The fintech company Nstart has received authorisation from Finansinspektionen to operate as a credit market company.
The authorisation allows Nstart to conduct financing activities with deposits and loans, which will give more Swedish and European consumers the opportunity to start a sustainable path to debt freedom.
Nstart AB is a Swedish fintech company that challenges old credit models and growing over-indebtedness in society with new technology and methodology for sustainable lending. Nstart uses deep data analytics to empower highly indebted consumers to refinance and begin a path to debt freedom and better control over their own finances. Nstart had a turnover of SEK 140 million in 2021.
The FSA’s decision means that Nstart will expand its existing service offering with savings accounts in the coming months, and thus start financing business. Nstart’s savings services are covered by a state deposit guarantee up to approximately SEK 1,050,000.
The authorisation allows for funding activities throughout the EU, facilitating the further international roll-out of Nstart’s offering to reduce the costs of highly indebted consumers. In 2022, Nstart was launched in Norway. The company’s strategy includes expansion into a number of European markets over the next few years.
“With rising interest rates, it is increasingly important for ordinary people to be able to find ways out of overconsumption and debt. We want to be the leader in sustainable consumer refinancing in Europe and give as many people as possible a chance to free themselves from expensive loans and credit. The FSA’s decision facilitates our continued expansion and improves the chances of realising our strategy,” says Daniel Ahrenby, Nstart’s CEO.
Nstart submitted an application for a licence to conduct financing business in the summer of 2021. The licence was granted in June 2022.
“The decision is a confirmation of the high quality of our growing business. We run a successful fintech business with a highly demanded service that creates great benefits for ordinary consumers. Now we can give our customers the opportunity to start saving instead of borrowing more. We will also have improved opportunities to broaden our offering to more services in loan refinancing,” says Daniel Ahrenby.