Milestones
Since the launch of its first services in August 2006, the Company has progressed successfully from start-up and is now an established business in four countries, with a well recognised brand name, recurring revenues, robust growth and significant opportunities for continued expansion. We continue to develop the business in line with the significant opportunities available in our markets.
2006
- May: Private seed financing
- August: Business started and launch of Credit24 in Estonia
- September: Initial bank credit facility secured
- November: launch of Credit24 in Finland
2007
- January: Flotation on the AIM market of the London Stock Exchange raising €5.7 million equity finance
- January: Launch of Credit24 in Lithuania
- July: Completed roll out of short-term product range, with loans between €100 and €800 and with repayment terms up to 6 months
- September: €10 million credit facility secured with Riga-based Rietumu Bank
- September: Launch of Credit24 in Latvia
- November: Trial launch to selected customers of larger loans between €800 and €2,000 with repayment terms up to 24 months
- November: Partnership with Latvian Post to distribute Credit24 loans through approximately 170 branches
2008 to date
- February: €5.1 million equity raised through shares placing to support continued growth
- February: MCB Finance secures right to use Credit24 brand in all Central and Eastern European and certain neighbouring countries
- June: Group name changed to MCB Finance Group plc from Mobile Credit Baltic plc
- June: Achievement of break-even, with Trading update
Outlook
- Further expected growth of current lending business
- Further expansion and improvements to loan product range
- Introduction of complementary services to MCB Finance's growing customer base
- Additional distribution partnerships to expand Credit24's market reach
- Potential international expansion into central and eastern Europe