Income originator ITF Group sees 100pc growth in profits
Income originator ITF Group saw profits increase by 100 per cent year-on-year to €572,000 in the first half of 2023.
Its net loan portfolio volume grew to €9.6m from €8.3m over the period.
Income, the Estonia-based lending marketplace, said that its investors have funded more than €7.2m of loans originated by the Bulgarian lender, since it was onboarded onto the platform in July 2022.
Income also said that it was informed by ITF that fewer loans might be available from 21 August until 3 September due to staff holidays, after which date listing amounts should go back to normal.
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ITF was founded in 2012 and launched an online brand Smile Credit in February 2013, which offers payday loans and instalment loans to consumers. This was followed by a second brand, called Get Cash, in 2015, which offers instalment loans. The company launched its first public corporate bond on the Bulgarian Stock Exchange in 2020.
ITF loans on Income’s platform offer returns of up to 15 per cent per year.
Last year, Income’s founder Kimmo Rytkönen revealed his company’s aspirations to rival major alternative lending marketplaces on the continent such as Mintos.
The Estonia-based lending marketplace launched in February 2021 and has attracted more than €2m of funds from institutions and a successful Seedrs campaign.
Income currently has 6,633 approved investors and more than €64m has been invested into the platform to date.
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