News at Lendo
Lendo focuses its growth ambition on the Scandinavian markets and plans to cease operation in four European markets
Lendo is a leading marketplace for loans with a presence in several markets. Since it was started in 2007, Lendo has had a strong growth foremost as the Scandinavian market leader of marketplaces for loan products towards consumers and small and medium enterprises. Part of the growth strategy has been to expand to new European countries and Lendo has therefore expanded operations to Finland, Spain, Portugal and Italy in recent years.
Lendo now plans to shift its strategic focus to grow and strengthen its market positions in Denmark, Norway and Sweden.
Andrew Kvålseth, EVP Chief Investment Officer in Schibsted and Board Chair in Lendo, supports this strategic change: “This shift in strategic focus will enable Lendo to accelerate its market leading position in the Scandinavian markets, and to strengthen its profit growth which we see as value creating in the current market environment.”
Lendo consequently plans to cease operations in Spain, Portugal, Italy and Finland which had combined EBITDA investment losses of approx. NOK 50 million in 2022. Challenging macroeconomic conditions with rising inflation and higher interest rates have caused uncertainty about the financial outlook in the global economy, including Lendo’s expansion markets. This change happens in parallel with the ongoing strategic review of Lendo.
Atle Lessum, Head of Schibsted Group Communications, +47 415 05 645, firstname.lastname@example.org
Johanna Björnbäck, Communication Manager in Lendo,+46 72 855 22 95, email@example.com
Jann-Boje Meinecke, VP, Head of Investor Relations, +47 941 00 835, firstname.lastname@example.org
Lendo at Arendalsuka 2022
Lendo & Bank Norwegian arranges a pandel debate at Arendalsuka 2022 about sustainable debt and financial health
One of Lendo’s priority areas within the sustainability work is to promote responsible lending practises. Lendo has a powerful position in the lending value chain acting between lenders and consumers, and therefore it is a priority for us to collaborate with other actors in the value chain on this topic. On the 16th of August, Lendo and Bank Norwegian arranges a panel discussion in Norway about debt and financial health at the Arendalsuka 2022. Charlotte Drougge, VP of Bank Partnership and active in the sustainability work in Lendo, will participate in the panel discussion from Lendo.
About the panel discussion
Sustainable debt – who takes responsibility?
Everyone talks about the negative effects of too much debt, refinancing and luxury traps, but who takes responsibility and does something to make financial health easy for people? Why does it take so long to implement an extended and better debt register? Shouldn’t it have been easier to get financial advice through NAV? Do the banks do enough and do we need even more regulations, or do the regulations we have today work well enough?
How can we ensure that Norwegians’ debt situation is sustainable?
There are few public debt advisors available and customers often get help only when the debt burden has become heavy. It took many years before we got a debt register in place and now everyone is waiting for the debt register to be improved and expanded. Politicians, authorities and players in the credit industry agree that an expanded debt register can increase the possibility of more proactive measures and increased responsibility. The will and the technology are there, but still little has happened.
We will discuss the following questions:
- What happens to the regulation framework in the future and what happens to the debt register?
- What is the industry doing to give customers good advice and prevent people from taking on too much debt?
- What are the authorities and NAV doing to provide consumers with the tools they need?
The panel discussion is led by former NRK journalist Erik Wold
Bank Norwegian and Lendo invite you to a panel debate at Arendalsuka on how the industry can take greater responsibility through cooperation, as well as on who and what can improve debt information and debt advice.
Venue: Blom at Pollen in Arendal on Tuesday, the 16th of August
Time: 14.15 – 15.15
- Storting representative Mahmoud Farahmand, Finance Committee Conservative
- Storting representative Frode Jacobsen, Finance Committee, AP
- CEO Nordea Direct and Head of Consumer Finance & amp; Payments, Krister Georg Aanesen
- Consumer Director Gry Nergård, Finance Norway
- VP of Bank Partnership Charlotte Drougge, Lendo
- Head of Sustainability, Corporate Social Responsibility and Communication Melita Ringvold, Bank Norwegian
You can find the full program at Arendalsuka
Lendo Group has acquired the well-known Danish bank platform Mybanker.
Lendo thereby strengthens its position in the Nordic market and broadens the offerings within mortgage comparison. Mybanker has more than twenty years of experience helping Danes compare bank and mortgage offerings through an easy online service. With Schibsted and Lendo as new owners, Mybanker will be able to further leverage its strong brand to help even more people make informed financial decisions.
Roar Bjærum, CEO of Lendo Group also looks forward to welcoming the team at Mybanker to Lendo Group.
“We are pleased to welcome Mybanker, a popular service and brand in Denmark, to Lendo Group. Lendo Group is on an ambitious expansion journey both expanding to new markets and developing new products. The acquisition enables both Lendo and Mybanker to innovate and develop the consumer experience of comparing and receiving transparent information about loans that will empower them in their financial decision-making.”
“We are excited about welcoming Mybanker and to see what Mybanker and Lendo can achieve together. I have great respect for Mybanker and its strong reputation both in society and in the banking sector. Mybanker collaborates with most banks in Denmark, giving its users an unparalleled possibility to find the most relevant bank and mortgage products for their individual conditions and needs.”
Mikaela Grännby, Executive Vice President of Lendo’s new markets (Denmark included) is also excited to see another popular service become part of the Lendo family.
“Growth in the Danish market is a strategic priority for Lendo Group and with the acquisition of Mybanker we are adding a well-known brand to Lendo Group. We also look forward to welcoming new talented colleagues of the team at Mybanker who have built an impressively strong brand and an esteemed service for more than twenty years.”
Lendo Sweden makes a historic investment in comparison of mortgage offers.
Every day we at Lendo empower thousands of customers to make smart and conscious decisions regarding their finances across European credit markets. We are always seeking the best ways to bring transparency to the credit industry, saving money for our customers and challenging old structures.
Lendo and Compricer are two successful Schibsted brands with intermediation for loans in the Swedish market. Lendo offers comparison of consumer loans, business loans, while Compricer offers comparison of consumer loans (same as Lendo) and mortgages in addition to comparison of insurance and electricity. We are therefore excited to share with you that Lendo and Compricer are to join forces for the market for mortgages together by drawing on each other’s experience through a closer collaboration between Lendo in Sweden and Compricer.
The mortgage product on compricer.se will be powered by Lendo Sweden and with the new service, Lendo wishes to be able to continue to contribute to change in the loan market. Compricer continues to run its business as a separate company but as part of Lendo Group. It will still be possible to apply and compare mortgages on compricer.se.
Lendo also offers comparisons of mortgages in Norway and Portugal.
About the report
Our point of departure is a materiality analysis based on an impact assessment and stakeholder dialogue conducted during 2020. In 2021 Lendo started measuring progress, which is the report’s subject. This report highlights how Lendo affects the community and environment through different efforts and prioritisation. This report has been prepared in accordance with the GRI Standards reference claim, referring to the standards of 2016.
These goals are divided into different aspects. Each aspect is presented with our long term ambitions, what we have achieved so far and suggested targets for the following years. Read the short and full version of the report below.
Lendo is expanding to Portugal and teaming up with a local start up company; Comparamais
We are now happy to announce that Lendo will team up with a Portuguese startup company called Comparamais, founded by a brilliant entrepreneur Bruno Araújo.
“Portugal has been of interest to us and when we met Bruno Araujo and his team in Comparamais we realised we could do great things together. Instead of competing with an established player we will join forces to conquer the market”, says Mikaela Grännby, EVP of Europe in Lendo Group.
Comparamais is a two year old startup with around 15 employees. Our combined experience, skills and market knowledge will make us a strong contender in the market for the no 1 position. Comparamais is already offering comparison services for energy, telecoms and mobile subscriptions in addition to personal loans. We will strengthen the existing personal loan product with Lendo’s own product and platform for personal loans. As a result, the two companies’ products will complement each other, giving the Portuguese customers a very strong, transparent offer across verticals.
Communication, PR & Sustainability Manager
Phone number: +46 72 855 22 95