October, formerly Lendix, long undisputed and even hegemonic leader in the crowdlending market, the loan to SMEs financed by investments from individual investors, is selling its main technical tool and greatly reducing the number of projects.
More than 1 billion euros borrowed for 4,341 projects, most often in SMEs. In a decade. In the niche market, but which was once flourishing, of participatory loans to companies, Lendix, subsequently renamed October, very quickly took leadership, in particular by assuming the responsibility of collecting funds not only from individual savers but also from of institutional investors.
Evidence of the domination of Lendix then October in this market: the company absorbed Finsquare in 2016 then, above all, Credit.fr in May 2022 when the latter was number 2 in the market.
October announced on its site a major milestone: the sale of October Connect Sopra Banking Software. The October Connect technological tool, developed internally, allows all processing of the company’s loan portfolio, and was already offered to other financiers, banks or management companies, platforms, in France, Spain and Italy. This time this tool joins a major French player in financial software.
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The number of projects offered on the platform will be significantly reduced
This change leads us to consider the future of our two other areas of activity, the origination of loans on one side, and the management of the portfolio and lenders on the other, writes October in this message broadcast on February 1. Concretely: The number of projects offered on the platform will be significantly reduced (…) After the transfer of the technology and with this reduction in the number of projects, the management of current loans as well as recovery become our sole focus and remain our top priority.
For investors who have invested on October in recent years, the platform is intended to be reassuring: Thanks to our “Operations” teams, who closely monitor and manage each financing, we will continue to maximize the return on your existing portfolio and ensure the continuity of repayments.
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