July 21 (SeeNews) - Romanian non-banking financial institution Ocean Credit IFN said on Wednesday that it has raised 1.84 million euro ($2.2 million) in a private bond placement.
The company will use the funds to support an aggressive growth of its loan portfolio and to launch a revolving credit line for customers, it said in a press release.
The euro-denominated bonds were issued in a private placement earlier this month and have a maturity of five years. Ocean Credit offered for subscription 10,000 bonds at a price of 100 euro each but sold only 18,668.
"The demand for short-term loans granted online has grown strongly, especially in the context of the pandemic. This funding will help us respond to all requests from our customers and keep our promise to deliver 100% digital loans directly to the card in less than ten minutes," Ocean Credit founder Radu Ciorba said.
Ocean Credit IFN was established in 2015 and has so far granted over 45 million lei ($11 million/ 9 million euro) loans in Romania.
(1 euro=4.9247 lei)