The Swiss fintech Loanboox has reached a business volume of more than 10 billion Swiss francs. Bolstered by the runaway success in its first markets, the management now plans to expand further abroad.
The employees of Loanboox have a habit of celebrating loan applications by noting them down on pieces of paper and to plaster their office walls with the complete lists, much like trophies at a hunting lodge.
The space on the walls in the Zurich offices will not suffice for much longer though. The Loanboox platform in Switzerland has already received demands for loans in excess of 10 billion Swiss francs, the company told finews.com.
Sexy Solution for a Dry Business
The Swiss fintech provides a platform for public sector borrowing requirements. The lenders typically are institutional investors. The transactions tend to be markedly cheaper compared with the services of traditional brokers or banks. But to make the business worthwhile, the platform providers need to generate high volumes instead.
This is part of the reason why Loanboox wants to start up in further markets quickly. The company last summer launched its service in Germany and hired Andreas Franke to lead its local subsidiary. Meanwhile, it has already reached a volume of 1 billion euros. «Loanboox has probably overtaken its German rivals at a high speed,» according to the Swiss company.
Austria and France Next
The next market will be Austria, neighbor to both Switzerland and Germany and culturally close. The Swiss have teamed up with Kommunalnet.at, a work and information platform for Austrian communities. Together they will provide 2,000 communities with a direct access to the capital market. The Austrian partners of Loanboox are responsible for the operations in the country and Christian Klumpe is the representative of the Swiss company for the new market.
Loanboox in the third quarter plans to open an office in Paris, making a first step into the French-speaking market. The Swiss fintech already has found a country head and chairman for the local firm.
With rapid success came a need for an organizational and process adaptation. Loanboox has hired Dominique Huegli as chief operating officer (pictured below).
Huegli previously worked at Elca, a Swiss IT firm. Andi Burri is in charge of the business in Switzerland.
