Online loan companies are going beyond the CIS markets and began developing on the global markets. In addition, Russian businessmen express their interest in investing in this business.
Similar to vivus.ge, the Russian capital in Georgia is represented in one of the famous online loan companies moneyman.ge. The company’s co -investor is a Russian businessman Vadim Dimov i who established the Dymov company that produces more than 170 items of sausages and deli meats, and book shops “Republic” in Russia. Russian media reports about the entry of the remote consumer lending company into the Spanish market.
As of the figures for the past year, Spanish online-lending market was estimated at 300-400 million Euros. Dimov carried out another investment in MoneyMan in May, but Emery Capital with 6 million dollar investment has become the project’s leading investor. The company invests in the international technology startups which have a significant growth potential. MoneyMan has been operating in Kazakhstan and Georgia. However, its global growth begins from Spain.
The company notes that doing business in the post-Soviet markets, where the population speaks Russian and have Russian-like behavior model, is significantly different from doing business in Western European countries. The company is studying European and South American markets for future expansion. In Europe, Bulgaria and Romania are of its interest, the company is searching for partners in Brazil.
MoneyMan was founded in 2011 by professional financiers Boris Batin and Alexander Dunayev, who worked for more than 10 years in the financial sector in the leading international banks. A few months ago, “CBW” wrote that the Russian billionaire Oleg Boyko who founded online loans company vivus.ge planned to turn his company into the world leader in this field in 2015. In early 2012 he bought 75% of the Latvian company 4finance . Vivus.ge is an international brand of 4Finance Group.
“Banking and Finance” editor Zurab Kukuladze says that in Georgia online lending has become popular for several reasons. First of all, we are talking about quite low culture of the financial services consumption when people undertake certain obligations and are not aware of the liability conditions. Another important factor is the country’s acute social background, which is why people are forced to use expensive products; the third and equally important factor is the financial services disadvantages, which is primarily relatively mild regulations towards financial institutions.
In contrast to banks and microfinance institutions, online companies give out loans under simplified conditions and methods making this market more attractive. Online loan organizations are legally registered as limited liability companies and do not fall under the National Bank’s regulatory space.