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SaveLend Group swung into profit in the first half of this year, having benefitted from the acquisition of Lunar Bank’s peer-to-peer lending business Lendify.
The European alternative finance group also owns Swedish P2P lending marketplace SaveLend and invoice financing platform Billecta.
The group reported core earnings of SEK 5.9m (£426,000) in the first half of 2023, up from a SEK10.6m loss in the comparative period in 2022.
Revenue rose to SEK 85m from SEK64.8m over the same period.
SaveLend Group acquired Lendify in the second quarter, had the deal approved by the Danish regulator and completed the migration of the platform and its investors.
The group’s chief executive Ludwig Pettersson said that the acquisition “has already had a positive impact on both EBIT and cash flow”.
Read more: Sweden’s SaveLend eyes profitability and EU expansion this year
The capital from Lendify investors means that the group ends the second quarter with the highest liquidity the company has had available on the savings platform, SaveLend Group said.
This capital is being used to develop the business in two areas: new savings strategies and expanding its property lending offering.
SaveLend has launched two savings strategies – Balanced and Yield.
“This means facilitated onboarding, fewer clicks, and simpler choices,” said Pettersson. “This has brought a good response, and according to the initial yield statistics, the strategies perform well within the range of the communicated target yield, with a low dispersion among portfolios.”
It is also launching manual investment in real estate lending.
Read more: SaveLend predicts new product Flex will double inflows
“We have seen a growing interest in investing in property projects, especially among active investors,” Pettersson said. “They want more accessible information and to decide for themselves how to allocate their capital to credit and counterparty. We have started product development to enable this demand and plan for a launch in fall. Additionally, this creates opportunities to attract new customers and new capital by marketing specific cases.”
SaveLend Group said that its gross margin improved in the second quarter compared to the first quarter, due to additional revenues from Lendify. It expects this improvement to continue.
Read more: Mintos sees strong potential in Sweden’s alternative lending market
The group also bolstered Billecta’s management team, appointing Magnus Åkerblom-Wiker as chief operating officer, effective from 1 September.
He has longstanding experience in the technology sector, having held senior roles with Stripe and Google.
“I am convinced he will contribute to further elevate Billecta and fine-tune the machinery that will take us to the next level,” said Pettersson.
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