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Funding News

Varengold Bank AG and Lender & Spender BV announce €20M funding deal to facilitate loans to Dutch consumers.

Hamburg-based Varengold Bank, a leading provider of FinTech financing, and Lender & Spender, an innovative online peer-to-peer lending platform from Amsterdam, today announced a debt facility agreement of €20M. 

Since 2016, FinTech Lender & Spender has been providing loans to prime consumer borrowers in the Netherlands through its digital online lending platform. Technology- enabled onboarding and credit underwriting processes allow it to provide customers with a cost-effective borrowing solution and loan pay-out within 24 hours. 

Lender & Spender offers loans to Dutch consumers to finance purchases such as cars or home improvements. Looking for institutional funding to support the growth of its financing book, the company struck a deal for a €20M loan facility agreement with Varengold Bank, a German financial institution with considerable expertise in marketplace banking and a solutions-based approach to financing. 

Alison Harwood, Head of Varengold’s London Branch, which is also responsible for the bank’s business development activities in the Benelux countries, says: “We partner with the FinTech industry to provide bold and innovative businesses like Lender & Spender with access to financing. We are particularly excited to fund the growth of businesses which challenge traditional lending models and provide customer-centric products. Lender & Spender fits this brief exactly and we are delighted to bring them onboard as our first financing client in the Netherlands.” 

Robert Leclercq, Co-Founder and CEO of Lender & Spender, adds: “We are at a stage where we can really start leveraging our technology and help more people with a better loan. We have set ambitious growth targets for the coming years and also look to institutional funding to support our continued growth. In the search for such funding, Varengold Bank has proven to be a perfect fit due to its focus on FinTechs, understanding of our business and high responsiveness. We are therefore very excited to have closed this funding transaction and look forward to continue working together.”

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