Fintech PR
Kreditech Rebrands to Monedo as It Steps Up Growth in International Lending Markets
International online direct lender and Point-of-Sale (POS) financing provider Kreditech today announced it is rebranding its name to Monedo, as it looks to further grow its position in the Indian, Polish, Russian and Spanish near-prime lending markets. While announcing the rebrand, David Chan, the Chief Executive of Monedo, also announced that the company is on target to achieve a positive Adjusted Operating Cash Flow in the fourth quarter of 2020, while delivering revenues of EUR 43 million in the 2019 financial year. The company’s rebrand and improved financial position follows 24 months of strategic refocus at Monedo, which included the appointment of a new Chairman, Chief Executive, Chief Financial Officer and Chief Technology Officer. During the period, the company also raised more than EUR 45 million, led by leading tech investors HPE Growth and Runa Capital.
David Chan, Chief Executive of Monedo, said: “Over the past two years we have been working tirelessly to put the new strategy in place. The name change marks the next stage in the fundamental transformation we have been undergoing, as the company moves from a start-up to scale-up fintech. Throughout 2019 we have been focused on successfully transitioning the company back to growth by focusing on improving operational efficiency, risk- and cost-management capabilities, and strengthening our products and services. This focus, combined with solid support from our investors, means we are perfectly positioned to achieve our goals.”
Having rebranded and put its new strategy in place, Monedo is now ready to scale globally in the near-prime customer segment. The company estimates that it has a global target market of approximately EUR 300 billion in consumer credit issuance and it aims to reach EUR 1 billion in revenue by 2025, which will be driven by growth in existing markets where Monedo is present, as well as expansion into new geographies.
The company operates in India, Poland, Russia and Spain, where it has provided over two million loans to circa one million customers.
Kreditech is one of the few examples of a successful, seasoned fintech, operating on an international scale. Founded in 2012, the company combines market-leading tech capabilities and data science, with sound insight into consumer borrowing needs and extensive experience in POS and e-commerce partnerships. It focuses on online lending to customers in the near-prime segment. Instalment loans – the key product – currently constitutes as much as two-thirds of its global portfolio.
“We have a clear vision – to be one of the leading technology-enabled consumer-lending companies; a fintech platform of choice for both individuals and POS and e-commerce partners. The 2018 and 2019 financial results prove that we are well on track to achieve our goals, with profitability as one of the key objectives,” said Chan.
The cornerstone of Monedo’s operations is a unique, differentiated, end-to-end fully automated underwriting process that combines alternative data sources with machine learning. Customers receive offers and payouts 24/7. “Monedo is able to effectively attract and serve customers with a variety of different risk profiles, enabling financial inclusion, while positioning the company at the forefront of development in artificial and decision intelligence,” underlines David Chan.
Monedo employs more than 350 people from over 40 nations across seven countries and is developing its technology in its teams in Germany, Poland, and Thailand. Monedo lends to customers in India, Poland, Russia and Spain and holds a service center in Romania.
SOURCE Kreditech/Monedo
GENEVA, Nov. 4, 2024 /PRNewswire/ — Swiss private banking group CBH Compagnie Bancaire Helvétique announces the appointment of Enid Yip as the new CEO of its subsidiary CBH Asia. Mrs Yip will also lead the Asia Regional Committee. Based in Hong Kong, CBH Asia is a key part of the Group’s strategic commitment to expand its presence in the region.
Concurrently, Patrick Wong, who has overseen the Asia business since 2017, has been appointed Deputy Chief Executive Officer. Mr Wong will continue to manage Operations, Regulatory and Compliance, and IT, while Mrs Yip will focus on enhancing the firm’s client offering and driving business development in line with the Group’s long-term strategy for Asia. With its entrepreneurial approach and exclusive and bespoke investment offering, CBH Asia offers compelling advantages to clients and relationship managers in the region.
A seasoned executive, Mrs Yip brings over 25 years of experience in successfully growing wealth management institutions in Asia. Most recently she was with LGT. Prior to that, she was a Member of the Board at Bank J. Safra Sarasin, having previously served as their Chief Executive Officer, Asia, overseeing the bank’s expansion in the region. Earlier in her career, Mrs Yip held various senior positions in the private banking industry.
Simon Benhamou, CBH Bank Chief Executive Officer said: “We are delighted to welcome someone of Enid’s calibre to lead CBH Asia. Her extensive experience and strong leadership will be instrumental in furthering our growth in key Asian markets. Our people are our greatest asset and with Enid’s strong commitment to our core values of entrepreneurship and teamwork, we are confident that she will further strengthen CBH Asia’s success. We extend our best wishes to Enid on her appointment.”
Mrs Yip said: “I am delighted to be joining a Group that fosters an environment where we can achieve great results by pursuing excellence with creativity. I am determined to expand CBH’s footprint in the region, building on our established expertise and maintaining our long-term vision of adding value for both clients and stakeholders.”
About CBH | Compagnie Bancaire Helvétique
CBH Compagnie Bancaire Helvétique is a family-owned Swiss banking group founded in 1975. Headquartered in Geneva, the Group currently counts close to 309 professionals in 10 locations around the world. As of December 31st, 2023 client assets totaled CHF 14.3 billion and the Group’s Tier 1 ratio was 43%, placing it among the best capitalized banks in Switzerland compared to its peers.
CBH Group provides wealth management services to private and institutional clients, as well as several complementary business lines, including family office solutions, asset services & structuring, exclusive private markets expertise, and bespoke daily banking and card solutions.
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The November editions of FinTech Magazine & InsurTech Digital includes interviews with leading experts and executives from
LONDON, Nov. 4, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has released the latest editions of FinTech Magazine and InsurTech Digital These publications are highly regarded by voices within the Financial Sector for their in-depth reports and interviews with prominent figures in the industry.
FinTech Magazine
This month’s edition features an exclusive lead interview with Lloyds Banking Group CIO, Amit Thawani as it undertakes a huge transformation to meet its 27 million customers evolving needs.
“At Lloyds Banking Group it’s all about people. Our people can make a real difference to the UK population who are not prepared for their tomorrow “
The edition also contains extensive interviews with key thought leaders from Coupa, TerraPay and more. Plus the Top 10: Largest Firms involved in Financial Services,
You can visit FinTech Magazine for daily news and analysis of the ever-changing financial industry.
InsurTech Digital
This month’s edition features an exclusive lead interview with Qover CEO Quentin Colmant on how AI will ‘reshape how we create value’
“Each decision has felt monumental, with no guaranteed outcomes, but this unpredictability has been incredibly rewarding”
The edition also contains extensive interviews with key thought leaders from Lloyds Banking Group, Kin Insurance and more. Plus the Top 10: Insurance Products of 2024
You can visit InsurTech Digital for daily news and analysis of the ever-changing financial industry.
About BizClik
BizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.
BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.
For more information, please visit our website.
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PARIS, Nov. 4, 2024 /PRNewswire/ — Dechert has advised Poxel (Euronext: POXEL), a clinical-stage biopharmaceutical company, on its non-dilutive financing agreement with OrbiMed for US$50 million. This transaction monetizes a portion of Poxel’s future royalties and sales-based payments from TWYMEEG® sales by Sumitomo Pharma in Japan.
The financing is set to bolster Poxel’s strategic initiatives in rare diseases, reduce its debt and support general corporate purposes. The deal underscores the significant value of TWYMEEG® in Japan and strengthens Poxel’s financial position.
Poxel is listed on Euronext Paris, developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and rare metabolic disorders. OrbiMed is a leading healthcare investment firm dedicated to accelerating innovation in the biopharmaceutical industry.
The Dechert team that advised Poxel includes corporate and securities partners Patrick Lyons and David Rosenthal; global finance partner Privat Vigand; intellectual property partner Olivia Bernardeau-Paupe; global finance partner Sarah Milam; tax partner Sabina Comis; and associates Etienne Bimbeau, Pierre-Emmanuel Floc’h, Chloe Lebret, Julie Lecomte, Vianney Toulouse and Yasmin Yavari.
About Dechert
Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our nearly 1,000 lawyers across 20 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.
View original content:https://www.prnewswire.co.uk/news-releases/dechert-advises-poxel-on-us50-million-non-dilutive-financing-agreement-with-orbimed-302295559.html
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