Sberbank introduces proprietary crowdlending platform

Maria Nikolova

The new platform, named SberKredo, enables small businesses and micro-enterprises to get financing from individuals and institutional investors.

Russian bank Sberbank Rossii PAO (MCX:SBER) today announces the launch of SberKredo, a proprietary crowdlending platform which enables small businesses and micro-enterprises to get financing from individuals and institutional investors.

In order to sign up as a borrower one is required to be a user of Sberbank Business Online, a corporate internet banking solution. Companies will be checked and scored. Only the borrowers that pass these tests will have the right to attract investment for business development purposes in a short period of time and with no collateral.

Regarding investors, they get access to open source information about the companies that scored well, thus minimizing time to search for background information and assess risks.

The platform is operated by Sberbank’s subsidiary Lending Technologies LTD (Tekhnologii Kreditovaniya OOO).

Anatoly Popov, Deputy Chairman of Sberbank’s Executive Board, explained:

“Crowdlending is becoming more popular around the world. This is an efficient tool letting companies raise financing at early stages fast, while letting private investors get higher yield. SberKredo unites those who need funding and those who are ready to provide it. We’ve strived to make the platform as democratic and easy to use for individuals as possible. And that is why the lower investment limit is set at only RUB5,000, which is something anyone can afford, and is important in terms of risks diversification. On top of that, at early stages the investment ceiling for one company will be set at RUB20,000 to reduce risks. Shortly, we’re going to raise it to RUB1 mln.”

In order to join Sberbank’s crowdlending platform as an investor one is required to be a resident of Russia, have a Sberbank account and be over 25 years of age. In 2020, the platform is set to unlock a portfolio investment option that lets users break their investment into smaller amounts and spread it across a number of loans. Sberbank’s micro lending subsidiary OOO MKK Vydayushchiyesya Kredity might be among those who offer investment to borrowers.

Investors may invest in an unlimited number of projects lasting up to six months. This may yield up to 20% annually. Personal income tax will be levied on that.

Read this next

Digital Assets

Coinbase CEO says Chase UK’s ban on crypto “totally inappropriate”

Coinbase CEO Brian Armstrong criticized Chase UK’s decision to restrict cryptocurrency-related transactions in the UK. He called the move “totally inappropriate” and expressed his disagreement with the bank’s decision to ban its UK customers from conducting debit card or wire transfers related to cryptocurrencies.

Digital Assets

Binance CZ refutes any connection with CommEX

Changpeng “CZ” Zhao, the founder and CEO of Binance, has denied being the owner of CommEX, the company that reportedly acquired Binance’s business in Russia.

Institutional FX

Refinitiv’s spot FX volumes hit 8-month low

Refinitiv, the former Financial and Risk business of Thomson Reuters, today reported that the average daily volumes (ADV) of currency trading were $424 billion last month on the company’s main FX trading services.

Executive Moves

Integral hires industry veteran Paul Arnold as liquidity manager

Integral, a technology provider to the financial markets’ buy-side, has appointed Paul Arnold, a highly experienced FX industry professional, as its liquidity manager, according to information made public on his Linkedin profile.

Digital Assets

Terraform’s Do Kwon challenges US extradition request

Do Kwon, the crypto entrepreneur and former CEO of Terraform Labs, is opposing the U.S. Securities Exchange Commission’s request to question him about the crash of his company’s stablecoins Terra and Luna.

Digital Assets

Coinbase gets nod to offer futures for retail customers

Coinbase International Exchange has received regulatory approval from Bermuda’s financial regulator, the Bermuda Monetary Authority (BMA), to allow eligible non-US retail customers to trade perpetual futures contracts.

Inside View

How brokers can win the trading tech wars: Insights from iFX EXPO 2023

Last week’s iFX EXPO International 2023, held at the City of Dreams Mediterranean Integrated Resort in Limassol, Cyprus, welcomed a series of insightful discussions. A panel that particularly stood out focused on the role and evolution of trading technology.

Crypto Insider

Web3 Transformation: Radix’s Babylon Update Redefines User and Developer Engagement

Radix Publishing leaps forward in the decentralized world with the release of the Babylon mainnet upgrade, bridging the gap between innovative tech and user-friendly DeFi experiences.

Digital Assets Joins Forces with PayPal and Paxos for Enhanced PYUSD Exchange Experience collaborates with PayPal and Paxos to fortify its position as the premier exchange for PYUSD, marking a significant milestone in the global crypto landscape.