GoCredit announces that it has reached record-high financial results for 2021. The company has provided the following operational and financial information:
During 2021 GoCredit, established and implemented a very robust strategy based on the following pillars:
- Solid corporate practices and organizational structure
- Efficient and diversified funding sources
- Competitive and innovative products and commercial processes
- Risk control and operational efficiency
These pillars led the way to driving innovation, efficiency, and profitability for the business while maintaining a healthy portfolio. Following this strategy, GoCredit managed to increase revenue and net profit by 31% and 32%, respectively, as compared to 2020, and maintained a very healthy portfolio with past due debt of 5%, in line with the company’s forecast.
GoCredit faces 2022 with a strong Balance Sheet, confidence and enthusiasm, and continues to be committed to achieving strong and profitable growth.
2020 (MEUR)
2021 (MEUR)
Growth
Revenue
4.5
6.1
36%
Net income
1.1
1.5
36%
Portfolio
8.8
10.3
17%
Total assets
11.1
13.6
23%
Bank debt
3.3
4.7
42%
Equity
7.5
8.8
17%
Exchange rate
24.36
23.28
2020 (MEUR)
2021 (MEUR)
Growth
Revenue
4.5
6.1
36%
Net income
1.1
1.5
36%
Portfolio
8.8
10.3
17%
Total assets
11.1
13.6
23%
Bank debt
3.3
4.7
42%
Equity
7.5
8.8
17%
Exchange rate
24.36
23.28
GoCredit CEO Federico Diaz comments:
“The 2021 record profit was the result of persistently following our 4-pillar strategy and focussing on productivity and operational efficiency. Key drivers of these were:
1) We doubled the sales of direct debit loans with an APR of 60% that is even higher than the one of payroll loans.
2) We diversified our funding sources and reduced funding cost by 10% by increasing our equity 8% and leveraging Mintos funding. Combined, both effects reduced our debt to equity ratio to 0.5.
3) We strengthened our risk team and processes, which helped to significantly increase the portfolio quality with an overall past due balance down to only 5%.
For 2022, we maintain the momentum and continue strengthening the structure and capabilities of the company, which includes the launch of our fully digital lending process during 2Q 2022. This will help us to achieve our goal to grow the company portfolio to at least €150 million in the next 3 years, with a very high profitability of more than 40% return on capital.”
About GoCredit
GoCredit is a Mexican lending company, founded in 2011. The company issues direct debit and payroll loans, both of which will be listed as personal loans on Mintos. Direct debit loans are personal loans that are automatically deducted once the borrowers receive a salary or pension in their bank accounts. Payroll loans are deducted by the employer (i.e. government agency) before the borrowers receive their net income effectively removing the risk of the borrower’s willingness to pay. GoCredit sees a tremendous growth opportunity as there are around 9 million government employees and pensioners who may qualify for payroll loans.
