Latvia-based P2P loan platform Solar finance The total amount of loans issued exceeded 1 billion euros (851.7 million pounds). The company revealed that it is going to complete 2021 with a profit of 200 million euros.
The Sun Finance platform, founded in January 2017, has been able to increase total lending year on year. In 2017, the company issued loans in the amount of approximately 35 million euros. The following year, 2018, Sun Finance issued 130 million euros in loans, after which it reported that the loans were 2.2 times higher than in 2019 – 290 million euros.
Last year, Sun Finance exceeded 300 million euros, and in the first half of 2021, the company was able to facilitate loans of 220 million euros. Sun Finance’s annual report, published in 2020, showed that the company had increased its consolidated revenue growth by 20% year-on-year to 120 million euros. The company’s unaudited results for the first half of 2021 reveal that it should be able to complete 2021 with a profit of more than 200 million euros.
as indicated by the company:
“The group was formed by the current management in 2017. We have offices in 7 countries. Our headquarters are located in Riga, Latvia, which offers a fintech-friendly business environment, proper legal preparation, as well as an experienced online loan job market. “
In 2018, it attracted strategic investors, five countries and one million registered users. In 2019, their first tranche of bonds was issued on the Nasdaq CSD, expanded to seven countries and registered 2.8 million users. In 2020, they issued a second tranche of bonds through the Nasdaq CSD and had 4.3 million registered users.
Sun Finance now announces 5.5 million registered customers, 9.5 million loan applications since its inception, € 1 billion in loans, 7 countries in service, a € 95 million net portfolio and more than 950 employees.
At Sun Finance, their vision is to “become an attractive, affordable one-stop shop for consumer finance.” Their wide range of clients includes “those who have historically been under the banks. It has not been able to access the financing of traditional financial institutions, as well as provide a convenient and fast alternative for people who prefer quick and easy access compared to traditional lenders. “
The company further stated:
“We have developed sophisticated data science models to identify customer models at more than 4,000 to 7,000 data points, which are often ignored by traditional banks. Our goal is to increase financial inclusion worldwide by allowing anyone to get funding at any time of the day, week, from anywhere in the world, and all you need is Internet access. “
The company is run by a team of experienced professionals with more than 10 years of experience in the industry in management roles focused on Fintech, Finance, and Information Technology.
