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June 5, 2018

ING enters online marketplaces in Netherlands and Germany

ING has expanded its presence into online marketplaces for SME finance, partnering with Funding Options in the Netherlands and FinCompare in Germany.

By Lorenzo Migliorato

ING has expanded its presence into online marketplaces for SME finance, partnering with Funding Options in the Netherlands and FinCompare in Germany.

The collaboration with Britain’s Funding Options is aimed at creating a platform to compare finance products, including asset and invoice finance, from ING as well as other providers in the Netherlands.

In Germany, FinCompare, which also includes asset finance in its product offer, saw the addition of ING to its lender panel, together with a lead investment on part of the bank’s venture capital arm, as part of a €10m (£8.7m) fundraising.

FinCompare, which began operating in February 2017, is now valued at €14m. It recently launched a comparison tool tailored for vendor finance, in the vein of Asset Finance Compared in the UK.

ING has also set out plans for an Amsterdam innovation hub dedicated to start-ups and fintechs, located in the bank’s new headquarters. The bank said the campus will see its first employees in the second half of next year, with developed lasting until 2024.

Vincent van den Boogert, chief executive of ING in the Netherlands, said: “These are an excellent addition to the wide number of options that ING already provides.

“By lining up all these options next to each other, we’re offering the SME business community the most extensive selection on a single platform.”

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