The Notebook: Olle Lundin on revolutionising banking, reshaping the fintech landscape and expanding into the UK
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The notebook is written by Olle Lundin, co-founder and CEO of Swedish fintech Froda, which is launching in London
As I stand here today, on the brink of Froda’s expansion into the UK market, I can’t help but feel both excited and nostalgic. You see, long before co-founding Froda and embarking on this incredible fintech journey, my first job was working as a barman in London.
By bringing Froda’s vision and innovative financing solutions to British entrepreneurs, it feels like I have come full circle and like a homecoming of sorts.
SMEs are the driving force behind the economy, fostering innovation, job creation and economic growth.
SMEs constitute 99 per cent of all European businesses and contribute over half of Europe’s GDP, making them vital in every sector. However, accessing capital for growth can be challenging for them. Traditional banks, with their lengthy processes and rigid criteria, may not be the best fit for the fast-paced and dynamic nature of SMEs.
At Froda, our mission is clear: to revolutionise the banking experience for entrepreneurs and small business owners. Understanding the challenges faced by SMEs, we’ve developed a digitised lending platform with smart credit-scoring algorithms. This platform offers quick and fair financing solutions tailored to each business’s unique needs. By doing this we can be more objective and provide capital for more ideas and the right entrepreneurs, promoting diversity and equality in Europe’s entrepreneurial landscape.
In a time when the economy is facing headwinds and recovering from the pandemic, access to financing is crucial for startups and small businesses to stay afloat and invest in the future.
Froda’s streamlined lending process provides flexible and accessible options that adapt to modern business requirements. We believe that every ambitious entrepreneur deserves the chance to turn their ideas into reality, and we’re here to make that happen.
Entering the UK market, together with our partner Treyd, is a natural step for Froda. The entrepreneurial spirit and vibrant business ecosystem make it an ideal destination for our innovative approach to financing.
By introducing our digital lending platform, we aim to bridge this gap and empower UK SMEs with the financial tools they need to thrive. Together, we contribute to diversity and equality in the entrepreneurial landscape.
Growing through partnerships
The fintech landscape in Europe is teeming with opportunities for collaboration and partnership. These alliances have the power to benefit not only the companies involved but also the end customers. By joining forces, businesses can leverage their combined strengths, expertise and innovative solutions to create transformative experiences and the collaborative approach brings better solutions to the customers. Through strategic partnerships, the fintech industry can thrive, driving forward progress and fostering a culture of innovation.
Embedded financing is reshaping the fintech landscape by seamlessly integrating financing services into non-financing platforms, allowing businesses to offer their customers flexible financing options, unlocking new growth potential. Through this innovative approach, companies can enhance the overall customer experience and provide tailored solutions to meet individual needs.
This trend not only drives economic growth but also fosters entrepreneurship by giving businesses of all sizes access to the financing they require.
Small and medium-sized enterprises (SMEs) comprise 99 per cent of all businesses in the EU and contribute over half of Europe’s GDP. They play a significant role in creating value across various sectors of the economy. Ensuring equal access to financing for SMEs, comparable to that of larger businesses, is a crucial challenge for the global economy. Achieving this requires collaboration between the private and public sectors.
Open banking has transformed the financial landscape by allowing consumers and businesses to share their financial data.
That’s paved the way for more personalised financial services. It’s no surprise that in a world in which choice is all around us, from what to watch on TV to which takeaway to order, that SMEs are looking for more tailored solutions to their funding needs.