Moank provides personal loans up to 600,000 SEK, savings accounts with competitive interest rates ranging from 3.75% to 3.80%, and loan protection services that cover monthly payments during unforeseen events. The startup addresses the need for accessible financial products with favorable terms and personalized customer service for individuals seeking to manage their finances effectively.
Funding
$10.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals struggle to access personal loans and savings accounts with favorable terms, requiring them to navigate complex financial products and services. Unexpected events can further strain personal finances, making it difficult to manage loan repayments during periods of unemployment or illness.
Solution
Moank provides accessible financial solutions, offering personal loans up to 250,000 SEK and savings accounts with competitive interest rates. The personal loans feature a flexible repayment schedule and interest rates ranging from 7.90% to 17.95%, tailored to individual credit profiles. Moank also offers loan protection services that cover monthly loan payments up to 15,000 SEK during unforeseen events such as involuntary unemployment or extended sick leave, providing financial security and peace of mind. The savings accounts offer both fixed and variable interest rate options, with deposit insurance up to 1,050,000 SEK.
Target Audience
Moank's primary customers are individuals residing in Sweden seeking personal loans with flexible terms and competitive savings accounts with deposit insurance.
Features
- Personal loans ranging from 25,000 SEK to 250,000 SEK with flexible repayment terms between 1 and 15 years
- Individualized loan interest rates, ranging from 7.90% to 17.95%, based on credit assessment
- Optional loan protection insurance covering monthly payments up to 15,000 SEK in case of unemployment or sick leave
- Loan protection includes a one-time payout of 50,000 SEK upon diagnosis of a critical illness and up to 600,000 SEK in case of death
- Savings accounts with fixed and variable interest rate options
- Deposit insurance up to 1,050,000 SEK per depositor
- Online account management and application process via BankID