On the credit side, the vacuum left by the neo-banks for business has attracted other fintech specialist to offer their services.
October, the fintech specialized in credit for small businesses, has just launched ” Instant Project “, a new program of grants to Loans Guaranteed by the State (PGE) for the purposes of funding between 30 000 and 250 000 euros. It is a brand new offer on that October has put forward his work on his decision algorithms, which, according to the fintech now allow you to get a response from the loan ” instant “.
In the current context, October evolves almost as a recluse. But its market benefits for the time of a default in the neo-banks for the pros, who do not have a license as a credit institution and who find themselves in trouble with their customers who have chosen to trust them and subscribe to their offers as the bank’s main (and unique).
With its new offer, the fintech French-launched by Olivier Goy in 2015 will, therefore, assist SMES in need following the outbreak of coronavirus. One of its closest competitors is called as Mansa, but the latter evolves in a quite different sense. The fintech, co-founded by Ali Rami, focuses more on the autoentrepreneurs, and seeks to work hand-in-hand with the banks. She is currently working with Shine, a very good pick.
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Actors of the credit with a different strategy
The new programme for October is above all an evolution of the offer of fintech for companies. In effect, the French company – which spreads its program also in Italy – is no novice in the face of the EMP. After having suffered banks to offer these loans at rates more favorable, she joined the actors to work hand-in-hand with the State and Bpifrance.
Nevertheless, October did not follow the same strategy as its competitors. The platform brings not only the technology, as it is the case of Younited Credit with banks and Mansa with its partnerships. October is resting on its 20 % of amounts loaned by individuals. To the sides of 80 % of institutional lenders, October is also looking to bring together investors, and seeks in particular to prepare the following.
As indicated in a study of Station F at the beginning of the month of June, 78 % of the startups in the world plan to hire new employees before the end of the year. The crisis certainly will have heavy consequences and this is why the actors of the credit squeeze today, but the result will be equally strategic for October. The investments could be many, and the credit applications will continue. Also, the $ 300 billion euros released by the Government to this effect will be granted up to the end of the year.