A new connected bank dedicated to lending to SMEs across Europe, FIBR, has been launched with its headquarters in the Netherlands. It is the new trade name of Amsterdam Trade Bank N.V. under which the new SME strategy will be rolled out.
In its pre-launch phase, the bank has already lent over €20M in loans to over 175 SMEs in the UK and Netherlands, enabling them to fund their growth. FIBR also lends directly to SMEs in Europe in the form of secured business loans and working capital loans.
“Digital bank for business owners”
FIBR aims to serve European business owners “by combining the stability of a bank with the agility and technology of a fintech”. The company is focused on building financing solutions for SMEs including business loans, revolving credit facilities, and property lending.
CEO of FIBR, Oren Bass explains, “Thousands of SMEs across Europe have faced intense pressure over the last 20 months and need funding to support their growth. On the flipside, savers want to see their money safe and to support those businesses that are the lifeblood of the community. At FIBR, our mission is to help the European economy recover by enabling the success of SMEs.”
FIBR’s new technology platform provides access to funds by lending through local lenders such as Creditshelf. Currently, live with two lenders, the company already has five lenders in the final stage of onboarding. These will provide loans to customers across the Netherlands, Germany, Finland, Spain, Ireland, and the UK.
Jaap Boersma, CTO of FIBR, adds, “Utilising the best of SaaS, we’ve built a platform that is API first, fully cloud-native and modular-in-design with data-at-the-core. Our Banking-as-a-Service platform is designed to not only facilitate our own lending but also the needs of other European lenders so that our customers are supported in every stage of their life cycle.”
FIBR’s new digital savings product will provide savers in the Netherlands and Germany to deposit their savings within five minutes. The company also plans to open for UK savers in 2022.
In the near future, FIBR looks to offer a fully integrated suite of modular components that these lenders can leverage to accelerate their growth, such as payments, loan administration, and funding as a service.
By entrepreneurs, for entrepreneurs
FIBR appointed a new CEO in May 2020, Oren Bass, who previously worked with companies such as Pave and Goldman Sachs. At FIBR, Bass is responsible for developing a new digital bank strategy and brand.
Mark Schroder, CCO of FIBR says, “The opportunity for SME lending across Europe is huge: the region has 25 million SMEs that contribute half of Europe’s GDP and provide crucial employment opportunities. Our combined economies depend on a thriving SME sector and yet, access to finance is one of the most important challenges facing small businesses. At FIBR, we work hard to be of service to SMEs who need finance for growth…we deliver through a great team of experts and superior technology.”
The management team of FIBR has deep entrepreneurial, technology, and alternative lending experience; they have co-founded fintechs and scaled ventures such as New10, Revolut, Zopa, and Starling. With such experience, the team claims to have built FIBR from scratch to ensure it is fit for the purpose. Headquartered in the Netherlands and with a partner business in the UK, FIBR employs over 130 people.
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