$IUVO Group has a new loan originator - Access Finance:

The company is part of Management Financial Group (MFG) – the holding that iuvo is also part of.
We will first present to you specific data for your strategy – what will you get from your investment in Access Finance?
– 30-day buyback guarantee
– Between 8,5% and 9% interest rate
– 30% skin in the game
– Class A loans in EUR and in BGN
– Average loan maturity of 12 months according to a predefined repayment plan
– Group guarantee by Management Financial Group (MFG)

Access Finance started its business in 2013 with its product White Card (Biala Karta). Since the company was established, its work has been focused on the accessibility of products offered by the company.
White Card is for everyone – to have whatever they want, anywhere they are. The originator offers a wide and diversified product range of card products to its clients on 4 markets – Bulgaria, Romania, Poland and Spain. The company has a wide network of partners – more than 50 partners, providing permanent discounts to White Card holders.
In August 2016, White Card entered the top 100 of best services in the LiveHelpNow Challenge ranking of customer service quality for the first time. Since then the product continues constantly to be in the ranking.


$IUVO Group has published audited 2020 annual report of Nordcard.

Key figures:

Profit = € -0.1m
Assets = € 2.4m
Equity = € 1.7m
Debt = € 0.7m

Statement from the company:

To maintain our performance, we decreased working capital costs and optimized administration and IT costs. Administration and IT costs were lowered by 10%. Despite the actions we took, we ended FY 2020 with slight loss of 118 910 EUR. However, in 2020 the income was very high, exceeding 1 million euros and the biggest thanks must be said to the investors who trusted us and helped us to increase our loan portfolio.

During the first semester of 2021, we decreased payroll expense by approximately 10%, postponed development projects and now concentrate on increasing our portfolio more rapidly. By partnering with IUVO-GROUP, we are steadily growing our portfolio and therefore increasing our revenue.


Iuvo stopped the pre-pack purchase of CBC. Instead of that, the Court in Poland ruled initiating of a remedial proceeding:

We continue to inform you about the development in the lawsuit of iuvo against CBC in a timely manner. As you already know, based on the submitted claims for the pre-pack purchase of CBC as part of the insolvency procedure, the Court in Poland had to rule first on them. After such a decision the court can also rule on declaring CBC insolvent or to initiate a remedial proceeding.

At a conducted auction the court in Poland issued a preliminary decision in favor of the pre-pack purchase of the company. However, given the unsatisfactory parameters of the pre-pack purchase, iuvo – with the assistance of the law firm Zimmerman Sierakowski & Partners and other creditors – invested serious resources and efforts to effectively challenge the decision, which culminated with success. Based on the challenging of the decision and the subsequent review by the court, the process for pre-pack purchasing of CBC was stopped and the court ruled the initiation of a remedial proceeding.



Enforcement procedures have been initiated against AS Lumen Investments (AS Monify):

We continue to inform you about any development in the relationship with the originators on iuvo.
Based on the claim filed a few months ago in the court in Estonia, judicial proceedings were initiated against AS Lumen Investments (AS Monify), on which the judgement is in favor of iuvo. On the basis of this judgement, enforcement procedures have been initiated against AS Lumen Investments on the territory of the Republic of Estonia and the Republic of Latvia.
We are reminding you that AS Lumen Investments is the new name of AS Monify. After the annex signed last year between iuvo and the credit company, regulating the repayment of their debt to the investors by equal installments, the first out of three payments was made but unfortunately, the company stopped fulfilling their obligations to the platform after that. This forced us to take immediate legal actions against AS Lumen Investments (AS Monify) in order to protect the interests of the investors on the iuvo platform.


#ibancar has published a 2021 Q1 management report.

Spain:
We have recruited a salesperson to develop our physical “Point of Sale” network. This “offline” channel will be less competitive than the online affiliate channel and could become a stable source of leads at a potentially lower cost than the online channel. We are starting to contact loan brokers and car workshops to
distribute our loans and the first leads are starting to come in, we hope to convert the first POS loan in April.
We are also testing social network advertising and increasing our investment in SEO and other landing pages.
Our new website is being tested and once live (in April) we will be able to generate real time loan offers while users are still on the website with only the number plate of the car.

International:
We have spent a lot of time investigating countries where Ibancar could be successful and have found car title markets in many countries (USA, China, Germany, Brazil, South Africa…) and all appear to have the same zero risk approach to asset based lending which means none are 100% remote. We have not found a totally remote, online business model similar Ibancar anywhere.
Of the countries investigated the UK and Mexico stand out as the most attractive and compatible markets for Ibancar to enter in the short term.
With no barriers to entry, Mexico is an attractive market where Ibancar can replicate its Spanish trajectory of learning and growing organically without significant upfront opex. We intend to recruit a potential Country Manager and start working on a remote car title business model that resembles our Spanish model immediately and if successful we will set up operations with existing resources to validate the model in Q3 or Q4 2021.
The UK, as a regulated market, is difficult to launch without spending a significant amount on the legal fees and business set up costs required to go through the regulatory licensing process. We intend to develop a business model for this market in parallel with Mexico but will not start operations until a Series B is
completed.

Funding:
Work continues on our asset backed debt facility (a true sale mechanism to an Ibancar owned SPV) which will be set up in Spain. The facility has been seeded by an institutional investor with €2m and other investors will be joining from a minimum investment of €1m.
We will continue using P2P marketplaces where there is strong investor demand for Ibancar loans. Our European P2P partners have also expressed an interest in offering Mexican Ibancar loans to their investor base. Overall, in the current market and with our positive track record, raising enough debt to achieve our growth targets is currently not a key risk.

We finished Q1-2021 on plan in terms of both growth and performance: the planned asset book size of €1.8m was achieved and net profit was 46% ahead of plan.
Profit (loss) in Q1 2021 = € -42k


Viva Credit has shared a presentation including main 2020 financial results.

- In 2020, Viva Credit had a total gross profit of BGN 7M (3.6M EUR).
- In 2020, operating revenues (revenues from interest, fees and commissions) amounted to BGN
21.8M (11.1M EUR)


$IUVO Group has published an unaudited 2020 annual report.

Key figures:
Profit/loss = € -41.7k (89% increase from 2019)
Assets = € 1.7m
Equity = € 1.1m
Debt = € 0.5m

$Kviku has published an audited 2020 annual report of LLMC AirLoans.
The financial results show a profit of €1.1m, total assets at €21.3m, equity at €3.1m and total liabilities at €18.1m.
Kviku is also a loan originator at $Mintos , $Viventor, $Bondster and $IUVO Group.

$IUVO Group has initiated the process of introducing unified best practices on the P2P lending market.

''Our main goal is to establish standardized requirements for crowdfunding, which are observed and strictly followed by all platforms.''

The work process is entirely on European level and our team wants to share more details about its development.
– Discussing the initiative on local level is finalized – we have the support of the local P2P platforms and the Bulgarian FinTech Association as well.
– The proposals are considered with proven institutions in the field – European Digital Finance Association (EDFA) and European Crowdfunding Network.
– An invitation for discussion with stakeholders and an official address to the European Commission are forthcoming.


Ibancar have published a management report, including unaudited financial results for 2020, showing a loss of €233k.


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