The French fintech company Younited has just entered the German market. This makes Germany the fifth tapped market for the consumer credit platform with a banking license in Continental Europe.
The fintech company was founded in Paris, back in 2009. Thanks to state-of-the-art technologies, Younited handles the entire loan application process, including the signing of the contract, completely online. This saves the customer significant time from the loan application to the receipt of the loan. The flexible conditions also characterize the company.
Consumers can make special repayments at any time free of charge, by choosing whether the rate or term should be reduced. The granting of a car loan takes place without withholding the car letter. Compared to other banks, Younited Credit also offers credit to pensioners up to 80 years of age.
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The refinancing principle of Younited Credit
In summary, Younited Credit grants consumer loans to private individuals from 18 to 80 years of age, for loan amounts from (€1,000) to (€50,000) and with terms of 6 to 84 months. The financing of consumer loans is based on a refinancing principle: professional investors, such as companies, insurance companies or foundations, invest in the Younited Credit fund.
The consumer loans are financed from this fund, which means that 100 percent of the interest accrued goes back to the investors. Younited Credit receives a one-time discount for each credit granted, also known as a discount.
B2B: Younited serves business customers with product solutions
With its second business unit “Younited Business Solutions”, Younited Credit also serves customers from the B2B sector in the areas of credit-as-a-service and credit-as-a-payment. For this purpose, 90 employees in the fields of data science, engineering and software development provide business customers with coordinated product solutions as well as Younited’s state-of-the-art technology.
Currently, Younited Credit has acquired more than $181 million (€165 million) in equity capital, a Europe-wide banking license, and employs over 325 people in Paris, Rome, Barcelona, and Munich. Since its first launch in 2009, Younited Credit has already financed more than $1.76 million (€1.6 billion) in consumer loans. The start-up company has set itself ambitious goals and is optimistic about the future in Germany. At present, 13 employees are working in various areas; the strategic plan is to double the team in Munich by the end of the year.
Michael Herrschlein, CEO of Younited Credit Germany, added: “The focus in France and the markets is technology, process and data driven. Younited owes its success to this core objective. Since 2009, valuable experience has already been gained, which now also represents an important advantage for us in Germany. So, we are clearly starting with great conditions for strong growth. We want to give numerous customers the chance to get a fair and fast credit, at transparent prices.”
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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in gi GELDINSTITUTE, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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