DebtPay
DebtPay is a Danish digital platform that lets private individuals create, sign, and manage legally binding loan agreements (gældsbreve) between themselves. Users input loan terms, sign securely with MitID, and automate repayments directly between borrower and lender accounts. The first debt document and account creation are free and take under two minutes.
- Financial Technology
- Legal Technology
- Software Only
Funding
Founders
Founder details are not available yet.
Product
Problem
Private loans between individuals often lack formal documentation, leading to misunderstandings about repayment terms, missed payments, and awkward personal conversations. Manually tracking repayments and enforcing agreements without a legally binding contract creates stress and can damage personal relationships.
Solution
DebtPay provides a digital platform for creating, signing, and managing private loan agreements between individuals. Users input the loan amount, duration, and repayment schedule, and the service automatically generates a legally binding debt document (gældsbrev) with the chosen terms. Both parties sign the document securely using MitID, providing clear proof of who accepted the agreement and when. Repayments are automated on agreed dates, transferred directly from borrower to lender through an integrated payment solution, without the platform ever holding the funds. Both parties can track payment status and history throughout the loan period, eliminating the need for manual reminders and reducing the potential for disputes.
Target Audience
Primary users are private individuals in Denmark who lend or borrow money from family, friends, or acquaintances and want formal, legally binding documentation with automated repayment handling.
Features
- Automatic generation of legally binding debt documents based on user-specified loan terms
- Secure signing with MitID, providing verified identity and clear acceptance timestamps for both parties
- Automated repayment scheduling that transfers funds directly between borrower and lender accounts
- Payment tracking and historical status monitoring for both parties
- Available as an iPhone app, with Android version in development
- Account and first debt document creation in under two minutes, free of charge