March 1, 2015
Consumer, Retail, E-commerce and Leisure
Equity financing for Folkia from Wonga
Folkia: Providing short-term consumer loans in the Nordics
Founded in 2006, Folkia is a market-leading regulated provider of short-term unsecured consumer loan with main focus on Norway and Sweden.
As a Norwegian finance and credit company, Folkia has a license from the Norwegian Ministry of Finance and is under the supervision of the Norwegian Financial Supervisory Authority.
Folkia is one of the only players in the consumer lending industry to follow a technology-driven approach combined with superior customer experience.
Strong underlying demand in the consumer loan market
The Nordics is an attractive market compared to other developed European countries: the consumer credit market in the region has a lower credit penetration and lower consumer credit outstanding per capita.
Sweden is the largest Nordic market while Norway is the fastest growing market. In these two geographies, the growth in the consumer credit market is forecast to continue at 4.3% CAGR (from 2014 to 2017).
Supported by a high-profile industry leading investor
Wonga Group, one of Europe’s leading providers of short-term credit solutions to consumers and businesses, has invested nearly NOK 110 million via a combination of equity and convertible debt to fund the growth of consumer loans.
With the investment, Wonga became Folkia’s largest shareholder with a holding of around 10%.
GCA Altium acted as sole advisor to Folkia.