Latvian P2P to expand lending product in Jordan
Latvia-based peer-to-peer lending platform Esketit has hailed the success of its consumer lending product in Jordan, and hinted that it may expand the brand.
Money for Finance – also known as MoneyJo – was launched in Jordan in December 2020, and it has since become the most popular consumer loan provider in the country.
MoneyJo was created as a joint venture by the founders of consumer lending platform Creamfinance and P2P lender Esketit.
Read more: Esketit P2P loanbook hits €14m in first eight months
In addition to its own capital, it is funded by private investors who finance loans via Esketit. The underlying technology is provided by FIS.solutions.
MoneyJo was one of the first non-bank consumer lenders in Jordan, and specialises in issuing loans ranging from €20 (£16.82) to €1,000 to qualified applicants via a network of storefronts in Jordan’s major cities. By the end of 2021, it’s monthly disbursements were worth approximately €1.5m.
Read more: EstateGuru grew lending by nine per cent in first quarter
Matiss Ansviesulis, co-founder of Esketit and Money.Jo, said that the Jordanian launch has been “highly successful”. He hinted that the platform may expand in the future, and revealed that FIS.solutions has been working on additional features.
“Not all loan management systems have the ability to cater to in-person, cash lending operations,” said Armands Liseks, chief executive of FIS.solutions.
“Our existing system already covered over 90 per cent of MoneyJo’s needs, but we also added additional features to accommodate their specific requirements, such as cash and branch office management.
“After proving the viability of the initial product, we were able to quickly adapt and enable MoneyJo to expand further into the market through an online lending product and mobile application.”
Read more: TrueLayer launches first open banking VRP tool