European financial services infrastructure provider Finmid has announced the expansion of its embedded lending solution to 30 European markets.
The new markets in the company’s list include Bulgaria, Hungary, Malta, Romania, and Switzerland.
Germany-based Finmid said the expansion offers more than 32 million small and medium-sized enterprises (SMEs) in the region direct access to capital from the platforms they already use.
The fintech’s solution helps platforms and merchants unlock new revenue streams, providing SMEs with opportunities to realise their potential.
Embedded lending has gained importance as a lifeline for small businesses in recent years, amid the decline of local banking networks and outdated credit scoring practices.
According to the group, a €400bn ($468.44bn) financing gap exists for Europe’s SMEs, and Finmid’s integration allows platforms to offer capital to new markets on equal terms, regardless of location.
Since its launch in 2021, Finmid claims to have offered more than €4bn in capital to European SMEs through partners such as Wolt, Glovo (Delivery Hero), and Bolt.
Finmid co-founder Alexander Talkanitsa said: “Europe’s dream of a single market has been held back by a financial system that stops at borders. Embedded lending has always had the potential to change that, but the reality was fragmented and slow.
“With this rollout, any platform can, for the first time, offer capital to its customers everywhere in Europe. This changes the game. With this barrier removed, the next decade of growth for European SMEs is made possible on a region-wide scale.”
Existing partners, including Wolt and Glovo, are planning to extend their financing solutions in the newly enabled markets.
They aim to leverage Finmid’s offering to expand into new countries.
Earlier this year, Finmid expanded into eight new European markets, including Austria, Czechia, Greece, Latvia, and Slovenia.
“Finmid expands embedded finance to 30 European countries” was originally created and published by Leasing Life, a GlobalData owned brand.
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