On Thursday, August 9, 2018, Handango announced that it has acquired a minority stake in Loans.no, a consumer finance startup serving Norwegian consumers. Handango will pay approximately $650,000 in cash for a minority stake of 28%.
Loans.no primary service is providing loan comparison services to consumers in need of specific loans. They serve Norwegians 18 years or older and monetize their service through generating traffic from organic search.
Mr. Hamid Sharki, Chairman and CEO of Loans.no, commented, “Loans.no and Handango’s businesses are complementary in nature. Loans.no primary service – billig forbrukslån – strives to provide Norwegian consumers with the lowest rate for their specific lender profile for personal, auto, and home loans using proprietary credit scoring and creditworthiness algorithms. Handango’s expertise in technology and software development will allow us to fine tune our systems and continue to provide tens of thousands of consumers with the best rates, helping them avoid loan sharks and other predatory lending practices prevalent in the Norwegian consumer finance space.”
The positioning of the online platform won’t change, but the leadership from Handango’s board will aid in providing a clear vision and solid roadmap forward for expansion into different sectors, such as credit card comparisons and non-monetized personal finance web content.
In addition to the investment in Loans.no, Handango also announced with its minority stake in Loans.no its first entry into the personal finance sector. With the growing market of online brokers, trading platforms, financial product comparison services, and the like, Handango’s software and web development expertise provides it with a good position to saturate the market with its services.
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