Swedish FinTech companies Lendify and Trustly have launched a collaboration to streamline the loan process between private individuals by simplifying the transaction process.

Lendify, Sweden’s leading peer-to-peer lending platform, uses technology to help modernize the loan market by linking individuals who want to borrow capital and investors who want to invest in loans to creditworthy borrowers. By directly connecting these groups, Lendify is able to provide competitive rates for borrowers and attractive returns for investors. Through Lendify´s platform private individuals and companies can invest in an asset class that previously only has been accessible for banks.

Payment service provider Trustly has simplified another aspect of the financial process. Trustly’s solution for direct bank transfers and online payments allows investors via Lendify’s platform to transfer money immediately after registration, instead of having to wait one business day for the transaction to clear through the conventional clearing system.

"With Trustly, payments to and from our platform will be easier and smoother. Investors will be able to transfer funds directly without having to leave Lendify’s platform," says Erika Eliasson, Chief Investor Relations Officer of Lendify. "Being able to automate more parts of the loan process relieves the administrative burden and streamlines the loan market even further."

"This is yet another example of how two innovative FinTech companies can partner to create user value that cannot be achieved through traditional services and solutions," said Johan Nord, Chief Commercial Officer at Trustly. "By making it easier for end users to directly invest their funds, we see an increase in both consumer interaction and conversion rate."

Trustly links together over 170 banks across Europe and both Trustly and Lendify are authorized payment institutions under the supervision of the Swedish Financial Supervisory Authority.