German p2p lending service Lendico today added SME loans to its marketplace which previously focussed on consumer loans. This is in my view a peculiar move as now Lendico poaches in the realm of Zencap, which is already focussed on SME loans, considering that both startups were backed by Rocket Internet.
Lendico will facilitate SME loans of between 150,000 Euro to companies that have had revenues of at least 50K over the past two years. Lendico CEO Dominik Steinkühler cited technology and process advantages compared to traditional bank loans that enable Lendico to offer competitive rates.
Philipp Petrescu, one of the co-founders, is leaving Lendico. He is replaced by Friedrich Hubel, who joined in Dec. 2014.