SWEDISH peer-to-peer lender Brocc has raised funding from Goldman Sachs to boost its origination of consumer loans.
Brocc said its loans will enable consumers to consolidate existing debts at lower rates.
The size of the facility was undisclosed. It was provided by Goldman Sachs Private Capital, the investment bank’s division set up to lend to smaller firms in the UK, Europe and Israel.
“We are looking forward to using this funding to continue to improve the credit conditions for the Swedish consumer,” said Brocc’s co-founders Jonathan Klein and Patrick Gunnarsson (pictured).
“The asset-backed investment facility provided by Goldman Sachs will allow us to increase Brocc’s origination of consumer loans via our platform, and facilitate debt consolidation at improved rates to the Swedish consumer.”
Brocc was founded in Stockholm in 2016, aiming to disrupt the lending market in the country and to offer individual borrowers better terms than those available through major banks.