CrossLend is offering its European lenders access to its data analytics service free of charge, to support them during the Covid-19 crisis.
The data service allows lenders to store and analyse their credit data in a standardised and automated way.
CrossLend said that by using its data suite, lenders’ data can be analysed and generated in a format that is easily accessible to institutional investors, helping lenders meet their specific reporting requirements.
The German debt marketplace, which connects crowdfunding platforms with institutional investors, said using its tools allows lenders to get a clear picture of their loan portfolio at any time and improves data transparency.
Read more: Full disclosure
“We are convinced that closer cooperation within the industry will be a key factor in overcoming the current challenges,” said Marco Hinz, chief operating officer of CrossLend.
“Everyone will need to contribute in order to get through the crisis together and be ready for future growth.
“We want to make our contribution by making our tools and experience available.”
In October, CrossLend partnered with peer-to-peer lending platform Folk2Folk to help the platform raise the institutional funding needed for the coronavirus business interruption loan scheme.
And this month, CrossLend partnered with Dutch crowdfunding platform Geldvoorelkaar to aid the platform in securing the institutional backing required to participate in the Netherlands’ emergency loan scheme.