Fellow Finance has rejigged its international strategy and will focus on Germany, Poland and Denmark going forward.
The Finnish peer-to-peer lending platform said it is going to close its operations in Sweden and the Czech Republic.
In Poland, Fellow Finance said it will resume the development of its business lending operations. It also said it will restart its consumer lending in July or August following the termination of the temporary interest rate cap at the end of June.
In Germany, its consumer lending will be relaunched with a new local partner bank, as some point between September and November. In Denmark, the platform will continue with consumer lending and explore new product opportunities.
Fellow Finance said stopping the intermediation of loans in Sweden and Czech Republic will not affect investors’ existing loan investments.
The platform said it will administer existing loans until the end of the loan maturities and the decision will not have a significant effect on Fellow Finance’s overall loan volume or the company’s turnover.
“We are implementing our renewed strategy with the changes,” said Teemu Nyholm, chief executive of Fellow Finance.
“One of the new strategic priorities is a more selected presence on international markets and allocation of resources on markets with the greatest growth potential.”