Loanboox makes 10 billion breakthrough
Loanboox is a money and capital market platform for cantons, local authorities, institutional investors and banks.
With its services, local authorities can find a creditor for projects such as school renovations without applying via a bank. Instead, they can apply online with Loanboox, which greatly reduces costs.
The market has welcomed this digitalization and simplification of financing processes. Since the Zurich-headquartered startup launched in September 2016, it has received financing requests totaling more than 10 billion francs, announced the company in a statement.
Founder Stefan Mühlemann revealed that more than 200 million francs were requested in just one day. In terms of population size, the company has a market share of almost 60 per cent for the local authorities in Switzerland.
“We are very proud that we surpassed the 10 billion mark within such a short time. This shows us that there is a lot of demand for an easy, transparent and secure solution in the area of municipal financing,” commented Mühlemann.
Loanboox has welcomed further success in Germany, where it launched at the end of 2017. Demand is developing well, according to Mühlemann, with more than 120 creditors and around 50 capital investors already using the platform. Loanboox has more than 1,000 active users.