Stockholm, 2011-11-29 08:55 CET (GLOBE NEWSWIRE) -- TrustBuddy is one step closer to a release in the German market.
Following our release of the third quarter results, we have the pleasure of announcing another reached target for the company; we have received our P2P payday loan interest model authorization from our cooperating lawyer and bank in Germany.
The market in Germany, with its population of more than 80 million people and Europe’s largest economy, is one of the most attractive markets in Europe for TrustBuddy. To put that size into context; the German market is five times larger than all our current markets put together. Naturally, TrustBuddy has been working on the German launch since the company’s foundation, and the work is paying off. There are currently no online payday P2P loan companies in Germany, and for a good reason; the German legislative system is very strict both in terms of legal conditions and in practical terms, making it almost impossible to create a viable payday loan solution. Still; that is exactly what TrustBuddy has managed. To be able to launch the German market it is necessary to have cooperation with a local bank both for identification and to be able to offer accounts to everyone that wants to become a TrustBuddy member.
This is a big step in the right direction in our work with launching our services in the German market. We expect to be able to meet the target of launching the TrustBuddy service into the German market latest within Q2 2012 as previously stated. This timeframe is still the official target – however we may improve on this timeframe.
We will be reporting news from the launches of the Danish and Finnish markets in December.
Again; if you have any questions to the above or would like to get in touch with us in an investment context, please do not hesitate to contact us at investorcare@trustbuddy.com, and we will do our best to cater for your requests.
Jens B. Glasø
CEO, TrustBuddy International AB (Publ.)
+47 40 40 47 50, investorcare@trustbuddy.com
http://trustbuddyinternational.com/
About Trustbuddy International AB (publ)
Trustbuddy International AB (publ) is one of the first in the world to focus on arranging loans
and capital provision between buddies in an organised manner. The company is listed at
NASDAQ OMX First North in Stockholm. Mangold Fondkommission AB is Trustbuddy
International AB (publ):s Certified Adviser and Liquidity Provider, contact number: +46 8-503 015 50.