Finsquare’s community of 3,500 lenders will migrate to the Lendix platform, where they will have access to its existing loan portfolios, including new offerings.
Olivier Goy, founder and CEO of Lendix said: “Finsquare’s product addresses a real demand from lenders and borrowers alike.
“It fits perfectly with our current offering, which is focused on longer-term loans and financial leases.
“It’s a logical expansion of our range of financing solutions for SMEs.”
Since completing its first loan in April 2015, Lendix, which operates entirely online, has secured over 40% of the French SME marketplace loan sector.
Lendix users have now lent approximately £69m to SMEs.
Meanwhile, Finsquare’s members have lent approximately £3m since its inception in 2014.
A lender protection insurance scheme will now protect all existing Finsquare loans transferred to Lendix. However, the insurance will not cover loans introduced on the marketplace after the acquisition.
Polexandre Joly, co-founder and CEO of Finsquare added: “We’re convinced that the acquisition of Finsquare by Lendixis a great opportunity for our community of lenders, which will also allow us to focus on growing our GoCreditPro business line.”
GoCreditPro was launched in October 2015, and provides a platform for SMEs of all sizes to source a variety of financing options.
French residents with the equivalent of approximately £77, a bank account and a mobile phone are able to invest via Lendix, where residents of the UK are also able to apply.
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