By @SimonCocking. Creamfinance we make money available. Interview with co-founder Davis Barons.

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Can you give us an overview of your business?

Creamfinance is an online consumer finance services provider; our intention is to make personal finance easy and accessible for everybody in need. For that purpose, Creamfinance offers a highly customized approach to the personal loan process in a speedy and reliable manner and aims to become a one-click loans provider to consumers globally. Keeping in mind the ever-growing demand for speed and convenience, all the work from our side is done to improve the speed of decision making and our customer only needs to provide a minimum amount of information to access finance in less than 10 minutes.

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We take pride in our Cream Credit Labs, which is an in-house built scoring unit working with Smart Data to minimize consumer effort and maximize risk management. At this point, our national platforms are operated by an international team, consisting of over 200 employees from 12 countries, working to improve services across operating markets both within as well as outside of Europe.

How are you different? Why does your product/idea work?

Our company is built on the idea of providing as much convenience as possible. If you look at many online consumer loan providers, it is easy to notice that a lot of hassle is involved in taking a loan. Usually, customers are required to fill in complicated registration forms, they are required to send scanned documents, need to wait for approval and so on. Taking that into consideration, we created business with an objective to provide finance in a simple, convenient manner. Simple and straightforward process translates into higher conversion rates and increased customer loyalty. Without a doubt, it involves a lot of ‘heavy lifting’ in the background from our side, however borrowing money online for the customer becomes as simple as clicking one click.

When was the company launched? Where are you based?

Our company was founded in 2012 in Latvia and has achieved consistent growth since, launching in Czech Republic the same year and following with Slovakia, Poland and Georgia. We are also happy to be launching in Denmark in May and at the moment are researching opportunities to launch in South America this year too. Our expansion into Scandinavian market as well as potentially in South America translates into new opportunities and potential higher reach since up to this point Creamfinance has been based in Central Eastern Europe.

What have been your biggest achievements to date?

Creamfinance has recently been nominated for European FinTech Awards 2016, and have been elected among the top 100 companies across Europe. We have also been internationally acknowledged by the Inc.5000 magazine, which have ranked us as the second fastest-growing company in Europe. To be recognized by Inc.5000 is yet another great achievement for us and we are very excited and happy to be welcomed to the Inc.5000 Europe club. Such acknowledgement is a testament to our innovation and dedication to provide speedy and convenient service for our consumers across all the markets we operate in.

What type of people (market segment) are you trying to attract to your product?

Creamfinance customers are individuals who are in need of additional money in a short period of time. The great amount of our first-time customers borrow due to a significant unexpected expense or emergency. Our typical borrower is 25-40 years old employed individual with higher education who needs financing to cover unexpected expenses. For the person in need of extra financing the speed of service delivery is crucial, and therefore we focus on improving that to best of our abilities.

Your prediction – what Fintech in the future will be like?

2016 has been predicted to be a successful year for Fintech. New customer-centered products and services are presenting a new era of customer-focused innovation, which have the potential to change the relationship with customer at all stages. Since customers increasingly look for personalized product solutions, companies will try to match such needs. In addition to that, a big move towards cyber security is expected to happen, so it is more than likely that the level of investment in cybersecurity solutions will accelerate in Fintech throughout this and upcoming year. For more predictions and insights, feel free to visit Creamfinance blog where we provide some predictions and opinions on lending and Fintech in general.

Best details for people to contact you?

Through our website, and also Twitter @creamfinance


If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking

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