Easy Asset Management seeks to expand outside of Europe
Management Financial Group is a 100% Bulgarian business group whose mission is to provide easy access to finance for everyone, regardless of their current social and financial situation. Some of the group companies have been operating in the Bulgarian market for over 16 years. MFG is active in six countries: Bulgaria, Romania, Ukraine, Poland, Spain and North Macedonia, and plans large-scale geo-expansion in major European markets and at least one other continent as of 2022.
The MFG Group is the employer responsible for more than 8,300 people in more than 450 offices in the countries where it operates. The main objective of MFG is to offer financial and credit products to individuals and to small and medium-sized businesses. The group companies have a total of 15 active registrations and licenses for various regulated activities – loans, credit intermediation, postal orders, payment services and electronic money issuance, which are issued by the competent supervisory authorities of Bulgaria, Romania, Russia, Poland, Estonia, Ukraine and North Macedonia. The group’s portfolio includes companies and brands such as Easy Credit, Biala Karta (White Card), Viva Credit, Fintrade, ACOD, Violeta, the P2P lending platform iuvo, the “buy now, pay later” model NewPay , Rilla’s personal finance management app, the app for Settle mobile payments, etc.
Angel Madzhirov, CEO of Easy Asset Management, talks about the company’s development plans.
Q: Business credit has evolved rapidly over the past few years. How is Easy Asset Management transforming its services to adapt to changes in the sector?
Long before the pandemic we were aware of the ever changing needs of our customers and this inspired and motivated us to create an app (mobile app) for the fully online onboarding of customers – credit application, KYC process (know your client), credit rating, online signing of necessary documents, etc., and finally the client receives the approved amount in his bank account. Not only has everything in our integration been fully digitized for years now – without depriving our clients of their human touch and personal presence needs through our signature credit consultants when needed – but it can also take a few minutes to be approved. This is something our competition can hardly beat. We nevertheless continue to develop our branch network and currently have over 200 physical offices and partner with over 10 online and offline partners with their own large branch networks. We believe that we must offer our customers the full spectrum of services – from the fully digital process and phygital models to the well-known and comfortable personal service and support.
Q: Easy Credit became the first Bulgarian small personal loan company to expand into international markets. How are your operations developing outside Bulgaria?
In the Romanian market, the past year has turned out to be the most successful year since the company was launched in 2011. We can rightly boast very stable sales and a hugely improved collection. This gives us confidence to plan for 40-50% revenue growth next year. Ukraine emerged from the COVID crisis very quickly and in June we achieved record sales, coming back to the most successful year for the company in terms of sales and income with very stable fundraising. Poland marked a strong start to the year after a successful 2020, with the only challenge ahead being to improve credit recovery. The seemingly small market in North Macedonia has seen tremendous growth in consumer loans. We can safely say that everything we wanted to happen in 2021 – double sales and revenue growth with even better fundraising.
Q: In which foreign markets do you have the highest growth and where do you see untapped potential?
In each of the markets, we are achieving the desired growth. We see great potential in Ukraine, which we seek to realize with our current development strategy. We launched our first TV campaigns in this market, which are already showing results!
Q: Do you plan to expand further abroad?
It was during the crucial year 2021 that we prepared for the launch of several new markets – Russia, Albania and Croatia. In the first quarter of 2022, we will see the first loans in each of them.
All the teams working in these markets come from within the group and have proven over the years to be very successful managers and have accepted the challenge of the new market. We are proud to have always been able to identify and promote talents among us, to support them in new and even more daring projects, which give them an additional opportunity to grow as professionals and individuals.
For 2022 we plan to complete the licensing of our company for the Serbian market, and in Mexico we have licensed two companies and we are preparing a team that will resume our operations there next year after the withdrawal of our team there in April 2020, when the COVID crisis forced us to rethink our dreams of geo-expansion.
As you can see, next year we even plan to leave Europe and take on the challenges of new continents. We have even more ambitious plans, as we are also exploring Spain, Portugal, Moldova, India and the rest of the Balkans.
Q: In the domestic market, has the pandemic caused you to review your growth strategy in any way and what are your short-term strategic goals?
Yes, there’s no way such a strong pandemic won’t change our short-term priorities. At the very beginning, given the total uncertainty of what to expect, we reduced our operations for a period of three months. Subsequently, it was decided that we had an obligation to our clients and that we had to meet their financing needs and we removed most of these restrictions. We were also one of the first companies – even before the banks – to come up with measures to protect our loyal customers.
In the mortgage business niche, Easy Credit occupies a leading position and we continue to invest our resources in our stable and well-trained structure of credit managers and consultants who are essential to our level of service, our personal approach and our commitment to our customers. . Of course, we also continue to invest resources in digitizing and optimizing processes and product development so that we can offer the best and most innovative services and products on the market.
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Angel Madzhirov started his career in Easy Asset Management in 2009, going through various management positions, and in 2014 he became the commercial director of the company. In the summer of 2018, he took over the management of the Home Abroad Credit Division. Since October 2018, he has also been a member of the Management Board of MFG. Since 2019, he has been Managing Director of Easy Asset Management. He holds a master’s degree in economics from the University of National and World Economy.