Berlin-based fintech company solarisBank has launched its new product ‘The ‘Kredit2Day’ in collaboration with with smava, the credit comparison portal for instalment loans.

The product offers all customers residing in Germany instant loans of up to €35,000 with immediate pay out.

The loan and the banking backend services will be provided by solarisBank through API, while smava will be responsible for the management of the application process, the credit assessment and management of the customers.

solarisBank co-founder and chief commercial officer Marko Wenthin said: “The ‘Kredit2Day’ offer with smava illustrates the flexibility of our banking products: we supply building blocks and provide infrastructure where we create added value.

“With our modular’ plug and play’ approach, we offer our partners exactly the banking services they need.

“Thus, smava was able to integrate elements such as its own application process into the new product, whilst receiving the components needed to complete the ‘Kredit2Day’ product from us via API.”

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Smava CEO and co-founder Alexander Artopé said: “Despite the current low interest rate environment, people who overdraw their account still have pay up to 12% interest.

“Together with solarisBank, we will put an end to this. Kredit2Day shows just how much consumers benefit from the services of innovative financial technology companies. They get better financial products at more favorable conditions.”

To date, solarisBank has entered with a total of 56 partnerships to enhance its banking platform.