RealTime IT News

E-Loan Europe Sprouts German, French Versions

Following months of preparation, E-LOAN Europe Tuesday rolled out new versions in Germany and France.

The two new sites will offer the same online mortgage services that E-Loan (EELN) produces in the United States and will eventually add all of the parent site's loan options.

E-Loan Europe intends to provide its online loan services throughout the European continent, the company said in a statement. Chris Larsen, E-Loan's chief executive officer, said E-Loan products will be localized for each country.

"Germany and France comprise almost 50 percent of the $2 trillion European consumer debt market," said Mirko Siepmann, CEO of E-LOAN Europe. "E-Loan Europe's early penetration into these key countries, combined with our pro-consumer values and commitment to providing lower financing costs and a seamless customer experience, are the foundation of building E-LOAN into the first consumer lending brand recognized throughout continental Europe."

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.

In its other international editions, E-Loan Japan began offering car loans in December, while its Australia, and U.K. joint ventures launched earlier this year.

"International expansion is an important part of E-Loan's overall growth strategy, which is why we've moved so swiftly to launch four countries within the past four months," said Larsen.

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.

E-Loan recently made a couple of preliminary moves in the two markets, purchasing German traditional banker Media Kreditbank and France's Aaccredit. The Aaccredit purchase also represented E-Loan's first foray into the France's financial services market, while Siepmann called the Media Kreditbank "instrumental" to E-Loan's efforts to tap into capital markets.