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HomeNewsTech innovator Froda extends its footprint to Germany 

Tech innovator Froda extends its footprint to Germany 

The tech company Froda has expanded to the United Kingdom, Denmark, Norway, and Finland in recent years. Now, the company is taking the next step in its growth journey, expanding to its sixth market, Germany. The expansion is done in partnership with Ageras. 

Froda’s overarching vision is to empower entrepreneurs by providing seamless access to SME financing with fair terms. In Europe, there are 25 million small and medium-sized enterprises (SMEs), and in Germany, the largest economy in Europe, SMEs employ 18.5 million people. Despite this, access to financing remains one of the major obstacles for small businesses. In 2021, Froda launched the technical platform Froda Embedded to make SME financing accessible in Europe through partnerships with banks, payment providers and fintechs. 

“Being Europe’s largest economy with a dense business landscape, Germany holds a key position in the realization of our vision to democratize financing for all SMEs, something we have diligently worked towards for eight years. The expansion into the German market is a milestone for Froda, and we eagerly anticipate supporting German entrepreneurs in collaboration with Ageras”, says Olle Lundin, co-founder and CEO of Froda.

Froda Embedded was launched with the aim of enabling businesses and banks across Europe to offer financing directly to their customers by integrating Froda’s platform into their existing products. Over the past year, lending and the number of customers via Froda Embedded have almost tripled, significantly contributing to Froda’s nearly hundred percent growth and an 800 percent increase in the international lending business. The collaboration with Ageras, who offers one of Germany’s leading providers of integrated banking, accounting and tax services via Kontist, means that 50,000 German entrepreneurs can now access SME financing.

“Our solution facilitates automatic payouts via business cards, reducing processing time to seconds instead of several banking days. This can be a game-changer for entrepreneurs looking to invest in their business, but perhaps even more important in tough times like now. Launching this product with Ageras in the German market is genuinely thrilling,” says Stella Snickare, VP Froda Embedded.

In November, Froda announced a partnership with Ageras as part of the company’s growth and expansion journey. Now, Froda is entering Germany in collaboration with Ageras. The collaboration with Ageras means that Germany becomes the second market globally to access Froda’s card-based embedded lending technology. Card-based embedded lending is a new innovation aiming to make it easier for more entrepreneurs to access financing directly through their Visa Business cards.

“Recognizing the substantial need for SME financing among German entrepreneurs, our collaboration with Froda allows us to provide a scalable product, supporting the growth of more businesses,” says Martin Hegelund, co-founder of Ageras.

The product is set to launch in Germany in February 2024.

NFM Publishing Team
NFM Publishing Team
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