The winner of STING’s Fintech program offers new twist on “crowd-lending”
ShareLending, which provides “crowd-lending” where both banks, lenders and borrowers benefit from the deal, is one of the 13 selected teams that during the fall participated in the second round of STING’s national entrepreneurial programs STING Test Drive Fintech. The goal of the program is to help create more companies in the banking and finance sectors. In the finals yesterday, ShareLending was chosen as the winner of the “Best pitch”.
– It has been very stimulating for us. The methodology has helped us validate our idea and we have learned a lot from the coaches and in the exchange with the other teams. The next step will be to sit down at Swedbank and see if we can develop this internally, says Joakim Jonsson, founder of ShareLending, which is one of three internal cases by Swedbank that took part in the Test Drive program.
During the fall, 13 carefully selected projects and startups with innovative business ideas in “Financial Technology” (eg banking, transaction, residential mortgages, insurance and payment services) participated in the program. During six evening workshops, they have test driven and developed their ideas and have had the chance to learn what it means to build a company. A number of partners back the program, including Swedbank, Industrifonden and FCG.
– I am proud that our coworkers won and were named Best Pitch. We know that we have very competent employees and we are constantly trying to find new ways to unlock the power of innovation in them. Therefore, we gave our employees the chance to develop their best business ideas along with STING, says Emma Heimonen, digital innovation manager at Swedbank.
– It is inspiring to see how these companies show great commitment and courage to face the financial industry’s extensive regulatory requirements and high entry barriers. It will be exciting to see how financial markets receive the companies’ innovative ideas, says Jimmi Brink, partner at consulting firm FCG.
The jury for the “Best pitch” competition consisted of Emma Heimonen, Swedbank; Sofia Holm Ericsson, Industrifonden; Kristian Bentzer, FCG, who are all partners of the program, and in addition, Sven Hagströmer, founder of Creades and Avanza. The jury’s motivation read:
The solution provides a trinity – win, win, win – between the bank, the lender and the borrower. For the bank, it will be an increased customer engagement, for the lender a better yield, and for the borrower better financing with a local presence.
– The entrepreneurs in this round has had highly relevant industry experience and smart, challenging ideas. They have come very far with their projects during the fall and it will be interesting to see how they can change the game plan in the industry going forward, says Fredrik Rosengren, serial entrepreneur and coach at STING and program leader of STING Test Drive Fintech.
STING Test Drive Fintech is also led by Jane Walerud, serial entrepreneur, angel investor and early investor in Lensway and Klarna, among many others.
> Read more about the the startups in the STING Test Drive Fintech program
> Read more about STING Test Drive Fintech