As we step into the final quarter of 2023, it’s the perfect time to reflect on the achievements and strong future outlook of Net Credit Poland (Fincard Sp. z.o.o.). Below are the latest operational and financial updates provided by the company including the upcoming regulatory changes for loan institutions in Poland.

Q3 in numbers:

We are proud to share the following figures:

  • Gross portfolio: Reached €23.5M – a significant rise of €7.5M YTD
  • Revenue: Increased by €1.7M from Q2 to Q3
  • Net profit: A robust €1M in Q3
  • Annual forecast: Anticipating a net profit peak of €5.9M for the year

October outlook: Despite a seasonal dip in September, we’re seeing a strong rebound with a 43% increase in virtual credit card issuance, boosting our portfolio by an additional €1.8M MoM.

Regulatory landscape: The Polish lending market faces new regulation, with significant changes for loan institutions coming in January 2024. According to the new regulation, Polish loan institutions will no longer be able to borrow funds from investors through investment platforms.

Accordingly, it’s important to clarify that we stand apart as a licensed payment institution providing payment services under the supervision of the Polish Financial Authority (KNF). Our company is not in the business of issuing traditional consumer loans; instead, we offer digital credit cards with credit limits which is an alternative service to traditional consumer loans and our customers have valued it greatly already since 2022 when Fincard Sp. z.o.o. started its operations. Such an offering falls within the scope of the comprehensive payment services we provide.

Therefore, the above-mentioned regulatory changes don’t affect our operations as they are applicable only to loan institutions and not payment institutions.

Innovation and expansion: Q3 wasn’t just about financial growth; we’ve been preparing to unveil a new credit card product under a fresh brand, designed to captivate diverse customer segments and solidify the market presence in Poland. Stay tuned for further updates on the new product launch.

Join us on our journey forward, and let’s end 2023 on a high note together!

Thank you for your continued trust and partnership,

Izabela Sienkiewicz
Managing Director of Fincard Sp. z.o.o.

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