Snapcore Investment Group announced its entry into Cypriot car sales market. For this purpose, Snapcore has established Ta Meri Finance Private Limited in Cyprus.
The new company has been registered in Cyprus on April 23, 2019. Snapcore a.s. owns 90% of the company's shares.
After a deep analysis of the car sales market in Cyprus, we see a big potential for our business and decided to enter the Cypriot market. There are favorable market conditions for this step now: high demand for monthly installments programs for individuals, low competition, stable economy of the country, low country risk, Cyprus is the EU member and a eurozone country.
Consumer lending is one of our main business activities, in which we have accumulated considerable experience and formed key competencies. Over the past 5 years, we have launched two successful microfinance startups – in the Philippines and in Russia. The Philippine company Flexi Finance for 2 years became one of the leaders of the local market, which made it possible to profitably sell it to a strategic investor. And the Russian company Vyruchai-Dengi entered the TOP-15 of the largest microfinance companies in Russia and the TOP-10 of the fastest-growing MFIs, showing a 34% increase in the loan portfolio in 2018.
The same international team of professionals will deal with the new project in Cyprus. We will use high-end IT platform HES and well-established procedures, which will empower us to accurately assess the solvency of ourcustomers.
In addition, we will continue to cooperate with one of the best ARM companies with 20 years of debt collection experience in 10 countries.
Given these factors, we are confident in the investment attractiveness of this project. The estimated initial investment in our startup in Cyprus is 2 million euros.
Snapcore is an international investment group with headquarters in Prague (Czech Republic) and a representative office in Cyprus. The establishment of Snapcore in 2015 was the final step in linking a circle of sister companies operating in the Eastern Financial Markets. Since 2016, Snapcore has been providing investment services to small and medium-sized investors. In July 2018, the company established the fund of qualified investors r2p invest SICAV a.s., through which it implements investment projects in 10 countries.
Snapcore investment group provides full control over all stages of the investment cycle – from clients’ credit rating to the collection of receivables. The total investment portfolio of Snapcore and r2p invest SICAV exceeds 20 million euros.
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