Germany-based incubator/’clone factory’ Rocket Internet has today launched its latest business, a peer-to-peer lending service called Lendico. The platform links lenders and borrowers, with interest rates starting at 2.99 percent. Loans are available to borrowers for amounts between €1,000 ($1,360) and €25,000 ($34,000). Borrowers can ‘invest’ as little as €25 ($34) in ‘projects’, Lendico’s terminology for the individual loans that it offers.
Peer-to-peer lending first emerged as an online business model in the middle of the last decade, with sites such as Zopa in the UK and Prosper in the USA. Although Lendico currently only operates in Germany, it’s common for Rocket Internet to expand its businesses to multiple markets. Indeed, Rocket says Lendico will arrive in “several countries” within the next few months.
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