The annual report was presented and approved at Finans 247 ApS’ annual general meeting on June 18th 2018.
After the Executive Board approved the report for the financial period of October 28th 2016 – December 31st 2017, CEO Mikkel Winston stated:
”A satisfying first year as expected, the company is definitely going in the right direction, in regards to the goals of a more profitable and scalable business.
The report is as expected, and next year we have great expectations for the outcome of our AI model in reducing the loan loss rate following fraud and expected loss.
We are increasing focus on loss, higher marketing efficiency, and making our concepts and solutions even more user friendly to satisfy the needs of various consumers.
The new year will present two great events in entering Sweden and Finland, where we received licenses in the first quarter of 2018. We expect to offer loans to these markets in the second half of 2018.”
The report shows profit after the first year, which is highly unusual within the industry.