Ibancar is a proven FinTech company involved in online asset-based lending serving the unbanked and underbanked. The company has been operating on the market since 2010. Ibancar have established legal framework to allow borrowing against cars and considers this a key part of their intellectual property. This is key point which made them distinct from competitors. Other competitors are mainly in the car business and not in the loan business. Competitors' business model is not scalable, and they seek to profit from the car. Ibancar is the only 100% online remote service offering genuine loans that amortize over time and allow borrowers to get the ownership of the car back. This makes Ibancar the only loan originator in Spain, who lends against cars.
- Loan portfolio 1 600 000.00 EUR;
- 250% over-collateralized portfolio;
- Average loan 3 300.00 EUR;
- Proprietary and scalable risk management platform with an established proof of concept (e.g. innovative risk scoring, behavioral NPL management).
- Vehicle Collateral. The loan is collateralized with the cash flows from individual car loans by pooling together car loans with the same maturity in one lump sum loan. The average LTV for this loan tranche is 52%.