Younited, a European instant credit provider, reported record growth in 2021 and expects to reach 5 billion euros ($5.7 billion) in gross merchandise value by the close of this year, the Paris-based company announced Thursday (Feb. 17).
“The exceptional pace of our development demonstrates the perfect match between our instant credit offer and the exponential needs of the e-economy in Europe,” Younited CEO and Co-founder Charles Egly said in a statement.
In less than five years, Younited’s instant credit across five countries represents 60% of the European market, with nearly half outside of France, the company said.
Younited’s team includes 500 employees in France, Germany, Italy, Spain and Portugal.
The rapid growth in Europe is the result of Younited’s decision, early on, to opt for their strategic regulatory placement. Under European Union regulations, Younited can position its instant credit technology in 30 European countries.
Its strategy is focused on expanding into new European geographies. If the company achieves its goal of adding three more countries in the next three years, Younited will serve 80% of the European market by 2025.
In January, Indifi Technologies began collaborating with Google to offer instant loans to small merchants through the Google Pay platform, according to published reports.
Read more: Google Pay, Indifi Partner to Offer MSME Loans
The companies say the program’s lending experience is designed to be simple and completely digital. Merchants will see loan offers from Indifi on the Google Pay for Business app, which they can click to complete an application.
Meta Platform’s Facebook is teaming up with Indifi, an online lender in India, as part of a larger initiative to bring on more local businesses as advertisers, news outlets reported last summer.
Read also: Facebook Launches SMB Loan Program With India’s Indifi
“We’re not looking to make money from this program, we don’t have any revenue share … but we are hoping this creates growth in the industry that will eventually benefit us,” said Facebook Vice President and Managing Director, India, Ajit Mohan.