European Crowdlending Leader – October (ex Lendix) choses Direct Debit for its lending reimbursements
9 May 2018
Updated: 25 October 2019
October (former Lendix) is the #1 SME lending platform in France and continental Europe. It is an online marketplace for business loans, enabling investors to lend money directly to small and medium sized enterprises. October currently operates in France, Spain and Italy.
October enables SMEs to borrow directly from individual and Institutional lenders without going through banks. Lenders invest their savings usefully and profitably to facilitate the funding of the real economy whilst businesses find new, simple and effective sources of finance independently of banks.
In 2017, October is ranked in the KPMG and H2 Ventures Fintech100 for the second consecutive year and is backed amongst others by Partech Ventures, CNP Assurances, Matmut and Decaux Frères Investissements.
October and SlimPay: a successful long-life Fintech-Fintech collaboration
October has decided to trust SlimPay for all its Direct Debit transactions in order to assure lending reimbursements and to make the process as smoothly as possible with the launch of its platform.
The two companies have been working together since mid 2015, strengthening their relationship over the years. This is a successful example of two fintechs collaborating together, following a very hot trend nowadays! The collaboration between October and SlimPay seemed more than logic as of October perspective, to offer the most complete payment offer to its users and especially to support its lending reimbursement scheme.
“As a lending platform, assuring to our lenders that they will get repaid back on time by the borrowers is key and thanks to SlimPay direct debit solution this process is made smoother!” – Matthieu De Fréminville, Executive Assistant to CEO
Today, October operates in three European markets (France, Spain and Italy) by processing over €15 million through 3K SDD transactions thanks to its 350 borrowers.
By the end of the ongoing year, October forecasts to double these numbers, by reaching over 800 borrowers only in France and Italy.
After 2017 successful expansion in Spain and Italy, October has recently announced that its European expansion will also continue in 2018, this time entering two countries, Germany and the Netherlands. A new challenge for October but they can still count on SlimPay support, which will continue to accompany the European Crowdlending leader in its expansion!
The European Lending Ecosystem is seeing an increasing in competition as new companies enter the market, giving lenders and borrowers more options. The key factor to earn the trust of both lenders and borrowers is by offering a complete secure lending experience, with trusted borrowers and guaranteeing lenders a smooth reimbursement process; creating a win-win situation for both actors in the Lending system.