Maniveo Emergency Financial Assistance LLC (TM Moneyveo) estimates its share in the online consumer lending market at 13-15% and plans to increase it by 1.5 percentage points (p.p.) this year, including by expanding into the small and medium-sized business (SMB) customer segment, the company’s CEO Sergey Sinchenko said.
“We are considering various strategies to achieve this goal, in particular expanding the customer segment, for example, at the expense of SMEs, increasing awareness of our products and services, as well as improving interaction with existing and potential customers,” he pointed out in comments to Interfax-Ukraine.
According to Sinchenko, Moneyveo’s strategic plans include expanding the range of services, improving customer service processes and developing marketing initiatives. Also, in order to improve cross-functional interaction within the company and involve employees more in decision-making, the lender plans to move from a functional management structure to a process approach, the CEO said.
“We are also focusing on optimizing operational efficiency, developing digital technologies and process automation, and improving personal data protection,” Sinchenko said.
He pointed out that Moneyveo made its last coupon payment in early February 2024 and fully redeemed its UAH100 million Series B bond issue in December 2021, after which its maturity was extended for another year in January 2023 with an increase in its interest rate from 18% to 26% per annum.
“Thus we have demonstrated our ability to effectively use financial instruments and fulfill financial obligations, which confirms our stability and reliability in the financial sphere,” commented Sinchenko.
The company considers the new bond issue as one of the tools to ensure further growth and expansion of its operations.
“The probability of its use will depend on the situation with the growth of activity, the competitive environment of the investment market. Now we are planning an issue in 2024 if the growth in issuance (of loans – IF-U) several months in a row will be at least 10%,” Sinchenko informed.
According to the NBU data, Maniveo Ambulance Financial Assistance LLC’s net revenue for 2023 amounted to UAH 1.30 billion, or 8th place in the market, net profit – UAH 2.66 million. The company’s assets at the end of last year amounted to UAH 600.37 million.
FINANCIAL AID, Fincompany, Moneyveo, online lending, Serhiy Sinchenko
