If you have been waiting to get exposure to Turkey’s market, the time has come. Wowwo launches on Mintos and offers you to invest in car loans with an expected net annual return of 10-11%. All of Wowwo’s loans will be listed in euro (EUR).
Wowwo was established in 2016 with headquarters located in Istanbul, and it runs operations in more than 54 cities across Turkey. The company has issued loans worth over EUR 140 million to date and has a current loan portfolio of over EUR 73 million.
With the help of its 130 employees, more than 2 000 partner locations, and an online-based transaction system, Wowwo sells second-hand cars with a direct financing model to consumers in Turkey.
Wowwo on Mintos
On Mintos, Wowwo has received a Mintos Rating “B”. Their loans come with a buyback guarantee, and Wowwo has a 10% skin in the game.
“Our vision is to expand operations and maintain profitable growth. We see a huge opportunity to facilitate this development with a partner like Mintos. We see value in extending our credit lines through international funding to keep up with customer demand for second-hand cars. We believe Mintos will enable us to achieve our goals faster and Wowwo will again, with our existing quintessential business model, lead by example in the market.” says Engin Yeşil, the chairman of Wowwo.
To ensure issuing loans to reliable borrowers, Wowwo has a proprietary software – Kokpit – that is integrated with third party institutions such as the Turkish e-government gateway services, civil registry, notary public, and Findeks credit rating. All information is verified and cross-referenced. One of the key features of the system is that it can offer more than 60 thousand different payment plans according to the customer profile, vehicle specifications, and price. Wowwo’s loans are also secured against the title auto liens and legally enforceable promissory notes, managing the risk at every stage of the agreement.
“As always, we’re glad to open doors to another country for investors on Mintos. Wowwo caught our attention and I’m looking forward to welcoming more loan originators from Turkey in the future,” adds Martins Sulte, CEO of Mintos.
Use the opportunity to earn up to 11% net annual returns by investing in car loans from Turkey. Be sure to include Wowwo’s loans in your Auto-Invest portfolio.