How Plata created fairer lending options with open banking

We believe innovation should be for everyone. That’s why we’re always excited to help startups create cutting-edge solutions that challenge the established industry and set innovation free. 

We recently sat down with Plata’s Founder and Managing Director, Rasmus Meilvang, and talked about how his startup has used Aiia to push for a fairer lending industry. 

Let’s see what he said. 

 

Pioneering peer-to-peer lending in the Nordics 

Set to transform lending to the benefit of lenders and borrowers alike, Plata is a Copenhagen-based startup that’s on a mission to create a fair, more transparent lending solution with less fees and lower interest rates. 

To do that, Plata created the first peer-to-peer lending platform in Denmark that allows individuals to invest and borrow money from each other at competitive interest rates. 

 

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To create a secure and data-driven lending option, Plata saw open banking as a solution – and that’s how Aiia came into the picture, Rasmus explains: 

“I don’t believe startups like Plata need to be the best at everything they do: KYC, credit scoring, account aggregation, etc. Instead, we need to focus on what we’re really good at – and then find the right partners and team up with them to offer the best product experience. That’s why we decided to use Aiia to create data-driven lending solutions,”

Fairer lending options. Better investments.

With more than 15 years of experience in the financial industry, Rasmus has been following the development in the financial services closely for the past several years.

According to him, open banking will play a big role in creating more benefits for consumers across Europe, as smaller businesses and startups get to challenge the established financial industry to make more consumer-centric solutions.

 

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And there's a big need for that in the lending industry specifically, the Plata founder says: 

“For many years, I’ve experienced how difficult it's been to build financial solutions that are both smart and cheap for consumers. Banks have traditionally put most of the costs on the consumers – but with open banking and PSD2 in place, we’re able to challenge banks and offer new lending services at a fraction of the price for the consumers”, concludes Rasmus.

Do you want to know how you can take advantage of open banking to create better services? Feel free to drop us a line or visit our open banking blog for more inspirational use cases.