Fibr, the new European digital bank for SMEs, breaks the cover
The bank already has seven lenders in the process of integration, offering direct lender loans to clients in the Netherlands, Germany, Finland, Spain, Ireland and the UK.
Image source: fiber
Cash-hungry SMEs across Europe have a new digital bank to turn to in the form of Fibr, which launches this week.
Fibr, is the new trading name of the renowned Amsterdam Trade Bank, founded in 1996. The bank has a somewhat unique strategy in terms of direct lending to SMEs as well as providing wholesale lines of credit to alternative lenders through Europe such as Creditshelf.
Its direct loans come in the form of secured business loans and working capital loans. It has so far loaned more than € 20 million to more than 175 SMEs in the UK and the Netherlands, but plans to increase that amount to € 1 billion.
It offers deposit accounts for savers, currently only in Germany and the Netherlands, which finance loan origination as well as third-party financing lines. It will open to British savers in 2022.
Based in the Netherlands, Fibr also offers a lending-as-a-service platform to other lenders.
It currently has seven lenders in the process of integration, offering loans to clients in the Netherlands, Germany, Finland, Spain, Ireland and the UK.
Oren Bass, CEO of FIBR, said the bank will help SMEs across Europe, many of which have faced intense pressure over the past 20 months and need financing to support their growth.
“On the other hand, savers want to see their money safe and support the businesses that are the lifeblood of the community. At FIBR, our mission is to help the European economy to recover by enabling the success of SMEs. We are focused on starting a suite of loan products, as this is where SMEs feel the pain the most.
“Our approach to other banks is particularly different – we have drawn on our collective experience to build a strong and stable bank with the technology and agility of a fintech. “
Bass was previously co-founder of US-based online lender Pave with the extended Fibr team from New10, Revolut, Zopa and Starling.