A larger investor pool is good for everyone, CreamFinance’s CEO believes.
“We are convinced that by cooperating with Mintos, our loans will be more available to a wider circle of investors, which, in turn, will allow us to spread risk and offer investors more advantageous rates of return,” Matīss Ansviesulis said.
CreamFinance will originate loans as large as E600 with a 30-day maximum due date and an estimated 14 percent annualized return rate. They provide a buyback guarantee where they repurchase all loans which are delinquent for 60 days.
Founded in Latvia in 2012, CreamFinance has since expanded to Poland, Slovakia, the Czech Republic, and Georgia. Immediate growth plans include the Caucasus and South America.
In 2014 they raised E5 million from international venture capital fund Flint Capital, investing across US, Israel and Europe. CreamFinance plans to use investment to increase product portfolio and facilitate expansion into new markets, such as Caucasus and South America.