Froda and Ageras partner to power SME financing across Europe
By Gloria Methri
Nordic tech companies Froda and Ageras have entered a strategic partnership to help small businesses in Europe gain access to financing.
Froda is one of Sweden’s fastest-growing FinTechs and has helped finance more than 50,000 businesses. Ageras is a software provider for banking, accounting, and administration with over 3 lakh SME customers, who can now access financing through Froda Embedded. The partnership is a part of Froda’s international expansion and growth journey.
“Our vision from the outset has been to help as many small business owners as possible access financing. Through our partnership with Ageras, we can support even more small businesses in Europe with financing,” said Olle Lundin, CEO and co-founder of Froda.
In Europe, small and medium-sized enterprises (SMEs) makeup 99% of all businesses, employ 100 million people, and contribute to over half of Europe’s GDP. Despite this, access to financing is one of the biggest obstacles for small business owners in Europe who want to grow their businesses.
“Together with Froda, we can scale up our business financing offering and provide our customers with an even broader range of financial services,” said Martin Hegelund, co-founder of Ageras. “Our surveys show that 68 percent of small businesses are looking for financing, but most are unable to obtain it via traditional banks. With Froda, we enabled access to ‘smart’ funding by letting our customers use their own financial, banking, and accounting data to get a credit approval in seconds.”
Ageras has more than 300,000 active customers using its products such as Billy, Zervant, and Kontist. The partnership with Froda enables the company to expand its business financing offering.
“Our Embedded platform makes it easy for other FinTech companies to expand internationally and scale their operations. The partnership with Ageras marks an exciting new phase for us,” said Stella Snickare, VP of Froda Embedded.
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