Berlin, Germany. Bitbond, the global marketplace lender for small business loans, has joined the SME Finance Forum. Through its membership Bitbond aims to exchange knowledge with other financial institutions in the SME lending community and to help foster innovation in the space.
Bitbond provides inclusive microfinance on a global scale. Over 1,200 loans with borrowers from 68 countries have been originated through the platform so far. 32% of the loan volume was originated in emerging markets like India, the Philippines, Indonesia, Brazil and many others. By using bitcoin and the blockchain as a payment network, Bitbond’s users don’t need a bank account in order to get a loan or to invest through Bitbond.
Small and medium sized businesses are under-served by banks. The SME Finance Forum estimates the global SME funding gap at $ 2 trillion. Bitbond helps to close this funding gap by connecting creditworthy borrowers with individual and institutional lenders. Typical borrowers on the platform are retailers, freelancers, restaurant owners and drivers who use digital distribution channels like eBay or MercadoLibre.
Matthew Gamser, the CEO of the SME Finance Forum, said: “Our goal at the SME Finance Forum is to improve the access SMEs have to finance. We do this through our global network of financial institutions and tech companies. We are happy to welcome Bitbond as new member to the Forum and look forward to the expertise they bring in from the tech world.”
Radoslav Albrecht, the Founder & CEO of Bitbond, said: “Bitbond has always endeavoured to make financing available to SMEs around the globe. Small business owners typically find it tough to get quick and affordable financing from banks and traditional financial institutions. In conjunction with the SME Finance Forum, we are looking to expand our network of partners to reach even more borrowers in emerging markets.”