Crosslend, the Berlin-based consumer credit fintech, is setting up a European marketplace to trade debt, the startup’s co-head, Oliver Schimek, told Handelsblatt.
“We want to create a European debt exchange,” Mr. Schimek said in an interview.
Crosslend would use its Luxembourg subsidiary to turn consumer credit into securities that institutional investors and banks can buy and trade.
The Chicago Mercantile Exchange (CME), the world’s largest marketplace for futures and options products, has taken a stake in Crosslend. Rumi Morales, the head of CME Ventures, said she views the idea as promising.
This article was corrected on February 8 to say CME has taken a stake in Crosslend and that Rumi Morales is a woman, not a man. CME has not teamed up with Crosslend to set up a European debt exchange.