Polish P2P lender to launch range of credit cards
Poland-based peer-to-peer lending platform Ekspres Pozyczka plans to launch its own range of credit cards this year, pending regulatory approval.
The consumer loan provider was launched last year, and recently won a small payment institution license from the Polish Financial Supervisory Authority (KNF). Wojciech Homan, chief executive of Ekspres Pozyczka, said that the company is currently waiting for the regulator to authorise its credit card license.
Read more: The seven largest P2P platforms in mainland Europe
“I am delighted to announce that in March 2023, Ekspres Pozyczka completed an extensive procedure, including the presentation of our business plan, team, activities, KYC, AML, and other necessary business procedures when our company obtained a small payment institution license under KNF,” said Homan.
“Now we eagerly wait for regulatory authorities’ feedback to proceed with the planned launch of credit cards.”
Read more: HeavyFinance gains European crowdfunding licence
In an update to stakeholders, Ekspres Pozyczka reported that in its first year of operations it loaned out €1.8m (£1.55m), processed 43,917 loan applications and approved 4,869 loans.
In January 2023, the company reached break-even point and began to generate a profit.
“This accomplishment is particularly remarkable, considering that loan issuance had started just six months ago,” said a company spokesperson.
“The rapid transformation into a profitable company proves that the chosen business strategy leads to successful development and growth.”
Read more: How to invest in European P2P loans with just €1