12 minute read
CREDISSIMO
CREDISSIMO: A LEADING EUROPEAN FINTECH COMPANY IS ALREADY IN COLOMBIA
Founded in Bulgaria in 2007, Credissimo is a leading European FinTech group that utilizes innovative proprietary technology to provide instant online consumer loans. Throughout its 14 years of operations, the company has proven to be one of the fastest growing fintechs in the European non-financial banking sector: by the beginning of March 2020, the Company website has been visited by more than 4 million users looking for alternative personal financing solutions.
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Back in 2010, Credissimo was among the pioneers to introduce a fully online business model, that turned it into one of the leading modern fintech companies to develop a customer-centric and environmentally friendly operations, which secured Credissimo’s position as the number one online lender in Bulgaria, a positioning it has kept ever since.
In August 2015, Credissimo became the first business in the sector to receive a BB+ long-term credit rating certification, and a B short-term credit rating from BCRA /Bulgarian Credit rating Agency/. The current long-term credit rating has been updated to a BBB, with a stable prospective.
In January 2017, Credissimo became the first company in the world to launch a fully automated lending chatbot in Facebook Messenger. Later the same year, the Company was recognized as one of the top companies in Europe in the Alternative Finance category at the European Fintech Awards.
CREDISSIMO AT A GLANCE
1st in Bulgaria to offer near-instant approval process (next best alternative was 24 hours)
Innovative new service “Pay Later”
(delayed payment for online shopping)
1st in the industry in the world to offer Chatbot service
1st in the industry in Bulgaria to be awarded a credit rating*
established 2007
2008 2009 2012
Launch of a new
proprietary technology
for real-time application processing
+ 100,000 loan
applications reached
2013 2014
+ 1,400,000 loan
applications and
+140,000 Facebook
followers reached
2015 2016
International expansion in Macedonia
1st in Bulgaria to offer purely online
lending 1st in Bulgaria to
offer bill payment
financing “Most Innovative Company for 2015”
Award by B2B Media
* Credit rating was awarded by Bulgarian Credit Rating Agency AD.
+400k followers on Viber
Expansion in Poland Forbes Business Awards 2017 “Financial Sector Innovations” & “Quality of Services”
Expansion in Colombia
2017 2018
“Favourite Financial Institution in Bulgaria” & Favourite Bulgarian
Brand” Award by Mylovemarks
Product diversification
OUR VISION
OUR MISSION
Be perceived as an innovator in the FinTech sector in the region and a trustworthy company that customers can rely on to meet their financial requirements Migrate to the market of near prime, online customer while ensuring competitive pricing and using a more streamlined and user friendly process than that of the competition (including banks) Have employees and partners who share our goal and to constantly develop their potential to ensure that we create products tailored to fill the the gap in the market and the requirements of our customers
Provide easy and affordable access to credit to consumers across Bulgaria and improve their credit profile Offer the complete ecosystem of services related to cash financing of shopping needs including consumer finance loans, deferred payments and auto loans Develop and offer products via superior scoring and selection that are more effective than those of the competitors at prices that are acceptable to a larger group of customers
In late 2016, Credissimo started its international expansion by entering the markets of Macedonia and Poland, where it has successfully established operations, and at the beginning of 2019 the company entered Colombia, one of the biggest, thriving South American fintech markets.
“We’ve chosen Colombia as the core of our expansion in South America because in its environment we see the potential of developing new technologies that offer innovation in the fintech sector. The natural choice was also supported by the fact that the Colombian economy has been one of the fastest growing in the Latin America region in the last four years. We have no doubts that our decision of choosing Colombia as the hub for our development in the region was right,”, Sokol Yankov, CEO of Mapa Credissimo, pointed out.
Almost since entering the Colombian market, Credissimo has become an active member of Colombia Fintech, supporting the collaboration of all the companies within the fintech sector, aiming to establish good practices together and to improve the industry regulations. Credissimo entered Colombia by offering two separate lending products:
Credissimo Salario: short-term single payment (bullet) credits for amounts up to $850,000 COP and а payment period of up to 30 days. This product offers a unique option for extending the payment period. In case the customer is unable to cover the full amount on the due date, one has the possibility to extend the period, paying only an extension fee.
Credissimo Plus: installment credits for amounts up to $2,000,000 COP and a payment period from 3 to 12 months. This product is one of the innovations for the Colombian market, as the Company was the first fintech to offer it in the country.
The end-to-end process, from submitting the application to receiving the money into the customer’s designated bank account takes less than 24 hours and is completely online from anywhere in Colombia with internet access, eliminating the need to visit a physical branch or waiting in line.
Credissimo’s customers are modern consumers that use technological solutions in all aspects of their daily lives. Educated and with stable incomes, these are people who want innovative solutions and value their time. Most of them are part of the Millennial generation, which is constantly looking for new and better offers from the companies. Among Credissimo’s customers,
IMPROVING CONSUMER ACCESS TO CREDIT IN COLOMBIA
Access Credit for clients who do not have the cash to meet emergency requirements
Affordability Longer tenors allow customers to limit the monthly cash flow burden vs the offer from pay day lenders
Equitable and smart risk scoring 360° risk profile based on alternative data-sources and advanced analytics. Due to advanced tool, ability to differentiate between customers better then banks and give fair assessment (not just by the fact whether they used paydays or applied multiple times) Larger tickets Customers can meet their requirements without having to tap into multiple pay day lenders
Transparency Clear pricing and no penalties when customers prepay
Speed Quick decisions so clients have access to credit in a timely manner to meet emergencies
Reach Ability to access customers throughout the country
In Credissimo we loan up $2.000.000
28% Net Portfolio growth 2018
27% 2015-2018 compound average annual revenue growth
63k 95k Number of loans disbursed increase between 2016 to 2018
73% returning customers on an average basis from 2016-2018 124% cash granted versus collected margin in 2018
>377k Cumulative number of unique customers applied for a loan
150 Employees as of Sept 2019
BBB Credit rating, Nov19 (positive perspective)
there are quite a number of users of the Z generation, who have grown up in the digital technology era of Internet and social networks.
Striving to meet customers’ demands and exceed their expectations, over the recent years the Credissimo team has been tirelessly working on developing a series of innovative technologies. The ability to approve applications in a matter of minutes, the AI-based scoring model, the creditworthiness analysis of the client and facilitated repayment options, among others, are some of its innovative automated solutions.
In recent years Colombia has witnessed vast development in its fintech industry. The sector has transformed the entire loan market, thanks to its continuous digitalization, efficiency and implementation of innovative tech processes. The constant updating of processes and the improvement of the services have generated huge new opportunities for doing business, as well as emerging challenges, in order to remain on the crest of the wave. Comfort and speed are some of the most important factors for the customers. No matter where they are, in a few minutes, clients can apply for a loan and get the money. In such a highly competitive environment, Credissimo shows its firm motivation to evolve, to constantly be a step ahead of the competition and to be a trend-setter, instead of a follower. Broad international experience along with the internal top talent hiring policy prove a guarantee for such high innovation standards to be maintained.
As a consumer-oriented company, Credissimo is extremely close to its customers and taking into account their feedback is one of the main factors for the Company’s success. Credissimo has formed a dedicated team trained and highly experienced in market research, that carries out surveys and periodically runs analysis on the level of customer satisfaction.
A LEADING PLAYER IN THE CEE TECH-ENABLED CONSUMER LENDING ARENA WITH SOLID GLOBAL POTENTIAL
Leading FinTech company in Europe
One of the most dynamically developing FinTech structures in the non-banking financial (NBF) sector, Credissimo strives to continuously provide innovative tech solutions to enhance its leading positions on the online lending market in Europe and around the world
The Company has developed a stateof-the-art proprietary operating platform which allows a high degree of automation of the business processes on the basis of machine learning and big-data coordination
Credissimo’s platform can be easily and efficiently implemented to work purely online in any country, language, currency, regulatory framework at minimized risk and cost Scalable business model
Structured entirely online, Credissimo’s business model has no reliance on a physical network or PPE to achieve growth, thus no significant future CAPEX outflow would be required to leverage the effectiveness of the model at full potential
Through its fast and rigorous scoring system and automated preselection procedures with preset criteria for approvals/ rejections, the Company is capable of addressing the financial needs of customers with higher risk standing, while minimizing both risk cost and time of service delivery Strong
the users when first becoming Credissimo’ customers; Stage 2 begins when the customer has already received his loan, and Stage 3 covers the time frame after the loan has been fully repaid. That data allows for a detailed analysis of their behavior, attitude, and loyalty towards the Company, lets us measure the level of customer satisfaction and offer them the best possible service. The data is validated by representative national surveys carried out regularly by brand
One of the most highly recognized brands in the FinTech industry in Bulgaria, Macedonia, and Poland;
73% returning customers over the period 2016-2019;
96% customer satisfaction Growth
For the period 2015-2019 Credissimo enjoyed more than 4m website visits and granted more than 400 thousand loans, marking a significant increase year-to-year
Stage 1 is done through surveys offered to based on an in-house survey; internationally recognized agencies. Currently, Credissimo maintains 95% customer satisfaction, and 80% returning customers on the European markets where the company operates.
According to customer satisfaction surveys in Colombia: 96% of the customers say they have found at www.credissimo.co all the information and the details they needed, 94% of the respondents rated their consumer experience throughout the process positively: from sending
SATISFACTORY CUSTOMER-DRIVEN EXPERIENCE LEADS TO AN INCREASE IN REPEAT CLIENTS
In line with the development of Credissimo’s loan portfolio and international development, the share of new customers increased consistently from 23% in 2015 to approximately 30% in the past two years
63K
77% 79K
75% 95K
69% 103K
70%
2016 2017
Granted Loans (in numbers) 2018
% returning clients 2019
the application until receiving the money, and 98% of Credissimo’s customers would recommend it to friends, colleagues, and family. All of this data indicates that the positive trend observed in terms of customer satisfaction on other international markets is also confirmed in Colombia. Moreover, this feedback from Colombian customers means that Credissimo’s processes and innovative products are perceived in a very positive way and are highly valued.
The success comes as a result of a united and well-formed team, constantly keeping up-to-date with all the latest developments in the sector, with which Credissimo has been able to stand out for 14 years in an extremely competitive market. Credissimo employs more than 150 professionals working eagerly to perfect all the processes and services, in order to maintain high levels of customer satisfaction. Credissimo’s objectives are, on the one hand, to continue developing and implementing new technological solutions on the markets in which it already offers its services. It ensures that all customers who have entrusted the Company would be able to receive fast and convenient services meeting and exceeding their expectations, which only a leading global fintech company can offer. The other objective is to continue the international expansion and increase the number of new and returning customers.
The main strategy that Credissimo implements in its overall communication is a 360° integrated marketing, which aims to provide a constant and seamless connection on all channels and devices used by the customers. This approach allows the company to constantly segment and analyze communications with its users, to provide the
customer with a personalized experience and service of the highest level. Given the nature of the business, it is a very interesting fact that Credissimo has completely eliminated all types of printed advertising and fully replies on digital marketing and non-traditional communication channels.
In just a bit over a year on the Colombian market, Credissimo managed to achieve enviable recognition. Users are starting to search on their own for the brand online, which demonstrates the confidence established in terms of the professionalism and excellent level of service of the Company. Credissimo is one of the first companies in the non-banking financial sector to create and implement an ethic code for more responsible lending and transparent business. Ethics is an integral part of the Company’s operations and is based on the policy of maintaining clear and transparent lending rules and fair market conditions, which reinforces Credissimo’s commitment to all of its users.
CREDISSIMO’S INNOVATION-DRIVEN CULTURE
In honor of its continuous efforts in the FinTech innovation sphere, Credissimo has been recognized with numerous awards by the business community
for bringing innovations to lending and providing online access to financial services (“Business Lady” Magazine)
for the successful integration of SIMO (Smart Integrated Multitasking Operator) – the first chatbot service for online loan application in the world (B2B Media) delinquency or other events that can be specified
for launching Pay Later – the e-commerce POS financing platform for deferred payment of online purchases (B2B Media)
2017 Favourite “Financial institution” of Bulgarian consumers
Received the highest rating of all online consumer lending companies in Bulgaria
nominated in two categories: “Alternative finance” and “European Innovator of the Year 2017”, finished in top 10 out of 133 companies in the “Alternative finance” category
for pioneering outstanding technological solutions, impeccable customer service incomparable user experience and aggressive Pan-European expansion (‘’The Forbes Business Awards 2017”)
Daniel Medina, CEO de Olimpia IT
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