Loan GRP-2184 - Business Loan
The loan has been issued to a Latvian micro credit company NordCard for further expansion of consumer lending activities.
Fintech Capital Oy is a limited liability company registered in Finland in 2018. The sole purpose of this company is to make available to investors pay-day-loans issued by NordCard. Fintech Capital Oy is an affiliated company with NordCard, it is an intermediary that will collect investments and then will transfer to NordCard. The direct structure for pay-day-loans is not available, as claim rights can’t be held against individuals.
NordCard (brand name of SIA “Hedge Capital Company") is the first non-bank company in Latvia to offer service of “credit line”. Customers can take a loan up to Eur 3,000 for a period of up to 50 months. Despite the company's conservative lending approach, NordCard is showing solid year-on-year growth, its loan portfolio more than quadrupled in 2017 and it grew by 25% by the end of 2018. In near future, NordCard is planning to expand to Scandinavia.
Since establishment, NordCard received 77,800 applications. As a result of a prudent selection process, they currently have 3,500 active and reliable clients.
The loan portfolio as of December 2018 was Eur 2,300,000
Loan portfolio growth dynamics:
12.2016 – Eur 346,794.16
12.2017 – Eur 1,776,501.21
12.2018 – Eur 2,241,744.22