The Bulgarian originator Stikcredit saw its sales jump by 47% and net profit by 40% last year. Despite the adverse conditions caused by the Covid pandemic, the company registered better payment morale with their borrowers. Stikcredit plans to grow by another 50% this year.
In 2020 Stikcredit surpassed 16,000 active clients despite the weak growth opportunities. It saw a pickup in both our online and offline operations. “The past year was our strongest in terms of lending volumes - we granted over 11m EUR, surpassing the 30m EUR mark since the inception,” says Svetlin Sabev, Business Development Manager of Stikcredit. The company's revenue grew over 47% in 2020 while our net profit increased by impressive 40% versus the previous year.
“Since its inception in 2013 we have been able to transform the company into a digital lender with significant strategic advantages,” says Svetlin Sabev, Business Development Manager of Stikcredit.
Several years ago, Stikcredit has made the decision to become a FinTech leader on the market and this bet has paid off. “Our proprietary technology and risk management capability have served us well and allowed us make rapid decisions and implement instant changes when the surrounding environment required such measures. In 2020 we were quick to adjust our lending and risk policy and the result was that even in the most difficult coronavirus months of lockdowns and uncertainty we achieved lower delinquency levels than under normal operating conditions,” added Svetlin Sabev.
“As the effects of lockdowns are wearing off and economic activity picks up pace, we're going strong in the beginning of 2021 with our lending volumes at all-time high. We plan to continue our aggressive expansion in the online space in Bulgaria this year and to increase the lending volumes by 50% from their current level,” put Svetlin Sabev.
What does Stikcredit plan in the near future? “We have ambitions to expand our product mix by introducing auto leasing and mortgage loans. We are currently working on the business model and our goal is to introduce at least one of the products by the end of this calendar year.”