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Published: 29 july 2020 12:32

Bankera starts offering business financing services

Bankera team
Bankera team

The Lithuanian fintech project Bankera has completed an idea developed during a European Commission hackathon and has begun offering financing services to small and medium-sized enterprises (SMEs). The Bankera digital banking platform allows companies operating in Lithuania to obtain business loans from EUR 2,000 to 50,000 and to postpone loan repayment until after the end of the COVID-19 pandemic or a shorter period.

“Despite the lockdown having ended in Lithuania, in the face of the continuing pandemic, the operations of some companies have yet to return to pre-crisis levels and the future remains uncertain. As such, opportunities for extra financing remain relevant to most businesses and especially those which need funds to implement new ideas or to make use of opportunities emerging out of the lockdown. We will be prioritising invoice financing (factoring) services, business development loans, digitisation and migrating online,” Bankera co-founder Vytautas Karalevičius states.

Bankera loan interest rates are calculated on a per case basis for companies individually after evaluating all the risks and opportunities related to the specifics of the company’s operations and the COVID-19 pandemic. The applicant company can have its suppliers or other partners vouch for it, this way reducing the risk faced by the financial institution and allowing it to offer lower interest rates. Business loans are offered for a period from 1 to 24 months.

The model for Bankera Business Loans was developed at the European Commission hackathon as a response to COVID-19 back in April and in less than three months the team behind the project was able to implement the idea fully and bring it to market. The SME financing solution was recognised as being the best in the Digital Finance category. Bankera has become the only Lithuanian team to earn one of the six main European Commission hackathon awards. Spain’s CaixaBank has offered a special financial prize to Bankera for the innovative solution it has created. In June, during the Fintech Week Lithuania event, Bankera was recognised as the company creating the best fintech business solution which contributes to implementing sustainable future goals in the business community.

Companies and self-employed individuals can submit a loan application by creating a business profile on the Bankera online banking platform.

In addition to new business loans offering, In addition to new business loans, Bankera already offers individual and business multi-currency accounts, payment processing services to both private customers and businesses seeking more affordable and more convenient payments and everyday financial operation management solutions. The Bankera fintech project was founded by three businessmen from Lithuania: Vytautas Karalevičius, Mantas Mockevičius and Justas Dobiliauskas.

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