Moneyou, the online brand of ABN AMRO Bank, integrates solarisBank's instant digital loan
Moneyou, the online brand of the Dutch ABN AMRO Bank, expands its product range with the instant digital consumer loan of Berlin based solarisBank AG, a digital banking platform with a full banking license. With the installment loan, Moneyou's German customers can take out a loan completely digitally in as little as 7 minutes. Video identification and digital signature eliminate all paper-based processes. Customers can thus apply for loans of between 1,000 and 35,000 euros via Moneyou. The technology and the loan are provided by solarisBank.
"The instant digital loan is a new building block of our smart banking concept, which is oriented towards the reality of our customers' lives: making self-determined decisions and using fast processes with easy-to-understand digital products. The innovative technology of our cooperation partner solarisBank fully complies with these principles.”
As an online brand of ABN AMRO Bank, Moneyou develops banking products and services that are suited to the ongoing digitization of the lives of consumers and relies on a mix of self-developed solutions and cooperation offers.
"Moneyou and solarisBank are united by the goal of fully digitizing and optimally aligning banking products with the needs of consumers.We see our first partnership with another bank as confirmation of our platform approach, which can bring digital companies, start-ups, banks and corporates all together to form one financial ecosystem."
On the customer side, the demand for online consumer loans is growing noticeably: In its market study on consumer and automotive financing in 2017, the Association of German Banks has determined that one in four consumer loans is now issued online. The proportion of online installment loans has increased from 21% to 27% in the past two years. However, often only the data input is digital. The conclusion of the contract itself is in many cases delayed by traditional paper based processes. This is where Moneyou and solarisBank come in to offer the complete loan application and conclusion as an entirely digital process.
Also, the search for information before taking out a loan is increasingly shifting to the Internet. One third of consumers researches on banking sites, one fifth on comparison portals and one tenth on other websites.
In order to meet the growing customer demand for sophisticated, digital banking services, Moneyou plans to launch further products on the German market next year as part of its smart banking concept.
Moneyou, a brand of the Dutch ABN AMRO Bank, offers fund investments, call money and fixed-term deposits at attractive conditions. Moneyou focuses on easy comprehensibility, transparency and modern and paperless communication. All German Moneyou accounts are held at ABN AMRO Bank N. V., Frankfurt Branch. The overnight money and fixed-term deposits are subject to the Dutch regulations on deposit protection, so that up to 100,000 euros are guaranteed per saver. Moneyou was founded in the Netherlands in 2001 and has successfully established itself on the market with its growing range of easy-to-understand banking products. Since March 2016, Moneyou has expanded its offering to include three uncomplicated fund solutions that make it easy for investors to take advantage of the opportunities offered by the capital markets - with no hassle and no specialist jargon.
solarisBank is the first banking platform with a full banking license that enables companies to offer their own financial products. Clients of solarisBank can connect to the platform via API in order to use not only the solarisBank products such as payments and e-money, lending and digital banking, but also services from third-party providers integrated on the platform. In this way, solarisBank is creating a technologically advanced and regulatory sound banking ecosystem for fintechs, established digital companies as well as banks and corporates.
The Berlin based company was founded in 2016 and is managed by CEO Roland Folz, co-founders and board members Marko Wenthin and Andreas Bittner as well as CFO Alexander Engel, CPO Jörg Howein and CTO Peter Grosskopf.
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solarisBank AG is the first Banking-as-a-Service platform with a full banking license that enables companies to offer their own financial products. Through APIs, partners gain access to solarisBank’s modular services including digital bank accounts and payment cards, identification and lending services, as well as services provided by integrated third party providers. Through this, solarisBank creates a highly developed technological banking ecosystem for fintechs and established digital companies, as well as banks and corporates.
After having established itself as the banking partner of choice for blockchain and crypto businesses, solarisBank founded solaris Digital Assets GmbH in 2019 to further drive the adoption of digital assets. The 100% subsidiary of solarisBank offers a custodial solution for digital assets to complement its existing banking services.
The Berlin-based company was founded back in 2016 and is led by CEO Dr. Roland Folz, board members Jörg Diewald, Dr. Jörg Howein and Thom Rasser, as well as COO Dr. Daniel Seifert and CTO Hima Mandali. To date, solarisBank has raised more than EUR 100 million from renowned investors, including BBVA, Visa, Lakestar, ABN AMRO’s Digital Impact Fund, Arvato Financial Solutions, SBI Group, finleap and yabeo.