Jordan based Money.Jo Partners with FIS to Launch IT Infrastructure Supporting Consumer Lending

FIS and Money.Jo have teamed up to adapt to significant changes in consumer behavior in the MENA region.

Less than a year after establishing business operations in Jordan, Money.Jo (also called Money for Finance) became the nation’s leading consumer loan provider, with €3.9 million in monthly disbursements.

As first reported by Finextra, The firm says it mainly focuses on offering offline, single-payment unsecured loans. The company also reveals that it established operations on top of infrastructure created and offered by Finance IT Solutions (FIS) – a Latvia-headquartered firm with over 10 years of industry experience.

Money.Jo, a joint initiative launched by the founders of global finance firms Cream Finance and Esketit, entered Jordan’s markets in December of last year. The firm is focused on providing loans ranging from as low as €20 to €1,000 to qualified or approve applicants through a network of storefronts located in major cities. While 95% of its customers maintain active bank accounts, the firm may provide them with the added convenience and speed of decision-making that Jordanian banks are not yet able to provide.

Instead of creating their own IT infrastructure, Money.Jo teamed up with FIS.solutions – a firm that has helped over 50 factoring, auto financing and consumer loan platforms across the globe with proper loan management system implementation.

Matiss Ansviesulis, Co-Founder at Money.Jo, stated:

“As we don’t have to rely on legacy systems, we are able to bring about a faster turnaround than most local banks. This benefits the consumer who wants to receive the loan the very same day, the very same hour they apply for it. To make that happen, we needed a reliable and scalable IT system that would work well with Jordanian credit scoring providers and databases. FIS.solutions were able to quickly adapt their model to our needs, which meant that we could focus on marketing and sales.”

Over the years, FIS has assisted financial institutions in different countries such as Colombia and now Jordan with leveraging payment infrastructure solutions.

Armands Liseks, CEO at FIS, remarked:

“Unlike other providers, we don’t push our clients to work with us forever. We are happy to create favourable takeover processes, once our clients grow and can manage the IT side of their operations on their own. Our product is designed so that we can work in one team with the internal IT team or offer a complete IT infrastructure.”

In addition to Money.Jo’s capital, it depends on private investors that fund  the loans via peer-to-peer (P2P) platform Esketit.com. In their first year of providing services, Money.Jo has issued loans totaling around €6 million, which makes it the nation’s leading consumer loan provider.

Sponsored
Sponsored Links by DQ Promote

 

 

Send this to a friend