Tag Archives: Bulgaria

Stik Credit Joins Viventor peer-to-peer lending marketplace

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Viventor is pleased to welcome a new loan originator from Bulgaria – Stik Credit AD.

Established in 2013 Stik Credit AD provides short and medium term consumer loans. The company currently employs 26 people and has 11 offices across the country.

Since the inception, Stik Credit has issued more than 18’000 loans with the total worth exceeding EUR 5’000’000. The average loan is around 277 EUR for a 5.2 months period. Due to the company’s robust risk management, the delinquency rate (60+ days) has decreased below 15%.

“Even though, we have been financed entirely by equity of our founding shareholders and retained profit, we have seen stable growth over the years. Cooperation with Viventor is the next logical step to accelerate our growth and offer an even better experience to our customers,” comments Hristina Todorova, executive director of Stik Credit.

Stik Credit AD loans on Viventor marketplace

  • 50-2500 EUR in size
  • 1-24 months in duration
  • 10%-13% projected annual return
  • 60 day Buyback guarantee

Stik Credit AD will offer its single payment loans with maturities up to 1 month, as well as installment loans up to 24 months. The company will maintain 5% skin in the game stake in every single loan and start by offering an introductory projected return of around 13%p.a.

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Sofcom Joins Viventor p2p lending marketplace

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Viventor announce another partnership with an established lender – Sofia Commerce Pawnshops (SofCom) from Bulgaria.

Founded in 1993, Sofia Commerce Pawnshops is the biggest pawnbroking lender in Bulgaria. It currently operates 130 pawnshops and has expanded to Macedonia. Sofcom is the only pawnshop chain that has been listed on Bulgarian Stock Exchange (BSE Code: 6SOA).

In addition to the traditional pawnshop business model, Sofia Commerce Pawnshops has developed a unique digital pawnshop which allows their costumers to gain access to funds under 24 hours without leaving their home.

Over the years, Sofcom has maintained stable profitability with profit per share of BGN 42.7 in 2016 and BGN 55.4 in 2015. Due to their large reserves and undivided profit, their current D/E ratio is at astonishing 5.5% (Q4,2017). To learn more, you can find their financial statements in our Loan Originator section.

Sofia Commerce Pawnshops loans on Viventor marketplace

  • 250-2500 EUR in size
  • 7-30 days in duration
  • 7%-10% projected annual return
  • 60 day Buyback guarantee

Sofcom will offer its pawnbroking loans from Bulgaria secured by borrowers’ personal assets. Operating at low LTV ratios, underlying collateral provides liquidity in case of borrower not being able to repay the loan.

The company will maintain 5% skin in the game stake in every single loan and start by offering an introductory projected return of around 10%p.a.

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Credissimo, Award-winning loan originator from Bulgaria, has launched on Mintos p2p lending marketplace

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There are now even more investment opportunities on Mintos as the leader in the online lending market in Bulgaria, Credissimo has launched on the marketplace. The company offers you the chance to invest in its consumer loans with great net annual return rates of up to 12%.

Credissimo is a European fintech group founded in 2007 that utilises innovative proprietary technology to provide instant online consumer loans, e-commerce financing and bill payment services. The company is one of the fastest-growing non-bank finance providers in Central and Eastern Europe and it was the first loan originator in Bulgaria to offer full online credit and approval within minutes.

Since its inception, Credissimo has shown it is dedicated to innovation. It was the first company in the world to launch a fully-automated chat for crediting on Facebook Messenger. In May 2017, it was the first lending company to accept Bitcoin from customers to repay their loans. To date, Credissimo has processed over one million credit applications and has a current net loan portfolio of EUR 15 million.

“We are very excited to be part of the Mintos marketplace. Bulgaria’s online finance market is growing rapidly, but there is still a lot of room for further expansion in the country and abroad. Currently, we are rolling out products to new European and Latin American markets as part of our long-term expansionary goals. With our efficient business model and cutting-edge technology solutions, we are confident in our future international success. Our competitive advantage is encoded in our business know-how that we have developed from more than 10 years of experience. In addition, we will continue to foster innovation by expanding our presence in the cryptocurrency world with our new project – Nexo, the world’s first instant crypto overdrafts. ” says Sokol Iankov, CEO and Co-founder of Credissimo.

Bulgaria-issued loans from Credissimo on Mintos range from EUR 100 to 1 000. The repayment period ranges from 30 days to 24 months. You can expect a yearly net return of up to 12%.

To align its interest with those of investors the company will keep 5% of each loan placed on Mintos on its balance sheet. All Credissimo loans are secured with a buyback guarantee and will be repurchased if the loan is delinquent for more than 60 days.

Credissimo has operations in five European countries – Bulgaria, Macedonia, Poland, Romania and Spain – and is a market leader in the online consumer lending industry in two of them. The group has distributed more than EUR 100 million worth of loans since its inception. Credissimo adheres to the highest regulatory requirements and is strictly supervised by multiple European Banking and Financial Services Regulators including the National Bank of Bulgaria.

The socio-demographic profile of Credissimo’s customers is 55% male and 45% female. Its customers are aged between 21 to 45 years, and the highest percentage (35%) of borrowers are between 27 to 38 years old. The company’s customers are people who live in big cities, use the internet every day (mostly accessed from mobile devices), are well educated and the majority have a university degree.

At the 2018 annual business awards by Forbes magazine, Credissimo received the “Financial Sector Innovations” and “Quality of Services” awards. These acknowledgements are a result of Credissimo’s drive to be a leader in innovation whilst maintaining the highest level of customer satisfaction.

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Personal loans issued in Bulgaria by Cash Credit now available on Mintos marketplace

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The newest addition to the Mintos marketplace are personal loans issued in Bulgaria by Cash Credit, a leading Bulgarian fintech company operating in the retail and online lending space.

Cash Credit is part of Cash Credit Group, which operates in Bulgaria, South Africa, and the Philippines. The group employs a unique business model of partnering with mobile service providers; this gives Cash Credit Group an advantage when assessing borrowers’ credit worthiness, and allows them to issue loans quickly and conveniently. At the beginning of 2017, Cash Credit became the first company in the world to grant credit via Viber – a popular messaging, voice and video call mobile application.

“Joining Mintos will allow us to further utilize Cash Credit’s know-how in efficient and profitable lending, while providing competitive returns to investors on the Mintos marketplace. We chose Mintos because we share similar values and a vision for the future of the financial services sector,” says Anton Karagiozov, CEO of Cash Credit and member of the board of directors of Cash Credit Group.

The majority of Cash Credit borrowers in Bulgaria are private individuals seeking loans for general needs, repair and maintenance or utility payments. Operating online and in close to 70 retail offices, the company offers the fastest credit approval on the Bulgarian market – within less than six minutes.

The personal loans Cash Credit is set to offer investors on the Mintos marketplace will range from EUR 100 to EUR 1 000, with a repayment period of up to 18 months. The average net annual return to investors will range from 10 to 12%.

Cash Credit loans will be supplemented with a buyback guarantee covering loans delinquent for more than 60 days. Historically, the share of Cash Credit loans late by 60 days or more has been below 15%.

To retain its skin in the game, Cash Credit will keep at least 5% of each loan on the Mintos marketplace on its balance sheet.

“Bulgaria is a high-potential market. Investors on the Mintos marketplace have demonstrated solid demand to invest in loans issued in this geographic region. We are truly excited to start a cooperation with one of the top alternative finance providers in this country,” says Martins Sulte, CEO and co-founder of Mintos.

Since its establishment in 2011, Cash Credit in Bulgaria has disbursed more than 240 000 loans worth more than EUR 55 million.

Cash Credit in Bulgaria had 15 000 active customers and a net loan portfolio of EUR 3.6 million, as of July 2017. During the first seven months of 2017, the company has issued loans worth EUR 7.5 million.

At the end of 2016, Cash Credit in Bulgaria had EUR 4.5 million in equity, EUR 5.2 million in assets and produced a 19% return on assets.

Cash Credit has received recognition for its successful business development. In 2013, the company raised USD 25 million investment from the global advisory and investment firm Delta Partners Capital Limited.

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Mogo adds loans from Bulgaria to the Mintos marketplace

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Non-bank car loan provider Mogo continues strengthening its presence on the Mintos marketplace by adding Mogo car loans issued in Bulgaria to its offering to investors. Bulgaria is the sixth Mogo Group market represented on Mintos.

Mogo is one of the top loan originators on the Mintos marketplace. Mogo joined Mintos in March 2015, and has since funded car loans worth EUR 56 million through the marketplace. To date, the average net annual return offered for Mogo loans has been above 12%.

The new loans Mogo will place on the Mintos marketplace will range from EUR 500 to EUR 10 000, with a repayment period of up to 72 months. The average net annual return to investors will range from 8 to 14%.

Loans with and without the buyback guarantee will be offered. Mogo Group has committed via a Letter of Comfort to provide additional intragroup funding to Mogo Bulgaria, if its needed to meet obligations to investors.

To retain its skin in the game, Mogo will keep at least 5% of each loan placed on the Mintos marketplace on its balance sheet.

With a total of more than EUR 300 million in loans originated since the company was founded in 2012, Mogo Group is the largest non-bank car loan provider in the region, with operations in Latvia, Lithuania, Estonia, Georgia, Poland, Bulgaria and Romania. Mogo started operations in Bulgaria in March 2017. To date, car loans worth EUR 800 000 have been issued.

The typical Mogo customer is an economically active person with a stable income for whom comfort, mobility and time are important factors in their daily life.

The aggregate net loan portfolio of Mogo Group was EUR 80 million as of June 2017. It has EUR 12 million in equity and EUR 90 million in assets. Mogo Group has demonstrated consistent profitability. Last year, it generated EUR 6 million in net profit and projects to generate about EUR 10 million in net profit in 2017. Mogo Group is audited by PwC.

Mogo Group currently employs more than 200 people, while the number of active customers exceeds 35 000. See more information about the performance of Mogo Group in this presentation.

If you use Auto Invest on the Mintos marketplace and want to invest in Mogo loans issued in Bulgaria, make sure to adjust your Auto Invest settings accordingly.

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