Younited Credit: a collaboration with SlimPay to prepare its European expansion

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The consumer credit: a sector in transformation

Within the Fintech sector, B2C services are making a revolution, especially the consumer credit market that have seen a growth of 5% only in 2017.

Among them, the leader: Younited Credit, a secure internet platform, based on the “marketplace” model, and recently raised 40 million euros. Younited Credit technology makes it possible to borrow directly from a community of professional investors (individuals, companies, insurers, foundations, pension funds, etc.) and ensures an optimal flow of financial flows between investors and the borrower.

Faster and cheaper than a bank, Younited Credit has already managed more than 72 000 projects, for a total amount of more than half a billion euros in loans financed.

The Younited Credit challenge: absorbing the increase in payment volumes in Europe

As any solution based on a platform that must operate at the speed of the Internet, Younited Credit wanted to return to the management of monthly withdrawals of refunds from its customers with the aim to improve processing.

This issue involved calling a single partner, capable of managing large volumes within the entire SEPA area – for both direct debit and card payments, mandate data management and failed payment management – in order to get ready for an international expansion of the business and consequently growth.

A smooth international expansion thanks to SlimPay’s technology

Specialising in recurring payments by direct debit, SlimPay offers innovative technologies and services dedicated to all stages of payment and was able to launch the first phase of the project in a few days, firstly in Italy and Spain.

The Italian and Spanish markets, on which Younited Credit has just started its business, have a few thousand direct debit. They enabled the SlimPay and Younited Credit teams in charge of this project to optimize recurring payments to launch a first phase of testing, before managing the more than 59 000 monthly direct debits made in France from the end of November. Two cases of specific uses have thus been tested: the recovery of failed transactions via a credit card payment, as well as the recurring payment by bank card.

Managing two modes of payments (direct debit and card), as well as the potential rejections (failed payments) throughout a single interface, offers Younited Credit a significant time saving, which will be amplified by the development of the activity beyond the borders of the Hexagon.

“The technologies developed by SlimPay allow us to gain flexibility in the management of direct debits, particularly as part of our expansion in continental Europe”, says Xavier Pierart, CFO at Younited Credit.

Younited Credit & SlimPay: a Fintech / Fintech partnership

Fintech is a sector that covers several realities. Proof is: Younited Credit and SlimPay, although both categorized as “fintech”, they do not evolve on the same market.

However, they can complement each other and support their mutual growth: thanks to SlimPay, Younited Credit is able to expand its business internationally, and thanks to Younited Credit, SlimPay enriches its experience service in the loan sector.

“Two French startups in the FinTech sector joining forces are a great example of the vitality of innovation in France”, explains Jérôme Traisnel, CEO of SlimPay.

Read more on Fintech/Fintech collaboration

To learn more about Younited Credit, here.