RealTime IT News

E-Loan Europe Ramps Up to Launch With New Purchases

E-Loan Europe Wednesday snapped up a German bank and a French online lender in a move to strengthen the foundation of its soon-to-launch regional operations.

Traditional banker Media Kreditbank and Aaccredit will lend the two company's respective customer bases and financial services to E-Loan Europe, in preparation for E-Loan Europe's official launch this spring. The company will offer mortgage loans initially, then ramp up to a full range of consumer loans by the end of the year.

The Aaccredit purchase also represents E-Loan's (EELN) first foray into the France's financial services market.

"Media Kreditbank will be instrumental in providing E-LOAN Europe access to the capital markets, which will enable the company to originate loans directly to European consumers, providing lower financing costs and a seamless customer experience," said Mirko Siepmann, E-LOAN Europe's chief executive officer.

"In addition to prominent penetration into the French online consumer lending market, Aaccredit shares E-LOAN's pro-consumer values and comes with a team of loan consultants with a reputation for providing excellent quality service."

E-Loan Europe is a joint venture between E-Loan and @viso, which in turn is a venture between Japan's Softbank and European Net player Vivendi.

E-Loan Japan began offering car loans in December, while its Australia, and U.K. joint ventures launched earlier this year. An E-Loan Germany is already available, while the French version is expected to launch by the end of the quarter.