Belgian fintech mozzeno has raised around €3 million from its existing and new shareholders, such as the W.IN.G Fund, as well as Federale (Federale Verzekering / Assurance).
Launched in February 2017, mozzeno is a Belgian platform which allows private individuals to indirectly finance loans granted to other individuals and businesses. So far, mozzeno’s community has grown to more than 6,000 private investors.
mozzeno is continually developing new service lines to serve this active investment community – for instance, the startup now has an investment formula for non-insured personal loans. This new option offers existing investors a chance to increase diversity in their portfolios, but also attracts new investors who are willing to accept a slightly higher risk with the possibility of a greater return. The startup also continually develops its customer experience, having recently added an option whereby investors can preview their portfolio activity and supplement their accounts immediately via Bancontact. They can also define automatic investment criteria, which means they invest in projects even when they are away from the computer.
The fresh funds that have been raised will be applied to bolstering mozzeno’s financial foundation and accelerating development. Xavier Laoureux, mozzeno co-founder, explained: “mozzeno is ready to step up as a major Belgian player in the area of digital lending, having already granted 2,000 loans totalling €15 million. The newly raised funds will enable us to target an even greater audience. Now we can take serious steps to increase our brand awareness. And in recent months we have significantly improved our IT systems and user experience. From now borrowers applying for a credit on our platform can link their bank accounts, a development that will make it much easier for them to prove their income and expenses.”
Commenting on the involvement of investor Federale, co-founder Frédéric Dujeux said: “Federale is a mutual cooperative insurer, and that specific structure was what sealed the deal for mozzeno. With this cooperation, we welcome a major new shareholder who brings in experience and solid credibility in both investment and lending businesses. Moreover, Federale Verzekering’s positioning is perfectly aligned with mozzeno’s collaborative model.”
Jean-Marc Mayeur, Chief Investment Officer at Federale, added: “We have been monitoring mozzeno’s project for several months. In a domain that is so complex and subject to so much regulation, we are deeply impressed by their ability to consistently find innovative solutions. The success that mozzeno has achieved so far in the Belgian marketplace is a clear indication that it can continue the same rapid pace of growth in the coming months.