European Financing Platform Debitum Reports Steady Growth of Parent Company

European financing platform Debitum notes that its partner company Triple Dragon – an “innovative,” “fast-growing,” specialist lender in the gaming and mobile app industries – in December 2022 will mark their 6th year anniversary.

During these years Triple Dragon have reportedly “managed not only to grow their portfolio to over USD 12 million and become one of the cornerstone Loan Originators on Debitum but also attract equity funding from multiple market-leading institutions.”

As part of the anniversary celebration Triple Dragon and Debitum “offer to invest in any Triple Dragon ABS programs at special rate – 10% p.a.”

Henrijs Jansons, the CEO of Debitum, stated:

“Currently in Debitum we have two new ABS programs available at a special rate, but soon there will be more in order everyone can “join the party” and invest together with jubilee – Triple Dragon. This special offer will be available till the moment these assets will be let’s say invested-out (sold out).” 

On top of that, since Christmas time is approaching fast, Triple Dragon “has also prepared a gift for one of Debitum’s investors.”

On December 12, exactly on the day of the company’s birthday, one person as the result of the draw will “receive as a gift the latest version of Play Station 5.” All the investors who on 12th of December will “have an active investment in one of the Triple Dragon ABS programs will participate in the lottery.”

In other recent updates from Debitum, it was noted that the firm “has collected the latest information and data (up to 15th of October) about Loan Originator’s ‘Chain Finance’ borrower and its war-affected assets in Ukraine.”

As Debitum already informed previously “Chain Finance” borrower has “stopped any operations related to new client acquisition and focus all efforts on preserving the maximum possible value of the existing portfolio and recovering financial assets.”

The borrower in total “has managed to repossess 19% of all vehicles (2% during the last month).” 11% of cars out of repossessed “are sold.” 5% of all cars are “confiscated for Ukraine army use or are in heavily war-affected or occupied regions.”

In September 12% of the remaining clients “haven’t made any payments.” For other active clients, adjusted payment plans “have been developed and these clients are making partial or full payments according to the new plan”

The collection of the rest of the vehicles is “getting more time-consuming and more expensive.”

On the 15th of October, the borrower “accumulated in total 16 974 711,09 UAH (458317,19 EUR @ exch. rate uah/eur of 0.027) in the dedicated bank account for Debitum investors.”

During September, the situation with accumulated funds (collected from paying-in-time customers or from repossessed and sold assets) value “has stabilized and no decline (HRYVNIA against EURO) is observed.”

The situation with repayments to investors “hasn’t changed – even though part of repayments are collected, due to Martial Low in Ukraine, business-related money transfers from Ukraine to other countries are prohibited (including Latvia).”

No principal or interest repayments for claim rights “will happen during Force Majeure caused by the war situation in Ukraine.”

Penalty interest will “not be applied as a reason for delayed payments in the Force Majeure situation stipulated in the agreement.” Borrower accumulated funds “will be distributed equally to all involved investors after the Force Majeure end or when another solution will be found how to access the capital of the Ukraine borrower.”

In parallel with ensuring the company’s operational activity, Debitum “identify other ways to resolve the current situation in the interests of Debitum investors.”

Debitum have “contacted debt collection companies in Ukraine with a request to assess and discuss the purchase of the borrower’s portfolio.” During contact with potential buyers, the team “have not received expressions of interest.”

As noted in the update, Debitum have “consulted with an international company specializing in debt collection – Credit Reform – about possible debt recovery from the borrower.” Credit Reform conclusion is that, “given the current conditions in Ukraine, debt collection is impossible.”

The firm concluded:

“We will continue to monitor and request operational and financial data from the borrower to ensure the investor’s capital can be regained at the maximum rate. We will inform you as soon we will have any other important information on this matter.”



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