Creditshelf, an online lender service SMEs, is reporting high loan demand during the first three months of 2023. Creditshelf says it is the largest digital SME lender in Germany.
Creditshelf said the requested loan volume increased by 15% to €490 million in the first three months of 2023 versus Q1 2022 of €425 million.
The states that the SME business climate has improved significantly since the beginning of the year, and the expectations of entrepreneurs are at the highest level since the outbreak of war in Ukraine. Creditshelf states that this is an opportunity for the company as it steps in and fills the void in financing.
During the quarter, Creditshelf originated loans in the amount of €20.9 million versus Q1 2022 of €41.3 million. The company explains that the lower volume was caused by continued “funding restrictions.” Eliminating these restrictions before the end of Q2 2023 remains the top priority for the company.
Revenue for the company declined by 36.5% compared to Q1 2022.
The total revenue margin stood at 5.4%, indicating the ratio of revenue to arranged loan volume was higher than in the same period of the previous year (4.0%).
Total expenses increased compared with Q1 2022 due to the higher headcount of 68 permanent employees (prior-year period: 60 permanent employees) and increased legal and consulting expenses due to intensified efforts on investor acquisition.
The Management Board reaffirmed its forecast for the 2023 fiscal year published in the annual report 2022 expecting consolidated revenues of €8 to €10 million.
At the group level, the Management Board expects EBIT in the positive range of €0 to €1 million.
Founded in 2014, Creditshel facilitates bank-independent, flexible financing solutions for SMEs.
