Pretdunion Gains Banking License And Raises Funding

It is a successful autumn for French p2p lending service Prêt d’Union. After two years of work, Prêt d’Union was granted a banking license by the French authority. Prêt d’Union also raised a second financing round for 3.8 million Euro (approx. 5.2 million US$) from Crédit Mutuel Arkea and Kimaventures and others. The total funding raised is now 4.8 million Euro.

“The funds raised are for marketing, software development and operating costs. Note that we have dedicated 2.2 million Euro for the approval of the Bank of France to be recognized as an institution credit, such as Cetelem or Sofinco, “said Charles Egly, CEO of Prêt d’Union (statement originally in French, translated).

See a video interview with founder Charles Egly on Frenchweb.

Offering p2p loans for 36, 48 and 60 month loan terms the company aims to reach a 0.1% market share of  the consumer credit market in France.

Update: Lending on Prêt d’Union is restricted to lenders that have ‘accredited investor’ status (this excludes the majority of population).