark.
Martin Heyn Skytte has today accepted the position of CTO within the Lendomatic group, where he will be part of the management team. Martin brings with him significant experience from within our own industry as well as from the IT security perspective. These are both crucial skills for taking Lendomatic’s IT infrastructure and products to the next level.
At today’s Annual General Meeting Iavor Tzolov was elected to the Board of Directors of Lendomatic Holding A/S. Iavor represents and is a Shareholder in Judulimp SA, who owns 10% of Lendomatic Holding. The election of Iavor Tzolov to the Board of Directors is in accordance with the plans made when Judulimp SA became a Shareholder in Lendomatic Holding at the end of 2019. Iavor is a great addition to the Board of Directors of Lendomatic as he brings in his vast experience of the European Fintech and consultancy industries.
Lendomatic Holding has today published its Annual Report for the fiscal year 2019 ending 31 December 2019. Download the full report here.
The Danish Financial Supervisory Authority’s new instruction for living up to the Credit Agreement Act comes into effect on 1st July 2020. From this date onwards, the APR cannot exceed 35% on a consumer loan and any loan product with an APR exceeding 25% can no longer be promoted outside the Company’s website. This effectively means that the APR cap going forward will be 25%. Furthermore, promotions are no longer allowed if they appear inthe same place as a gambling advertisement. This both applies for online as well as offline marketing. Additionally, a cost cap of 100% throughout the lifetime of a loan is being introduced. Going forward, Lendomatic will only be issuing new loans under the MiniFinans and Folkelånet brands, with KasseKreditten and Kvikto no longer issuing loans.
Lendomatic Holding’s Board has today promoted Founder Mads Dahlerup to CEO, replacing Mikkel Winston. This follows Lendomatic’s wish to speed up its growth pace utilizing Mads’ talents within digital marketing and his capital raising expertise. CFO Peter Andreasen will continue as CFO of Lendomatic Holding, however, in addition will take over the position of CEO in both operating subsidiaries of Lendomatic Holding A/S, which are Lendomatic ApS and Finans 247 Sverige AB.
Judulimp SA has today acquired a 10% stake in Lendomatic Holding A/S (acquired from existing Shareholders). Founders Mads Dahlerup and Casper Ravn-Sørensen are extremely pleased to welcome Judulimp as a shareholder in Lendomatic. Judulimp is owned by a group of very successful entrepreneurs within both the financial industry and the consultancy sectors. Judulimp bring financial muscle and its network within the European Fintech industry. This will strengthen Lendomatic’s growth opportunities in the Nordics and, over time, in other European markets also. It is the intention that Iavor Tzolov will join the Board of Directors of Lendomatic Holding at the next Annual General Meeting as a representative of Judulimp.
Peter Andreasen has today joined Lendomatic Holding as its new CFO. Peter will strengthen the management team of Lendomatic Holding with his vast experience as a CFO as well as CEO within the financial industry. Peter adds experience with running financially regulated entities and dealing with regulators. Peter most recently joins from a CEO position at the leasing company AutoWise. Prior to this, he was CEO/CFO at Saxo PrivatBank and CFO at E*Trade for its European business.
Lendomatic has partnered with the Danish fintech company Monthio, making Lendomatic the first consumer lending provider in the Danish market making use of bank scraping data (laterPSD2 data) for its credit scoring process. Monthio provides an intelligent digital platform that contains algorithms and machine learning that can identify and group banking transactions in to categories. This allows Lendomatic to establish an automated budget for its loan applicants in ‘real time’, which is both faster and more accurate than what has been available to credit providers previously.
Lendomatic Holding has today published its Annual Report for the fiscal year 2018 ending 31 December 2018. Download the full report here.
Lendomatic has today launched its first brand in Sweden – ProfilKredit. This is Lendomatic’s first product launch outside Denmark. Profilkredit will initially focus on the high interest segment of the Swedish consumer finance market.
Jeff Saul has joined Lendomatic Holding as COO to strengthen the management team and head Lendomatic’s growth into international markets as well as strengthening its corporate development, its data processing capabilities and business development in general. Jeff Saul was, most recently, Managing Director at Geomatic A/S, and prior to that was Global Head of Equities at Saxo Bank, CEO of Euroinvestor and Founder and CEO of Fibetco. As such, he has vast experience within the financial sector, particularly within Fintech and Financial Markets.
Christian’s professional background covers both audit experience from Ernst & Young, consulting experience within Finance and Performance Management from large consulting firms and extensive CFO experience from Tieto, e-Boks and Intrum. He also used to serve as First lieutenant and Platoon Commander in the Royal Danish Guards.
”My ambition is to ensure that establish a stable and scalable growth foundation, by implementing the necessary routines, automation and reporting in order to support the business strategy and the need for timely proactive information regarding Finance and potential risks. I’m looking forward to taking part in this exciting journey and facilitating our continuous growth ambitions in both Denmark, Sweden and Finland.”
– Christian Brammer, CFO
As Brammer joins the Lendomatic organization, CEO Mikkel Winston looks forward to the added experience.
“Christian brings in a strong profile with experience from international- and prominent Danish companies. I’m convinced that his expertise and experience will contribute to the continuous growth and internationalisation of our business, and I’m looking forward to welcoming him at Lendomatic “
– Mikkel Winston, CEO
The addition of Brammer as CFO will help to ensure the already good foundation of a promising future for Lendomatic.
In early September, Lendomatic reached another positive milestone in the passing of 35,000 loans made to Danish consumers.
The increased pace between every time we issue 5000 loans is a clear indicator of the rapid growth pace of Lendomatic, and having passed 35,000 loans in just one and a half year, the young age of the company does not seem to affect new CFO Christian Brammer:
”It’s very important that we are moving this fast and we clearly expect that the pace will at least be similar going forward. We are on a very exciting journey, and I’m impressed by the dedication and drive of the entire staff.
The objective is to ensure a continuously stable and scalable foundation of the company, as well as continuing our great workflow and dynamic organisation.”
– Christian Brammer, Chief Financial Officer
Lendomatic is now very close to launching our Swedish brand Profilkredit.se, as well as introducing several significant improvements to our Danish brands.
The company has entered the second half of 2018 with good results and even higher expectations.
Lendomatic’s brand Minifinans has today launched a revolving credit product replacing its payday lending product. With this launch, MiniFinans has moved it focus away from the payday market to strengthen its position in the Danish consumer credit market.
This summer, Dansk-IT (Danish IT) held an AI convention focusing on machine learning. Dansk-IT invited founder Mads Dahlerup to speak about our key learning working with machine learning in credit scoring.
While the big banks and public institutions were represented in the audience, Mads Dahlerup spoke about do’s and don’ts when implementing machine learning in your organization.
Lendomatic started working with machine learning in December 2017 and has made great progress in a limited amount of time. In our case, machine learning is used for payment predictions and fraud detection, giving real-time predictions while the customer is still in the application flow.
We are big believers in machine learning and that good credit policies are machine made. Large amounts of data are collected on each customer and needs to be processed fast for customer convenience, without compromising credit policies.
“We have come far, but yet just seen the beginning.”
Mads Dahlerup
Lendomatic has now gathered a total of three country licenses from their respective Financial Supervisory Authorities.
Back in 2016, when the Lendomatic venture first started, Founders Casper Ravn-Sørensen and Mads Emil Fast Dahlerup, decided to enter the field they both had tremendous experience from, within digital marketing and the affiliate business.
Both acknowledging the great potential, they started the long process of getting the first licens of the company, for the Danish market, from Finanstilsynet.
“It was a long process, but we were – and are – very determined, so we crossed the finishline, though it was a battle.”
– Casper Ravn-Sørensen, Founder
Ravn-Sørensen and Dahlerup have both invested their heart and soul, and own capital, into what looks like a very promising company. The first report for the fiscal year of 2017 showed positive, which is very unusual for any company, and especially in the financial business.
This year Lendomatic will enter new territories with unexplored markets for the company. Starting out with the Swedish market in the beginning of the second half of 2018. Swedish Country Manager Jacob Hansson looks forward after an 11-month long application process with the Swedish FSA (FI) to get the license to operate approved.
“We are happy to finally be approved and to start preparing for the launch. As a really innovative and modern consumer loan company, there are huge possibilities for us in Sweden and the other Nordic countries. It’s an exciting time at the moment and we are looking forward to enter the Swedish market.”
In Sweden the company will operate as Finans 24/7 Sverige AB, and the first short term loan product will be offered through the ProfilKredit brand.
Fin(n)ishing off this years expansion of the company, will be the move into the Finnish market. After touching base in Sweden, the company will bring the ”secure lending made easy” motto to the third Scandinavian country, under the name Finance 247 Finland OY.
”We expect to go live in Finland around fall 2018” says CEO Mikkel Winston, without promising too much.
Lendomatic is primarily owned and operated by Mads Emil Fast Dahlerup and Casper Ravn-Sørensen, along with handpicked investors.
CEO Mikkel Winston joined the team in October 2017, and has since day one, had a big part in the rising, ongoing success of the company.
*+30.000 loans per July 3rd, 2018
Expectations keep rising inhouse, with an intense focus to avoid a satisfied attitude. Long term goals include doubling and even tripling value, but to make those climbs realistic, short term focus is key.
”The markets we are going to enter, are unique and have each of their differences, good and bad, but all-in-all they are also similar in many ways. It is important for us to learn from mistakes on the Danish market, and bring those experiences across the boarders. In the new territories, we have to start out on a smaller scale, including a lot of testing.
It is also impeccable that we recruit relevant people with relevant knowledge in these specific markets.”
– Casper Ravn-Sørensen says.
After a succesful first report for the company, the future looks very promising for Lendomatic.
FSA Licenses: