This morning, TrustBuddy announced that its application for a Swedish banking license has been rejected by Finansinspektionen (The Swedish Financial Supervisory Authority). TrustBuddy AB acknowledges this decision, and, even though the area in which TrustBuddy is active today does not require one, aim to make the appropriate changes and adjustments to continue the process of obtaining a European banking license.
In a separate note, TrustBuddy announced that a large institutional fund has committed to deploy up to $ 40 million (SEK 270 million) to fund loans on the TrustBuddy platform. As anticipated and previously announced, this is a significant commitment by an institutional investor of loan funding and will support TrustBuddy in working towards its expected lending volumes in 2014 of more than $ 200 million (SEK 1.5 billion). TrustBuddy will seek to bring other institutional investors onto the platform in due course.
As recently announced the company has now released its new IT Platform and website, the implementation of which will allow it to expand its offering beyond short term lending, and into several future business areas already programmed in the new platform. The company has also made major enhancements to TrustBuddy’s credit assessment processes which, along with its marketing strategies, should enable it to grow its borrower community. These recent developments will help ensure full scalability of our platform to accommodate TrustBuddy’s anticipated future growth.