CrediNord, the online platform for business lending aimed at Small & Micro enterprises, is refining its strategy for the period 2021–2023.
With the refined strategy, CrediNord aims for a customer base of 150 thousand SMEs and wide European coverage by the end of 2023. At the same time, CrediNord will continue its current work among broadening the offering of easy, fast, and smart cash management & financial products to Small & Micro enterprises.
CrediNord’s vision is to obtain a leading position amongst B2B challenger banks through continuous innovation and development. The company’s future growth will be built on the following thesis:
Fintech companies are in a new situation. Until 10 years ago, they were acquiring customers that the banks did not want. Ten years on and what happened? Fintech companies are starting to hit the banks’ core customers – the ones that are most profitable for them. On B2B side, we are already seeing how increasing number of traditional banking services are currently acquired from a Challenger Bank.
“We believe that many B2B fintech companies will grow their customer base exponentially. In practice, banks traditional competitive advantage is eroding as both customer acquisition and customer service are transferred from offline to online with significantly lower cost to serve yet high-quality customer experience.” Jan Forsbom CEO, CrediNord commented.
Road to 150 thousand
CrediNord is seeking growth both within its core category, business lending as well as by expanding into new categories with attractive user base potential. Additionally, the company sees attractive growth opportunities in white labelling and in value added services. The company’s aim is to scale up its white label Point-of-Sale & eCommerce merchant lending by 2022. In addition, CrediNord is looking for potential new business opportunities, especially among European accounting companies.
CrediNord’s refined strategy describes the future growth path, which is driven by the accelerating transition of SME services from offline to online. “There’s a unique growth opportunity within European SME banking services – we’re here to capture it,” says Jan Forsbom, CEO, CrediNord.
“Many SME customers are left in oblivion – banking services are often designed to meet the needs of consumers, who can handle daily financial matters often without terrible paperwork. Unfortunately, this is not the case on the B2B side. Simply applying for a bank account or loan can take weeks and often requires a lot of paperwork. We believe that SME Challenger banks will be the winners of the future, which will be able to efficiently offer fast, easy, and clear loan and banking service solutions to SME companies through automation. CrediNord has focused on loan products in its current service offering, but we certainly do not exclude wider banking services for our customers in the near future”.
