Loanland launched last December as the first p2p lending company in the swedish market (see ‘Loanland launches peer to peer lending in Sweden‘). Since then about 5.7 million SEK (approx. 0.75 million US$) loan volume has been funded .
The company is currently providing unsecured loans to the Swedish market. The Swedish market for unsecured loans to households amount to around 160 billion SEK (around 16 billion EUR or 20 billion USD) at present and with unsecured loans to SMEs the figure is about 500 billion SEK (around 50 billion EUR or 63 billion USD). The market has grown 15% annually during the last few years.
Loanland is using an open source platform that it has developed, automating most of the processes. The technology is based on Java, J2EE, MySQL, Tomcat, Spring and Hibernate. The platform and auction engine allows individual and automatic bidding, electronic signatures, integrated credit scoring and efficient payments.
The company … has already over 10 000 members and 5 000 registered borrowers and lenders. They have 6 million SEK (600K EUR or 750K USD) deposited out of which 95 percent is lend out as loans. Quite significant number considering that the startup operates currently only in Sweden.