Value chain

IuteCredit extends its offer of electronic money license receipt services in Albania

DGAP-News: IuteCredit Finance S.à.rl / Keyword(s): Miscellaneous

IuteCredit expands its service offering by receiving an e-money license in Albania – Expansion of the value chain with additional scaling potential

04.02.2022 / 11:30
The issuer is solely responsible for the content of this announcement.

IuteCredit extends its offer of electronic money license receipt services in Albania
Value chain expansion with additional scaling potential

Tallinn, Estonia, February 4, 2022. IuteCredit Europe (“ICE”), one of Europe’s leading personal finance groups, has taken an important step in its strategic development by expanding its range of services to include e-money payments in Albania. Thus, Velox Pay SH.PK Albania (IuteCredit Albania), a wholly owned subsidiary of IuteCredit Europe, has received approval for an e-money license from the Central Bank of Albania. IuteCredit customers in Albania will be able to make and receive payments and transfers to IBAN accounts, withdraw cash from ATMs and perform other transactions through the MyIute mobile app. As a result, IuteCredit Albania is the first group company to start payment operations under the applicable regulations of a financial supervisory authority.

IuteCredit customers will appreciate the ability to receive their loans directly to their e-wallet, the MyIute app, and use it to make e-money payments. This way, IuteCredit customers can make real-time peer-to-peer transfers, pay loan installments, utility bills and local taxes, top up their mobile account, transfer money to their bank account or even pay for their goods in online stores. or in store with QR and proximity payments.

With the payment function, the MyIute app adds value to e-commerce, POS or places where payments were previously unimaginable, solving existing problems for a wide range of market players and opening up opportunities for create new markets. While providing IuteCredit customers with a one-stop-shop service that allows all services to be performed online, IuteCredit thereby taps into new revenue streams that have high scalability potential due to the large number of small transactions.

Tarmo Sild, CEO of IuteCredit Europe: “The launch of the payment business by our Albanian subsidiary with the approval of the Bank of Albania is an important step in the strategic business development of IuteCredit. Our goal is to continuously expand the product offering we offer our customers. digitally and on mobile, exceeding our customers’ expectations. Starting with our Albanian customers, we are delivering a great new experience in personal finance with the launch of the payment feature in the MyIute app. We not only want to participate in the development of the mobile payments market in our customer countries, but also play an active role in its enormous growth.”

IuteCredit plans to offer new services to its customers on a large scale from spring 2022, once the necessary developments and integrations with banks and partners have been completed.


Kristel Kurvits, Group Chief Financial Officer (CFO)
Email: [email protected]
Telephone: +372 622 9177

About IuteCredit:

IuteCredit – established in 2008 – is one of Europe’s leading personal finance companies. The Group specializes in consumer credit through its wholly owned and borrowed capital subsidiaries. IuteCredit currently serves clients in Moldova, Albania, North Macedonia and Bulgaria as well as Bosnia and Herzegovina.

IuteCredit’s loan products are unsecured consumer loans with maturities between 1 month and 48 months and secured car loans with maturities up to 72 months. IuteCredit operates its own ATM network which is operated via a smartphone app.

IuteCredit’s mission is to create the extraordinary personal finance experience by exceeding customer expectations.

04.02.2022 Dissemination of a Corporate News, transmitted by the DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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