Fellow Finance's payment methods are now in use across thousands online stores

FELLOW FINANCE PLC PRESS RELEASE 8.11.2021 AT 9:10 AM

Fellow Finance is the first crowdfunding and peer-to-peer lending platform in Finland that expands its product range to include “buy now, pay later” online store payment method

Fellow Finance’s advanced e-commerce payment method, Fellow Lasku, is now available across thousands Finnish online stores using the Visma Pay Online Payment Service. With Fellow Lasku, a consumer has an option to pay an e-commerce purchase either with a 30-day interest-free invoice or in flexible monthly installments.

In addition, Fellow Finance has entered a partnership with Enterpay, a B2B e-commerce payment solution provider, where part of Enterpay's e-commerce customers have started to use Fellow Yrityslasku. Fellow Yrityslasku offers companies term of payment up to 60 days.

Paying is easy and fast

Paying with Fellow Finance's payment methods is easy and fast. In connection with the first purchase, a new personal customer is identified via strong electronic identification, but a returning personal customer is identified automatically. Identification of a company customer is carried out in cooperation with Enterpay making the purchase smooth. From a merchant’s point of view, an easy identification process of a buying customer and a straightforward shopping experience enhance sales.

Responsible lending and credit risk management are also core parts of the new payment methods. When assessing solvency of a credit applicant, Fellow Finance utilizes new data sources and applies a machine-learning credit scoring model based on the company's experience and approximately 6.4 million processed loan applications.

“It’s great to have Fellow’s new payment methods into markets before the online store high season, which starts on Father’s Day and continues through Black Friday and Cyber ​​Monday to Christmas sales. I strongly believe that we will be able to challenge current payment services with a better shopping experience and thus help merchants to enhance online conversions”, says Juho Putkonen, Development Manager of Fellow Finance.  

Further enquiries

Juho Putkonen: Development Manager, Fellow Finance Plc, juho.putkonen@fellowfinance.fi, tel. +358 40 922 6609

Fellow Finance Plc is a loan-based crowdfunding and peer-to-peer lending platform. The company’s mission is to transform the traditional financing and payments to direct transactions between people and businesses. Fellow Finance has intermediated consumer and business financing of more than 850 million euros in Finland, Sweden, Denmark, Germany, Poland, and Czech Republic and served more than 950 000 customers. The company is regulated by the Financial Supervisory Authority of Finland as an Authorized Payment Institution and listed on the Nasdaq First North Growth Market Finland. www.fellowfinance.com.

Tags: