We are excited to share the latest achievements and financial milestones that underscore the robust growth and strategic progress of NetCredit Poland (Fincard Sp. z.o.o.). Here’s an update on their performance in 2023 and a preview of the preliminary results for Q1 2024, along with the priorities for the year ahead.

2023 performance highlights

The company has experienced strong growth and profitability in the last year: 

  • Portfolio growth: At the end of December 2023, the company’s gross portfolio size reached €28.3 million, marking an increase of €12.5 million or 80% in 2023. 
  • Revenue targets exceeded: The company achieved revenues of €32.5 million, successfully surpassing the target of €31.8 million. 
  • Profitability: The annual net profit for 2023 was €7.27 million, an impressive figure for the first full year of operational activity. 

We are immensely proud of Fincard’s achievements over the past year, notably our significant portfolio growth and strong financial performance. As we continue to improve and expand our offering, like the introduction of our new premium product Halvo with its competitive APR, our commitment remains steadfast – to provide exceptional service and superior products that meet the evolving needs of our customers. Looking ahead, we are excited about the opportunities to further expand our reach and continue setting new standards in the industry. Thank you for your continued support and confidence.”

— shares Iza Sienkiewicz, CEO of Fincard Sp. z o.o. 

Preliminary financial results for Q1 2024 

The momentum has continued into the first quarter of 2024, showing promising signs of sustained growth: 

  • Revenue growth: The year has started strong, with preliminary revenues of €10.5 million in Q1. 
  • Net profit: The preliminary net profit for the quarter stands at €1.5 million. 
  • Growing client base: The company has issued over 100,000 cards since the product launch, demonstrating significant growth in the client base. 

Key milestones of 2023

2023 was a landmark year for Fincard, not only in financial terms but also in terms of operational improvements and customer satisfaction: 

  • Customer insights: The company has intensely focused on gathering customer feedback and analyzing customer behavior, which has driven solid improvements and novelties in customer experience and product offerings. 
  • Process automation: Several initiatives were implemented to automate processes, improving efficiency and service delivery. 
  • Client profile enhancements: Improvements in client profile functionalities were made, ensuring a better user experience. 
  • Credit issuance adjustments: Continuous monitoring and adjustments were made to credit issuance rules, fostering healthy portfolio growth. 
  • Awards: NetCredit was honored with the “Credit Card of the Year” award by the prestigious Loan Magazine, the most important recognition in the consumer finance industry. This award, given by industry experts, affirms the high esteem in which the company’s product is held across the market. 

Priorities for 2024

Looking ahead, ambitious goals are set to ensure continued growth: 

  • Client base expansion: Having issued over 100,000 cards since the product launch, the company aims to extend its reach and attract more clients. 
  • Digital enhancements: Rebranding of the product, including a new web page and mobile app development are in progress to improve customer interactions and accessibility. 
  • Product scaling: After a successful soft launch in February, the focus will be on the scaling of the new product Halvo, offering an attractive APR below 40%. 

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