Update on an VIA SMS Group’s operations in Poland

Update on an VIA SMS Group’s operations in Poland

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Hello, Investors and VIAINVEST community!

We would like to provide a brief update on an operational change affecting VIA SMS Group’s business in Poland. VIA SMS Group has decided to end its lending activities in Poland after careful consideration and strategic review. 

Commentary from Wojciech Malek, country manager, VIA SMS PL

We have been at the forefront of digital lending in Poland for over a decade, continuously adapting to evolving regulations and market changes. The changes implemented in December 2022 have led to a gradual decrease in our operations. Despite the significant reduction in provisions on loans issued to a level of 10% + 10% per year, we adapted effectively, adding Value Added Services (VAS) to maintain profitability. However, one amendment to the Consumer Credit Act, verified by multiple law firms, presented an impassable barrier.

As VIA SMS PL is financed through VIAINVEST ABS’s, the changes in law prohibit this financing model, preventing us from securitizing new loans for investment on the platform. We ceased this activity on October 31, 2023. Nevertheless, we remain committed to servicing funded loans and fulfilling our repayment obligations to VIAINVEST.

Assurance on investments

We would like to emphasize that this operational change is a strategic decision aimed at improving Group’s business efficiency. Importantly, loan originator commitments to investments will not be affected by this change. All scheduled repayments to investors will proceed as planned, with no changes to the agreed-upon terms.

VIA SMS PL was the first loan originator to fully repay cession investments, and its Asset-backed securities accounted for 3.5% of VIAINVEST’s portfolio.

Looking ahead

This change, while important, is a step towards refining VIA SMS Group’s operations and exploring new growth opportunities, which means more robust investment opportunities for our investors in the future. VIAINVEST publishes new securities every day, backed by the Group’s issued loans with up to 13% annual interest rates.

Our customer service team is always available to answer questions and provide additional information.

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