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Categories
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Financial Services, Technology
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Location
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Helsinki, Finland
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No. Investors
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44
Company Description
CrediNord is a fintech company that provides small business loans of up to €100,000 to SMEs. Technology enables us to provide SMEs with fast, transparent, and easy funding. Since 2019, CrediNord has originated business loans of more than €10m across 3 countries, which generated a revenue of more than €3m.
CrediNord offers 2 different loan products:
1. Merchant Cash Advance (MCA). This innovative business loan is offered to SMEs in the Netherlands. We recently launched this product and our plan is to enter other European markets with this as well. We are in the process of determining the legal process for launch in additional countries already. MCA is a loan that is suited for merchants who accept card payments from customers with a point-of-sales card terminal. CrediNord offers those merchants a business loan, which the merchant automatically repays as a percentage of its sales.
2. Line Of Credit. This loan is offered to SMEs in Finland and Sweden. LOC is a traditional business loan product, which the customer repays in monthly instalments.
Monetisation strategy
The revenue of CrediNord consist of several revenue streams.
Our two main revenue streams consist of our two loan products, the Merchant Cash Advance and the Line Of Credit.
The Merchant Cash Advance is based on fixed fee. Whenever the merchant is receiving payments through its point of sales terminal, CrediNord charges a certain percentage of the sales, typically around 10%. The upcoming payments are allocated towards the fee first and after the fee is fully paid, the payments are allocated towards the principal.
Our second main revenue stream is generated by the Line Of Credit. This product is based on a monthly interest rate. The debtor pays back the loan monthly, with the monthly payment consisting of repayment of principal and an interest payment.
Besides the two loan products, we also generate revenue by selling the leads. We are selling the leads of companies we do not wish to finance to other lenders.
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Key Deal Facts
Active in Finland, Sweden and Netherlands, Raised nearly €3,000,000 of funding to date, Term sheets from institutional investors, Revenue up to date over 3.000.000 €