Iutestory

Fintech from E-Estonia

IuteCredit was founded in 2008 in Estonia, the most advanced digital society in the world. Its founders, Tarmo Sild and Allar Niinepuu opened business operations first in Moldova with the confidence that success in Moldova would pave the way for other countries in the region. “If we can make it in Moldova, we can make it anywhere,” was the driving thought. They brought Estonia´s digital experience and their strong sense of order with them to secure their investment.

IuteCredit has over 200,000 active customers in Moldova, Albania, North Macedonia, Bulgaria and Bosnia and Herzegovina and a balance sheet of 100 million euros. We’ve also raised capital through publicly traded bonds that are listed on the Frankfurt Stock Exchange.  

Installment loans, not payday loans

Domestic consumption usually makes up the largest part of GDP. We at IuteCredit specialize in consumer credits via our 100% subsidiaries using equity and loan capital. Our loan products are unsecured consumer loans with maturities between 1 and 36 months and car-secured loans with maturities up to 60 months. We offer installment loans, where the principal, interest and other fees must be repaid monthly according to a mutually agreed schedule. We are NOT a payday loan company and do not believe in such types of credit that people take — at a very high cost — just to survive until the next payday. 

The fastest and most comfortable

We know customers value speed and comfort above all, so we offer the fastest and most comfortable financial services and installment loans, which require minimal paperwork. We have the best loan and interest rate conditions in microfinance with no hidden costs, and our loan terms are fully transparent. Our mission is to create an extraordinary experience in personal finance by exceeding customer expectations.

Our Founders’ Vision

The future of personal finance will be based on instants and installments. It is not news that throughout history, writing on paper has served humankind well, to make long-term, big value transactions. As a very abstract example, paper has been used to make a state, print money, create a mortgage, purchase a horse, a car or another big item in individual life. However, humankind is moving away from paper transactions towards faster, shorter term, incremental deals, along with development of technology that enables it. Our consumption is split into smaller and even smaller units. A thing or service can be measured, offered and consumed in minutes and in seconds. Full ownership is no longer a precondition to consumption. Qualities of services and things can be configured down to a very fine detail, while keeping the business scalability.

The economy that is based on subscription and pay-as-you-go will expand. We foresee a future in which it is common to spend regular monthly income by splitting it between various regular, scheduled payments for goods and services that improve quality of life during the agreed time window. Some of these payments will be credit repayments. The trick is to make the installments very easy to execute, turning them into a seamless part of everyday life. Another trick is to make the flow of money as seamless, instant and natural, as is a conversation between two humans.

IuteCredit’s mission is to offer its customers extraordinary experience in the field of personal finance. Extraordinary means the fastest and most comfortable service. The customers can enjoy a wallet that offers instant flow of money according to their wish, and they can access individual credit and split their consumption into installments. Finally, extraordinary means human interaction, as we believe that robots and fintech solutions are good, but not the final answer to questions related to personal wellbeing. Nothing can replace the sincerity of a smile and the attention of another human being.

As a Group, we aim to serve millions of customers and that means that we constantly strive to attract the best talent, implement the latest technology, and develop the most cohesive organization —  to bring out the best in each individual team member. Money is the outcome of the right actions. We as a team enjoy pursuing the right actions and overcoming the challenges before us.

Tarmo Sild & Allar Niinepuu