Jarno Piironen, CEO of Aurora Exchange

Jarno Piironen, CEO of Aurora Exchange

Finland-based Aurora Exchange, a consumer loans exchange, has teamed with two firms for its P2P lending platform launch.

Maiden Life, based in Sweden, brings its payment protection insurance to cover “all loans” against borrower’s death, permanent and temporary disability with lenders as beneficiaries. Mangopay will act as Aurora Exchange’s custodian and payments technology provider. Mangopay is an e-money issuer, regulated by the CSSF, Luxembourg’s financial regulator, with a licence in all EEA countries.

Jarno Piironen, CEO of Aurora Exchange, says Maiden Life combines the “benefits of fintech and insurtech in one reliable customer journey”, while Mangopay’s solution gives its customers a “peace of mind that their funds are held with a regulated entity backed by French banking group Credit Mutuel Arkéa”.

Aurora Exchange opens for transactions in Finland as soon as filings to the Finnish Financial Supervisory are done. This is estimated to happen by the end of October 2016.

After the launch in the Finnish market, Aurora Exchange plans to launch in other unspecified European markets.

Aurora Exchange is backed by a group of Finnish investors and the Finnish technology investment fund Tekes.