Aurora Exchange announces the first P2P lending platform to combine FinTech and InsurTech, built in partnership with Maiden Life and MANGOPAY.
11 October 2016 – LendIt Europe 2016, London, UK – Aurora Exchange, a consumer loans exchange for responsible borrowers announced two major partnerships that pave way for bringing transparent and cost efficient consumer lending to the European market. Aurora Exchange is a forerunner in making peer-to-peer lending a trustworthy and natural part of the new financial system.
“Aurora Exchange cuts all unnecessary costs out of consumer lending by bringing borrowers and lenders to one exchange, where both new and aftermarket loans trade for maximum liquidity. With Maiden Life, we can combine the benefits of FinTech and InsurTech in one reliable customer journey,” says Jarno Piironen, CEO of Aurora Exchange Oy.
“This partnership combines our global reach and innovative insurance solutions with Aurora Exchange’s state-of-the-art lending platform. We are excited to be moving the financial system towards more transparency and efficiency,” says Keith Medgett, Managing Director of Maiden Life.
Aurora Exchange offers Maiden Life’s payment protection insurance with no extra cost to cover all loans against borrower’s death, permanent and temporary disability with lenders as beneficiaries.
Aurora Exchange has chosen MANGOPAY as its custodian and payments technology provider. MANGOPAY is an e-money issuer, regulated by the CSSF, Luxembourg’s financial regulator, with a license in all EEA countries.
“Since 2013 we have supported some of the most innovative companies in the FinTech space,” says Celine Lazorthes, CEO of MANGOPAY. “We are very excited to support a P2P consumer lending platform as agile as Aurora Exchange.”
“We are delighted to work with MANGOPAY. Their solution allows us to rapidly serve new geography while giving the customers a peace of mind that their funds are held with a regulated entity backed by French banking group Credit Mutuel Arkéa.” continues Jarno Piironen, CEO of Aurora Exchange.
Aurora Exchange opens for transactions in Finland as soon as filings to the Finnish Financial Supervisory are done. This is estimated to happen by end of October 2016. After the launch in the Finnish market, Aurora Exchange expands rapidly to multiple European markets.
Aurora Exchange is backed by a group of Finnish investors and the Finnish technology investment fund TEKES, and is inviting investors into Series A funding stage to expand the service for global growth.
About Aurora Exchange:
Aurora Exchange brings responsible borrowers and lenders to one loansexchange platform where they do business with minimum fees and maximum security. A unique blend of FinTech and InsurTech, Aurora Exchange aims to make the financial system more cost-efficient by delivering the best rates to customers on an international scale.
About Maiden Life:
Maiden Life Försäkrings AB is a subsidiary of Maiden Holdings, Ltd. (NASDAQ:MHLD). Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. The Company is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States and Europe.
MANGOPAY is the ideal end-to-end payment solution for marketplaces, crowdfunding platforms and the sharing economy.
Unlike traditional payment solutions, MANGOPAY provides its customers with a developer-friendly technology they can fully customize. It enables the platforms to accept multiple currencies and multiple payment methods online. Furthermore, MANGOPAY holds the funds in segregated accounts and automate the pay-outs.
Today, over 1,500 platforms use MANGOPAY’s white-label API. MANGOPAY is a brand of Leetchi Group, part of the Credit Mutuel Arkéa. It was granted an E-Money Issuer license which is valid in all EEA countries.
First appeared at LTP