Prague, 6th of May 2019
Snapcore Investment Group announced its entry into Cypriot microfinance market. For this purpose, Snapcore has established the microfinance organization Ta Meri Finance Private Limited in Cyprus.
The new finance company has been registered in Cyprus on April 23, 2019. Snapcore a.s. owns 90% of the company's shares.
Snapcore Chairman of the Board of Directors Viktor Dokuсajev
After a deep analysis of the microfinance 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 loans 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 lending platform HES and well-established lending procedures, which will empower us to accurately assess the solvency of borrowers and quickly make a decision on granting a loan.
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.
Ta Meri Finance Pvt. Ltd CEO Roman Vavron
Today, a significant number of people living in Cyprus and having a steady income do not have the opportunity to get a loan from local banks, which are willing to lend, as a rule, only the wealthy clients with a Cyprus passport and officially confirmed upper average income. Unlike banks, we are able to assess the solvency of other categories of borrowers. Our target audience is not Cypriots only, but also EU citizens, as well as citizens of other countries who have a long-term residence permit in Cyprus.
Ta Meri Finance Pvt. Ltd will focus on two business lines: consumer loans and car loans. Consumer loans of up to 10 thousand euros will be issued for the purchase of electronics, home appliances, furniture, for renovations, as well as for medical services and education. Car loans will be provided for the purchase of new luxury cars worth from 60 thousand to 350 thousand 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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