As a start-up, it seems unmanageable to implement an eID
When you are the link between strangers, who wish to borrow and lend out money, it requires more than a trusted handshake, and Plata has introduced a secure solution.
Plata is a platform for sharing economy that mediates loans between private persons, and it must be easy and compliant to lend out money from one private person to the other.
“The Danes have more than 1000 billion Danish Kroner in their savings for zero interest or some even a negative interest, and we want to make it accessible to create a return simply by loaning out your saving to another Danes, that is paying a much higher interest for their consumer loan,” Plata’s CEO Rasmus Camborda Meilvang tells and adds, that Plata was founded and developed in 2019 and has gone through all the legal approval processes from the Financial authorities in Denmark.
Important validation tool
Before signing an agreement between the two parties, Plata uses NemID as a validation tool, and NemID is already known as one to be trusted.
“NemID is a good choice for several reasons, but some of our main reasons are that it is easy, fast and trustworthy. It creates a high level of safety and accommodates the many demands from the authorities,” Rasmus Camborda Meilvang states.
Easy with an existing e-ID
In spring 2021, Plata.dk went live, and the platform was ready.
“It was a decision made at the beginning of our development that we needed NemID. It was a must-have component to assure the needed safety and trust between loan giver and loan taker. We searched the market and found Criipto, whom both could and would handle the task for us. It can be challenging and concerning to be a little fish among huge players on the pitch,” Rasmus Camborda Meilvang says. Still, with Criipto as a supplier, he felt safe immediately:
“Our experience with Criipto is absolutely positive. They are a very attentive cooperation partner, and our concern regarding our position as a very small customer disappeared.”
From overwhelming to online
Having Criipto as NemID supplier removed much administration and allowed Plata to focus on its core business.
“Without Criipto, we would have had to put much effort into even the smallest details about NemID, and trust me, there are a lot,” Rasmus Camborda Meilvang laughs and determines:
“As a small fintech startup, it was overwhelming to figure out how to use e-ID, but with Criipto, we were in the market fast. We have only used their support a few times, but we have met highly qualified help in the Slack channel every time. It’s been great so far.”
NemIDs successor in Denmark, MitID, is soon taking over, and Plata has started the transformation on the platform.
“We participated in a webinar with Criipto, which taught us most of what we needed to know and introduced us to the challenges we could face. We are testing internal right now and hope to be ready soon.”