Fellow Finance Case Study

Online Customer Onboarding in the Nordics and beyond

Signicat’s solution has helped us reduce the cost and administrative burden associated with customer identification. It has also supported our expansion into new markets seamlessly, all through a single authentication solution.

Teemu Nyholm
COO and Cofounder, Fellow Finance

A single provider

Prior to partnering with Signicat, online customer authentication at Fellow Finance was achieved through inhouse integration with the Finnish TUPAS system. This meant maintaining technical interfaces and contracts with multiple banks. It was time-consuming, expensive, and resource-intensive.With plans to further expand across Europe, Fellow Finance wanted to contract a single provider capable of supplying online authentication solutions in as many countries as possible, while at the same time reducing the overhead – both in terms of cost and resources – of their legacy in-house system.

Expanding across Europe

Fellow Finance now use Signicat’s customer identification solution in Finland and Denmark, with plans to launch in Sweden. As they continue to expand across Europe, more and more countries will follow. Speaking on behalf of Fellow Finance, COO and Cofounder Teemu Nyholm was particularly impressed by the ease of setup: “Implementation went very smoothly, and Signicat technical support was very helpful.”

Estimate savings of 35% on the costs

Signicat’s Customer Onboarding and authentication solution has already made a big impact at Fellow Finance. There’s no longer a need to maintain individual contracts with every bank, and Signicat handle the technical aspects from end to end.As a result, Fellow Finance estimate savings of 35% on the costs associated with customer identification.

fellowfinance
Fellow Finance, headquartered in Helsinki, Finland, is the leading crowdfunding company in the Nordics, helping both businesses and individuals find funding for the next big idea. The company has grown rapidly since its launch in 2013, having served more than 473,000 borrowers through some 10,000 investors across 50 countries.