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In July, we celebrate three years since iuvo showed on the fintech scene in Europe for a first time. 1000 days later we have 7 originators, over 12,000 users, an average yield of 9.2% and over €70 million purchased funds. In just one year 3 new originators and 5000 users joined the portal, and the receivables in the last 12 months are 20 million euros. The growth of over 40% of users and over 30% of the purchased funds proves the rapid pace which we are developing with. Over the past year, to the portal’s already popular payment methods, we’ve added a new one – Trustly.
In the coming months, we will be expanding our portfolio with originators from Spain and Poland, as well as different types of loans. In such an intense environment, we congratulate ourselves for the well-done work and we wish the next three years to be even more vigorous in enhancing iuvo’s presence on the European market and its entering in the Top 3 P2P portals in this segment.
Traditionally, on our birthday, we are asking a few questions iuvo’s Executive Director Ivaylo Ivanov to track the success of the portal through his eyes and to take stock of past times and successes.
Ivaylo, how would you describe the first three years in iuvo?
The first three years of iuvo were extremely dynamic. We have built a solid foundation for an innovative financial service, while growing exponentially by parameters such as new customers and attracted funds to the portal. In its third year iuvo is in the top 5 of the P2P portals of its segment in Europe, ahead of older and better capitalized competitors. We serve customers in four languages (Bulgarian, German, English and very soon – Spanish).
What is the most important thing the portal has achieved over this period?
The building of the IT infrastructure, as well as a strong core team that allows us to grow so fast. Attracting a critical mass of users from across Europe. Promoting the iuvo brand across Europe as one of the safest and most promising P2P portals.
What are the difficulties faced by the team and the ways in which they overcome them?
Like any new service, especially in finance, iuvo had to gain the trust of its customers. This is a long process and it requires time, team support and uninterrupted customer engagement. I can say firmly that we are currently the best customer service portal on the European market and that is of immense importance to our results. This will continue to be our focus.
What are your estimates for the P2P industry for the next three years?
The segment has experienced a tremendous growth in the past five years, and this has led to the emergence of many new players. In practice, the only parameter that everyone is competing with is return on receivable. In the medium term, I expect clients to start maturing and paying attention to many other important factors such as receivable risk, portal practices to address these risks, customer service and customer experience. For example there are differences between purchasing of receivables in loans granted in Poland or Spain and those granted in Ukraine or Armenia. They are governed by the regulatory framework, the customer base, the business environment and other factors, resulting in a different yield. These relationships must be taken into account by the user, and this is not happening enough at the moment.
How would you describe the user in iuvo in one sentence? Has his profile changed since the beginning three years ago?
A progressive, rational person, who thinks, looks for new opportunities and does not compromise with his requirements. The profile gradually shifts from the so-called early users of the service to a wider audience that is dissatisfied with the return and service from other savings services it uses.
What would you say personally to today’s users in iuvo? Why is their presence important to iuvo and why is the portal important to them?
Users are our biggest assets and we are developing because of their activity on the portal and their feedback. There is no doubt about that. The portal is important to them because it gives them the best receivable and savings product in terms of the “profitability and risk” correlation on the market at the moment.
And last – what is your personal advice for achieving higher profitability in iuvo?
I have said it before – diversification. I will not be tired of repeating it. P2P receivables are a long-term product and although there are strategies that can deliver a strong short-term outcome, they will never beat the profitability of a maximally diversified strategy for 5 or 10 years.
