|Lime Capital Press Release|
Lime Capital launches online consumer lending operations in SA
Lime Capital, the multi-market online consumer finance group, announced the launch of services and the initiation of lending operations in South Africa.
|Issued by: Lime Capital|
[Johannesburg, 12 July 2016]
Lime Capital continues to grow its global operations and to increase its pace of expansion. South Africa is Lime's third market entry and follows the successful launch of operations in Poland at the end of 2015. One more launch is planned for the end of 2016, and Lime intends to open four new territories in 2017.
"Each new market we enter reinforces our belief that our core system and scoring algorithms are robust enough to accommodate any local requirements," said co-founder Stanislav Sergushkin, who leads Lime's business and product development efforts.
He continued: "Because we have standardised our data structure, nearly all of the pre-launch preparation focused on adjusting scoring parameters to tune our algorithms to fit the market environment."
"In South Africa, where only slightly more than 50% of adults maintain an account at a financial institution, our experience bringing credit to people who don't have access to traditional financial services will be a real asset," noted Lime co-founder and CEO, Alexey Nefedov. "According to National Credit Regulator figures, the market for short-term consumer lending in South Africa was approximately USD500 million in 2015, giving Lime plenty of room to grow."
To capitalise on that opportunity, Lime Capital has assembled an international team of professionals, comprising leading specialists from Europe, the US, and the Republic of South Africa. The team managed to encapsulate Lime's experience in other markets and combine it with the group's proprietary underwriting platform to ready the system for launch in South Africa in record time.
"The Lime online lending platform is a proven and flexible system for providing consumers with quick and easy access to credit," added Chisala Tembo, Lime Loans South Africa's Country Manager. "We expect our automated decision-making process and high quality customer service to be powerful competitive differentiators from the cumbersome application process employed by traditional lenders."