Iuvo plans move to Bulgarian registration
Peer-to-peer lending platform Iuvo has said that it is planning to move its registration from Estonia to Bulgaria as part of its long-term development strategy.
The group, part of Management Financial Group, was already operating in Bulgaria, working out of its offices in Sofia. However, it had been registered in Tallinn after receiving a credit intermediary license from the Estonian Financial Supervision Authority in 2017.
There will be no changes for investors and the company will continue to follow anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations of the European Union.
The group said it is about to start a procedure to register as a representative of an e-money company.
The change comes just two months after Blagovest Karadzhov took over as chief executive of Iuvo. It is part of his strategy to grow Iuvo to become one of the top three P2P platforms by invested funds in the region.
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“We are proud to be able to state our origin by registering in Bulgaria, where our idea and business come from, and to take advantage of the economic environment in Bulgaria, so we can continue to bring maximum added value to the investors on the platform,” he said.
“The team is mainly Bulgarian at the moment. Some of our biggest originators are from Central and Eastern Europe and are preferred by our investors throughout Europe. We are the undisputed leader on the Bulgarian market. Bulgaria is one of the main fintech, IT, and outsourcing hubs in Europe. Moving our business operations here will significantly decrease the costs for maintaining the platform, which allows us to invest more in technologies and to fulfil our ambition for providing the best UX/UI to our investors very soon.”
Karadzhov will focus on updating the platform, rolling out new innovations and entering new markets.
Since it launched, Iuvo has had more than 30,000 investors on its platform and reported nearly €270m (£232m) in turnover.
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