Latvia-based P2P lending platform Sun Finance has exceeded the €1 billion (appr £851.7 million) milestone in the total loans provided. The company reveals that it’s on track to end 2021 with €200 million in earnings.
Established in January 2017, the Sun Finance platform has managed to steadily increase its total loan volume YoY. The firm distributed around €35 million in loans back in 2017. The following year, in 2018, Sun Finance issued €130 million in loans, and then reported lending 2.2x this amount in 2019 at €290 million.
Last year, Sun Finance exceeded the €300 million mark and during H1 2021, the company was able to facilitate €220 million in loans. An annual report from Sun Finance, released in 2020, shows that the firm recorded a 20% YoY increase in consolidated revenue to hit €120 million. The firm’s H1 2021 unaudited results reveal that it should be able to end 2021 with earnings surpassing €200 million.
As noted by the company:
“The Group was founded by the current management in 2017. We have offices across 7 countries. Our headquarters are located in Riga, Latvia, which offers a fintech friendly business environment, appropriate legal setup as well as a saturated labour market of experienced online lending.”
In 2018, they attracted strategic investors, five countries, and 1 million registered users. In 2019, their first bond tranche was issued on Nasdaq CSD, they expanded to seven countries and claimed 2.8 million registered users. In 2020, they issued a second bond tranche via Nasdaq CSD, and had 4.3 million registered users.
Sun Finance is now reporting 5.5 million registered customers, 9.5 million loan applications since inception, €1 billion in loans issued, 7 countries being served, €95 million net portfolio, and over 950 employees.
At Sun Finance, their vision is “to become an accessible and attractive one stop shop for consumer financing needs.” Their wide customer base includes “those who have been historically underbanked and could not access funding from traditional financial institutions as well as provide a convenient and fast alternative to people who prefer speed and accessibility over traditional lenders.”
The company further noted:
“We have developed sophisticated data science models in order to identify customer patterns across more than 4,000 – 7,000 data-points which typically have been ignored by traditional banks. We aim to further financial inclusion across the world, enabling anyone to obtain financing any day of the week from anywhere in the world, requiring only internet access.”
The firm is led by a team of seasoned professionals with more than 10 years of industry experience in management roles focused on Fintech, finance as well as IT.