Debitum, a Digital Debt Marketplace, Introduces Sandbox Funding Offer, Announces Changes to Ownership Structure

Debitum wants investors to consider investing in Sandbox Funding, a new ABS program that includes 5 loans “to forest and agricultural land company ‘Ozolu Meži’ LTD.”

As noted in a blog post by Debitum, loans to the borrower company are “issued to support business operations expansion and growth – to acquire, process, and develop a larger amount of forest properties.”

About ABS program:

  • Total amount – EUR 150 000 EUR
  • Skin in the game – 10%
  • Available for investments – 135 000 EUR
  • Term – 9 months
  • Interest rate – 11.75 % p.a.
  • Penalty fee (in case of late repayment) – 15 % p.a.
  • Type – SME / forestry and agriculture
  • LTV – 70%
  • Trust score – B+
  • Location – Latvia
  • Collateral – Full commercial pledge on company shares

About Borrower company:

  • Name – “Ozolu meži” LTD
  • Reg number – 44103097153
  • Reg date – 05.12.2014
  • Legal address – Beātes 5, Valmiera, Valmieras county., Latvia
  • Board member – Edgars Vecozoliņš
  • Crefo Score – 166

As explained in a blog post by Debitum, CrefoScore can be understood as follows:

It is described as an efficient early-stage credit risk indicator, “providing immediate assessment of credit applicant’s solvency.” CrefoScore corresponds “to an estimate of the expected probability of default over a time horizon of 12 months.” The higher the CrefoScore, the higher the “probability of default.”

“Ozolu Meži” shows stable and positive CrefoScore “with a positive tendency shown in the last 2 years. Company’s score is significantly above the industry average.”

Borrower company and field of operations

“Ozolu Meži” LTD is a forest and agricultural land company “with main operations to acquire, process, and develop a larger amount of forest and agricultural land properties.”

“Ozolu Meži” brings together individual landowners and large local and international forest investment and management companies.

For more details on this update, check here.

In other updates from Debitum, it was noted that as of 07.07.2023. the controlling ownership structure of SIA DN Operator – the legal name of the P2P platform Debitum – “has changed.”

Existing CEO Henrijs Jansons and businessman Ingus Salmiņš have “been approved as owners of the Debitum platform by the platform’s supervisory authority – Bank of Latvia.”

It is planned that the new owners “will soon be joined by a third member – Ēriks Reņģītis, whose participation is being coordinated with the Bank of Latvia.”

At the same time, Mārtiņš Liberts has “stepped down from the board and is no longer involved or responsible in any operational decision-making.”

After the completion of the full takeover, Debitum will “inform you more in detail about the deal and the company’s enormous future plans but for now, all platform daily operations will remain at the same level and speed, with no changes in staff, customer service quality or any other operational matter is expected.”

Henrijs Jansons – the existing CEO of Debitum. With 10 years of experience in the financial and fintech industry.

Worked both on the platform and “on the other stages of the non-bank lending ecosystem. Studied at Stockholm School of Economics in Riga and RISEBAA.”

Ingus Salmiņš – Experienced manager and business person with 10 years of experience in the banking sector. Ingus has also “held managerial positions related to the supervision of the company’s finances and operations in Altum Energo (ALTUM is a state-owned development finance institution), Latvijas Pasts and more. Studied at the Stockholm School of Economics in Riga (EMBA degree).”

Ēriks Reņģītis – Corporate finance advisor with 12+ years of experience, skilled in finance, capital raising, and M&A. With a background “in accounting, finance, investor relations, and corporate strategy. Currently holds a Partner position in Auctus Capital LTC. Holds an MBA degree from Riga Technical University.”

Mārtiņš Liberts, the co-founder and former owner of Debitum, said:

“Looking back on these 5 years, I am thrilled with the remarkable progress Debitum has made! The support and positive feedback from investors, partners, and finance industry leaders have been truly inspiring. Though we didn’t accomplish everything initially planned, especially didn’t find a market fit for innovations around digital tokens, a decentralized ecosystem of international partners, and some more complicated financial products, Debitum managed to reach significant milestones that I’m proud of. Debitum proudly stands as the second P2P-like platform to be licensed in Europe and trailblazed to be the first platform by offering investments in financial instruments, asset-backed securities. Our remarkable 0% default rate remains unwavering.”

As noted in the update:

“As we move forward, I’ve decided to channel my focus into following my core passion – loan origination and B2B lending services across Europe. Hence, I’ve made the logical choice to concentrate on the lending companies I’ve been involved with by enhancing their technology platforms and providing top-notch services to valued customers. Simultaneously, I trust that the new owners of Debitum will wholeheartedly dedicate their efforts to take the platform to new heights.”

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