Swedish fintech company Froda expands to UK market
Stockholm-based fintech startup Froda has announced its expansion to the UK, a significant milestone in the company’s goal to develop its global presence
“Expansion beyond the Nordics has always been a key objective for us,” said co-founder and CEO Olle Lundin. “In the current global landscape, it is crucial for merchants to access flexible financing options.”
Froda’s expansion is a result of its strategic partnership with fellow Swedish fintech firm Treyd, which entered the UK about a year ago. Treyd assists Froda in the deployment of the embedded financing solution.
Froda vice president of financing as a service Stella Snickare said the partnership with Trey enables Froda to extend its financing solution to a broader market, saying that she anticipates the product’s reception in the UK.
In addition to the UK, Froda operates in Sweden, Norway, Finland, and Denmark. Since its establishment in 2015, the Swedish startup has provided more than 6.5 billion SEK in loans to entrepreneurs. As of autumn of last year, it was valued at 1.2 billion SEK.
Froda’s embedded financing helps businesses scale up
According to Snickare, Froda’s embedded financing product could empower growth-oriented merchants aiming to provide flexible financing solutions to their customers. The product offers merchants simple financing solutions to grow their businesses.
Customers can integrate their systems with Froda’s embedded financing platform via an API. According to Froda, the platform simplifies the financial administration so customers can focus on their core businesses. Features offered in the platform include automatic assessment and a secure Know Your Customer process.
The startup says its technology enables borrowers to obtain capital swiftly because of its real-time payout benefit. The embedded financing platform also allows users to make loan repayments based on their daily sales.
Froda says that small-to-medium businesses have difficulty accessing financing because of the lengthy approval process and many administrative tasks. Products like embedded financing contribute to an inclusive economic environment, claims Froda.
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