Press Release – 17 January 2018
Former Senior Legal Counsel from Spotify and Global Head of Digital from Bambora join fast growing Swedish fintech company Instantor, strengthening the company for an important year.
Instantor, a Swedish fintech company specialising in consumer finance data, has recruited Oskar Löthberg from Spotify as Head of Legal and Raiha Buchanan from Bambora as Chief Marketing Officer.
Founded in 2010, Instantor is growing fast and drastically increasing profit margin. In 2017, revenue increased by 70 percent and net profit from less than one to approximately eleven million SEK. The company was also listed in Deloitte’s Fast 50 for a second year in a row.
Instantor is present in 20 markets and is becoming a global leader within consumer finance data such as credit issuance data, supplying accurate real-time data through peer to peer to creditors, banks and other financial institutions. The company has developed innovative technology and software that use consumers’ bank statements − approved by the borrower − to show their true financial capacity. Traditional methods of credit issuance data are crude, relying on declarations from a year ago and show possible payment defaults. This may not illustrate the consumer’s actual financial capacity and lead to unnecessary credit denials.
“We are really pleased with the development of Instantor. Our new strategy is to provide customers superior understanding of consumer finance data through a broader range of services. Upcoming new EU regulation PSD2 and later GDPR is positive for us, and these two recruits will strengthen Instantor for an important year and bright future”, says Simon Edström, CEO at Instantor.
New Head of Legal Oskar Löthberg has ten years of experience including seven years as Senior Legal Counsel and Data Protection Lead at Spotify. He will have an important role in navigating the upcoming new regulations PSD2 and GDPR.
New Chief Marketing Officer Raiha Buchanan has ten years of experience including positions as Marketing Director at iZettle and Global Head of Digital at Bambora. She will initiate and implement the work of making Instantor and its services more known in the company’s key markets.
Instantor was founded in 2010 as a fintech startup but is now developing into a process driven company. Instantor has 34 employees at the headquarters in Stockholm and in Croatia where technology is developed.