Capitalia reports boost in half-year funding
Capitalia has reported an increase in the amount of funding that was completed in the first half of the year.
During the first six months of 2023, the peer-to-peer lender issued €13.03m in loans to business owners in the Baltics, up from €9.85m during the first half of 2022.
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In an update to investors and shareholders, the Italy-based lender reported a turnover of €705,000 and losses of €52,000. The company said that the losses were due to “extraordinary one-off expenses which resulted from the sale of a subsidiary holding a brokerage license”.
The company added that as part of the costs associated with opening and maintaining the subsidiary as well as obtaining the license were not fully amortized, they were booked at the moment of subsidiary sale.
Capitalia predicted that financing activity will “continue strongly” during the third quarter of 2023.
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“We believe that over the third quarter of 2023 the business financing activity will continue strongly despite the still ongoing economic concerns,” said a company spokesperson.
“We continue to observe that companies are adjusting to working in the still high inflation as well as higher interest rates environment. Our financing is becoming more attractive as interest rates at commercial banks have increased and we expect to see good projects for financing throughout the year.
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