Iuvo ceases work with the Originator BBG due to delayed payments on the side of the Georgian company.
After a serious accident with the person in charge the company is hindered to operate with its funds and to function normally for a long period of time. As a consequence, BBG has suspended payment of its obligations towards iuvo at the moment, which is the reason for our decision.
Another factor is the complicated business situation on the non-bank lending market in Georgia, as well as the significant depreciation of the local currency. The National Bank of Georgia implemented variety of restrictions for the non-bank financial institutions, among which is an APR limit, which created serious difficulties for all companies on the market.
BBG’s share in iuvo’s wallet is minimal – under 0.4%. The investors that are directly affected are under 1.7%. All legal measures have been taken in order to refund their invested amount. Meetings with representatives of the company are taking place at the moment to discuss the next steps.
Ivaylo Ivanov, CEO of iuvo: “We have taken all needed actions to protect the interests of our investors. Our team is here to personally answer all additional questions and to provide all affected investors with any information.”
Iuvo is the P2P platform with the strictest rules for accepting Loan Originators on its Market. As a result, the number of similar cases and their consequences are reduced to a minimum.
Iuvo started its activity in 2016, and since then has established itself as a trusted partner to over 18 000 investors from over 130 countries who have generated over 100 million Euro turnover on the platform. The average annual return of our investors is 9.2%.
Iuvo is part of Management Financial Group (MFG) – a holding that encompasses leading companies in its structure, specialized in the non-bank financial services in Central and Eastern Europe.
MFG manages a rich portfolio of successful business models in the field of personal loans, financing of micro and small businesses, credit cards, digital business, and other alternative financial models. The holding is an employer of over 7 700 people in over 450 offices in Bulgaria, Ukraine, Romania, Poland, and North Macedonia.