June 28 (SeeNews) - Credissimo, a Sofia-based fintech group that utilizes innovative proprietary technology to provide instant online consumer finance solutions, said it has signed a long-term partnership deal with Japanese-based online marketplace lending platform Crowd Credit.
Crowd Credit would offer, for the benefit of Credissimo, Japanese investors the opportunity to invest and participate in the rapid growth prospects of Credissimo by providing euro and yen denominated long-term financing vehicles up to 10 million euro, the company said in a statement.
"Our partnership with Crowd Credit is expected to bring onboard a diverse mix of investors in terms of age and geographical presence. As Crowd Credit has more than 50,000 registered investors in their platform, Credissimo is available to all of them from day one of our cooperation," the company told SeeNews.
As one of the most dynamically developing fintech structures in the non-banking financial sector, Credissimo strives to continuously provide innovative tech solutions to enhance its leading positions on the online consumer finance market in Europe and around the world, the company said.
Structured entirely online, Credissimo’s business model has no reliance on a physical network to achieve growth and service coverage. Through its proprietary state-of-the-art 360 degrees business platform that excels the fast and rigorous scoring algorithms based on machine learning and automated streamlined instant decision making flows, the company is capable of addressing the financial needs of customers with higher risk standing, while minimizing both cost of risk and cutting down service delivery time to market leading levels.
“We always strive to keep our clients truly special and overly satisfied with the service they receive. The large repeating client base in all markets of our operations gives us solid confidence that we have been on the right track throughout the years,"' Sokol Iankov, the co-founder and CEO of Credissimo Group, said.
On the other end, Crowd Credit is a Japanese online marketplace lending platform that bridges the gap between the global credit market and Japanese investors by providing debt capital on a global scale to a variety of different sectors, including peer to peer lending platforms, non-bank financial institutions, microfinance institutions, and renewable energy. Since its inception in 2013, the company has aimed to connect the debt borrowers in countries with limited capital access and the investors in a country with little investment opportunities, namely Japan. As of May 2021, Crowd Credit has raised over 332 million U.S. dollars from about 50,000 registered investors.
“In the past couple of years, we have been searching for partners to share our goals and dreams to create technology-driven products tailored to fill the gap in the market and fully satisfy our customers’ requirements. We are very delighted to have found such a trusted and renowned partner in Crowd Credit,” Iankov said.
So far in its almost 15-year history, Credissimo has granted more than 230 million euro loans towards retail customers, while achieving organic sales and portfolio growth of above 20% per year. Recently, Credissimo began diversifying its product offerings by entering the sale and leaseback marketplace, as well as implementing an overdraft facility targeting its most loyal customers.
“The current offerings of consumer finance products place Credissimo between the subprime segment and the aspiring near-prime. The medium-term goal for us would be to further grow our current portfolio size, as well as expand in the near-prime segment in terms of new diversified products. This is where our partnership with Crowd Credit is so crucial. Crowd Credit would provide us with the opportunity to continue innovating and growing, providing access to affordable personal finance solutions to an even wider range of customers,” Iankov concludes.
Credissimo's medium-term goal is to further grow its current portfolio size, as well as expand in the near-prime segment in terms of new diversified products. Its pipeline features a new card product and it has launched a new innovative cash remittance service, which allows the granted loans to be received at customer’s bank card almost instantly, no matter what the issuer and the bank are.
*This article is published as part of a media partnership between SeeNews and Credissimo.