Mash Group Oyj
Euroloan Group PLC: FinTech business model a success as Swedish lending volumes soar +718% from previous quarter
Euroloan's fully automated Fintech business model proves its potential and efficiency in Sweden as lending volumes soar by 718% in a single quarter (Q2/2014 vs. Q1/2014). A similar growth rate is expected from Poland in Q4/2014. Total quarterly volumes in all markets reached 28% higher than the previous record, producing the third consecutive all-time high quarter in the Group's history.
Helsinki, Finland, 2014-07-16 09:12 CEST (GLOBE NEWSWIRE) --
“Our business performance is strong and our team has worked hard to achieve proof of concept in a new market and finally the hard work is bearing fruit. These growth figures have been established by great teamwork and investing in our proprietary automated cloud software. Growing this fast or even faster doesn’t require additional personnel.” states Tommi Lindfors, the Chairman of Euroloan Group.
Euroloan approaches new markets by measuring and minimizing risk. A test process covering multiple areas is conducted over a relatively long period of time in order to statistically assess important figures such as payment behavior, expected credit losses and market demand. Frank Hemgren, the country manager of Sweden comments: “Once the Euroloan Group’s Risk Committee approves our proven performance level in a new market, the business can be scaled up rapidly. In a completely online business model fast growth rates such as we have now witnessed in Sweden are possible. I definitely expect strong growth to continue in Sweden during the following quarters.”
Rapid growth obviously requires additional capital input which has been handled with bond and equity issues. Funding the growth has become consistently easier and cheaper, because investors understand Euroloan’s lowered risk level, as the Group’s debt to equity ratio has improved considerably during 2014.
The next goal for Euroloan Group is that its wholly owned indirect subsidiary Euroloan Finance AB is to become a credit institution licensed to receive deposits from the public. Euroloan Finance AB has applied to the Swedish financial supervisory authority for the license and the final parts of the application are expected to be processed in the near future. An approved license would entail that the Swedish deposit guarantee fund covers customer funds deposited up to 100.000 euros per customer.
Euroloan Group PLC is the parent company of the rapidly growing international FinTech (Financial Technology) Euroloan group, headquartered in Helsinki, Finland with offices in Stockholm, Sweden and Warsaw, Poland. Euroloan has developed the most efficient business models and systems in the market, and is one of the leading service providers in key European markets. The Group provides customers with real-time credit, enabled by a fully automated cloud service. Euroloan has consolidated its market position and increased its market share continuously from the time the company was established in 2007. More information is available at www.euroloan.com.
Jonas Lindholm, CEO
Euroloan Group PLC
Tel +358 10 217 1003