Iuvo Group originator targets £5m portfolio by year’s end
Iuvo Group loan originator Ocean Credit is targeting a total portfolio of €6m (£5.12m) and 10,000 active retail investors by the end of 2023.
According to the company’s most recent investor update, 2022 marked a “turning point” for Romania-based lender Ocean Credit. The company attracted financing of €1.84m last year, and grew the number of loans originated by 15.3 per cent, year-on-year.
Approximately 32 per cent of the loans were distributed to new customers and 68 per cent were loans to existing customers, the company said.
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“The year 2022 marked a turning point for the Ocean Credit business,” said Radu Ciorba, chairman of the board of directors at Ocean Credit.
“It’s the year we matured, grew a high performing management team and laid the foundation for solid growth for the future by investing in our team, technology and new product development.
“The OC 3.0 core banking platform…has enabled us to offer our customers the fastest loan flow in the non-banking market and perhaps the most comfortable lending experience.”
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Ciorba added that he plans to launch new products and services in the year ahead, as the company aims to double its portfolio size and investor base.
Iuvo Group noted that Ocean Credit’s core market strategy is to “attract long-term retention customers through the use of in-house developed and fully automated processes.”
Last year, Ocean Credit attracted 51.5 per cent more new customers than in 2021.
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