P2P lending provider TrustBuddy (TBDY), which is listed in Sweden, announced yesterday that it received a written statement from the Danish financial authorities, classifying the TBDY activity in Denmark as coming in under Danish credit regulations on June 23rd.
“Finanstilsynet” instructs that TBDY should be brought in compliance with local regulation before the end of August 2014, giving TBDY sufficient time to adjust. TBDY is currently finalizing its move towards becoming a fully certified lender across Europe and the ongoing discussions with the Danish Finanstilsynet is considered to have little or no effect on this.
Denmark is one of the smallest TBDY markets with around 5 percent of the TBDY
market population, but TBDY enjoys great results and growth in Denmark and will
continue to make a strong effort to strengthen its Danish presence, according to the press release.
We consider it to be very encouraging that TrustBuddy mentions in the press release that it is “finalizing its move towards becoming a fully certified lender across Europe”, a statement which makes yesterday’s announcement a positive one. In the meantime, we are eagerly awaiting news on the upcoming IPO of Lending Club. We expect TrustBuddy’s share to pop on the US IPO of its industry peer.
PS: Follow the latest buzz around TrustBuddy at www.buzztrader.se. TrustBuddy is part of our Nordic Investor BuzzTrader portfolio.