Creditinfo Lithuania Analysis: In 2024, An Average of Three Companies Filed For Bankruptcy Daily
According to Creditinfo Lithuania’s analysis, 1,079 company bankruptcies were registered in Lithuania in 2024—a 16.1% increase compared to 929 cases in 2023. However, this figure is slightly lower than in 2022 when 1,087 bankruptcies were recorded (a 0.7% decrease).
Key Sectors Affected: Construction, Trade, Transport, and Manufacturing
Construction Sector Challenges
The construction sector faced the highest number of bankruptcies in 2024, with 243 cases, marking a 16.8% increase from 208 cases in 2023. However, this was a slight 2.5% decrease compared to 2022 (237 bankruptcies). Currently, 11,299 companies operate in the construction sector in Lithuania.
Dovilė Krikščiukaitė, Head of Legal at Creditinfo Lithuania, noted that the sector struggled with insufficient demand, particularly in real estate. However, engineering construction projects increased by 10.3%, and many companies remain optimistic, planning to hire more employees and anticipating growth.
Despite these challenges, economic analyst Aleksandras Izgorodinas from Citadele Bank projects fewer bankruptcies in 2025 due to declining interest rates in the eurozone. Improved real estate transactions and mortgage volumes are already evident, which could stabilize the construction sector further.
“However, I believe that in 2025, the number of bankruptcies in the construction sector will decline. With falling base interest rates in the eurozone, we are already observing a recovery in real estate transactions and mortgage volumes. Buyers are returning to the real estate market, and the cost of borrowing continues to decrease. This will lead to fewer bankruptcies in the construction sector in 2025. It is projected that the ECB will lower interest rates at least three more times this year, further supporting recovery in Lithuania’s construction and real estate sectors and reducing bankruptcy numbers,” said A. Izgorodinas.
Wholesale and Retail Trade
The wholesale and retail trade sector had the second-highest number of bankruptcies, with 237 cases, a 3.9% increase from 2023 (228 bankruptcies). However, this figure was lower than in 2022 (251 cases). With 23,601 companies, this sector remains the largest in Lithuania.
“Companies in this sector faced fluctuating demand, but recovering domestic consumption and increasing real wages resulted in higher revenues compared to the previous year,” explained D. Krikščiukaitė.
Transport Sector Under Pressure
The transport and logistics sector, comprising 8,684 companies, saw 134 bankruptcies—a dramatic 74% increase from 77 in 2023 and a 35.4% rise compared to 99 cases in 2022.
“Unlike the construction sector, where we see the first signs of recovery, the transport sector is yet to show improvement. For instance, Germany’s truck mileage index, which strongly correlates with Lithuania’s transport services export indicators, fell to its lowest level since the end of 2020 by the end of 2025, being 2% lower than at the end of 2024. This indicates that the transport sector will likely remain under pressure in the near future. The sector is highly sensitive to fuel price fluctuations and supply chain disruptions, which often create difficulties for smaller companies,” commented Citadele Bank’s economist.
Manufacturing Sector Struggles
The manufacturing sector, with 8,440 companies, recorded 121 bankruptcies in 2024—a 31.5% increase from 92 in 2023 and a nearly 25% rise compared to 97 in 2022.
According to Creditinfo Lithuania’s head of legal, reduced demand in European export markets, rising raw material costs, and higher energy expenses led to financial difficulties for many manufacturing companies.
Positive Developments in the Accommodation, Food Services, and Real Estate Sectors
Despite the rise in bankruptcies in the sectors, certain industries exhibited positive trends. In 2024, the number of bankruptcies in the accommodation and food services sector dropped by 20% to 66 cases compared to 82 cases in 2023. Moreover, this figure represents a 52% reduction compared to 2022, which saw 137 bankruptcies. Currently, 3,837 companies operate in this sector in Lithuania.
Similarly, the real estate (RE) operations sector, encompassing 6,621 companies, also demonstrated improvement. Bankruptcies in this sector decreased by 22.7% in 2024, from 44 cases in 2023 to 34 cases. In 2022, 33 insolvency cases were recorded in this sector.
Analysis of insolvent companies revealed that the total turnover of bankrupt companies in 2023 was €194.28 million, with the average annual turnover per company standing at €848,000. Notably, the workforce within these companies experienced a significant decline. At the beginning of 2023, these firms employed 7,292 workers; by October, this number had fallen to 5,551 employees.
“Monitoring the key operational metrics of business partners can help identify early warning signs. A decrease in workforce, reduction in the transport fleet, changes in management or shareholders, relocation of headquarters, or declining turnover are indicators that warrant close attention to ensure reliable partnerships and the fulfillment of financial commitments,” stated Dovilė Krikščiukaitė, Head of the Legal Department at Creditinfo Lietuva.
The head of Creditinfo Lietuva’s Legal Department also observed a trend toward younger companies becoming insolvent. In 2024, the average age of bankrupt companies was 10.58 years, compared to 11.68 years in 2023 and 12.31 years in 2022.
“This shift indicates that an increasing number of young companies are struggling to overcome market challenges and adapt to changing economic conditions. Young businesses often face financial management deficiencies, high costs, and intense competition, which exacerbate their difficulties,” added the Creditinfo Lietuva representative.
Op-ed: Reliable Sustainability Information is only the first step
A thought-provoking discussion has taken place about corporate sustainability information and the increasing regulatory requirements of such frameworks. It is often pointed out that the cost of disclosure can be high and the process complicated. In this context, it is worth noting that corporate sustainability information goes beyond the data that public authorities require them to publish. Corporate sustainability data appear, for example, in lawsuits, the media, annual reports, and various forms throughout the value chains of companies, to name a few examples. To capture corporate sustainability data comprehensively, it is also important to place companies in the context of the industries they belong to and the risks they face, both directly and indirectly, through their value chains. While standardized data mandated by government requirements represent a significant step forward, they are only one piece of the puzzle of information needed by the financial market and, in some cases, are not even the most critical information that market participants need.
Sustainability Information Will Remain Unreliable
Corporate sustainability information has evolved from being a product of marketing departments to following guidelines generally accepted by market participants and ultimately falling under regulatory frameworks. Despite recent complex regulations related to sustainability disclosures (such as the CSRD, the EU Taxonomy Regulation, and SFDR), these are not exhaustive of the information that market participants need for informed decision-making. This means that if an analyst is to assess a company with sustainability in mind, there are other factors, beyond what the regulatory framework prioritizes and companies report. These include external factors in companies’ value chains, such as crop failures abroad, fluctuations in commodity prices due to weather anomalies, access to company products in key markets due to social instability, as well as information generated more frequently than annual reports can indicate (such as information from lawsuits and the media). The data companies will provide in line with regulatory frameworks represent a significant step forward, but only the first step toward more reliable sustainability disclosures.
Access to Data Would Have Been a Problem
Even though companies disclose information in accordance with regulations, this does not guarantee stakeholders’ access to it. Part of the problem is technical in nature, as sustainability information is published in, for example, scanned annual statements, various types of sustainability reports, and websites in formats that do not always comply with regulatory guidelines. The European Union has not addressed this issue clearly. At some point, the European Union will establish a database (the European Single Access Point, ESAP), which will receive reports in a predefined format. This database is expected to be operational earliest by 2027, according to official EU information. It is therefore important that sustainability data about companies are collected centrally. At Creditinfo, we proudly undertake this task as it involves critical corporate information.
Reducing the Burden on Companies
The Icelandic financial sector wants to access reliable sustainability information about companies. It seeks this information partly because legal requirements stipulate that financial institutions must have this data available, but also because financial industry employees take sustainability risk seriously, as clearly reflected in bank risk reports. Companies outside the financial market have also sent questionnaires to their suppliers to obtain sustainability information. As a result, companies often receive multiple such questionnaires every year from various sources. At Creditinfo, we see significant waste occurring here. Instead of having a multitude of questionnaires circulating, we realized that it would make more sense if companies answered one such questionnaire, making it accessible to all interested parties. That questionnaire is now available through Vera, Creditinfo’s sustainability platform, and hundreds of companies have filled it out, simultaneously minimizing the associated burden as interested parties can simply access the questionnaire via Vera.
Most companies in Iceland do not fall under the regulations that have been most widely discussed (such as the CSRD and the Taxonomy Regulation). However, this does not mean that this issue is being neglected by them—on the contrary. That is why we have made efforts to give these companies the opportunity to present their information on a larger platform than has been available to them before, through our sustainability platform, Vera.
The Reason for Collecting Data
The discussion about corporate sustainability information has focused more on the quantity and quality of the data than on the reason for its collection. The truth is that greenhouse gas emissions reached a historical high in 2022, at 54 billion tons of CO2 equivalent, about 30% of the global population lacks access to clean drinking water, 13% of individuals over the age of 15 are illiterate, and 10% of the global population is undernourished. In this regard, the financial system is in a key position to improve living conditions and our future. It is important not to lose sight of the goal and get lost in discussions about regulations and data. At Creditinfo, we want to continue to promote the reliability and accessibility of sustainability information about Icelandic companies so that informed decisions can be made for the benefit of all.
Authors:
Hrefna Sigfinnsdóttir, CEO of Creditinfo in Iceland
Reynir Smári Atlason, Head of Sustainability at Creditinfo
Creditinfo appoints Charles De Winnaar as Global Head of Sales Strategy and Sales Operations
Former Marsh Africa Sales Leader – Charles De Winnaar – brings a wealth of sales and leadership experience to drive Creditinfo’s international growth
London – 26th September 2024: Creditinfo, a global service provider for credit information and risk management solutions, announces the appointment of Charles De Winnaar as its Global Head of Sales Strategy and Sales Operations. As an experienced sales leader in financial services, Charles will lead Creditinfo’s global sales strategy and operations across its network of 30 credit bureaus. He joins the company from Marsh Africa, where he held the position of Sales & Distribution Leader.
In his role, Charles will be responsible for Creditinfo’s revenue growth, market expansion, and operational excellence to ensure scalability and enhance the customer experience across its different markets. From developing strategic partnerships to driving innovation in sales processes and technologies, he’ll play a key part in the next phase of Creditinfo’s international growth.
With over two decades of experience in sales and finance, Charles has a deep understanding of global financial markets and an impressive history of leading large-scale sales teams, bolstering business growth, implementing customer-centric solutions and transforming sales operations.
As Sales Leader at Marsh Africa, he executed the revenue and portfolio optimisation strategy across multiple Africa regions. Prior to joining Marsh Africa, he held various sales leadership roles at the National Bank of Kuwait and Barclay’s Bank Africa. During his time at Barclays, he led the development and launch of a first-to-market mobile payment wallet lending solution in Africa.
Charles De Winnaar, newly appointed Global Head of Sales Strategy and Sales Operations at Creditinfo said: “I’m delighted to join Creditinfo, a company that is committed to empowering people and businesses through financial inclusion. I look forward to working with the talented global team and contributing to Creditinfo’s long-term success.”
Satrajit Saha, Global CEO at Creditinfo said: “With his unmatched expertise in global markets and a proven track record of building strategic partnerships across different regions, Charles is a valuable addition to our leadership team. As we look to accelerate market expansion, harness digital transformation in our global strategy, and continue to facilitate access to finance for millions of individuals and businesses worldwide, Charles will be instrumental in helping us to achieve these goals.”
Charles will report directly to Satrajit Saha, Creditinfo’s Global CEO.
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About Creditinfo
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals.
For more information, please visit www.creditinfo.com
Central Bank of Seychelles awards Creditinfo contract to Develop and Implement a new Credit Information System (SCIS)
PRESS RELEASE
Victoria– September 11, 2024 – The Central Bank of Seychelles (CBS) has today launched the Seychelles Credit Information System (SCIS) in accordance with the Credit Reporting Act, 2023, to improve credit information sharing across the financial system.
The SCIS will be administered by CBS, which will be responsible for overall supervision of the operation of the system, as well as providing awareness on the system and its governing law. The contract to develop and implement the SCIS was awarded to Creditinfo CEE a.s., a company based in the Czech Republic, through an open bidding method as per the CBS procurement process in April 2021.
The SCIS – which replaces the previous Credit Information System established under the Credit Reporting Regulations 2012 – is an improved credit information system which will enhance credit reporting and data exchange between participating institutions. It incorporates automated features requiring minimal manual processing, hence mitigating potential risks of inaccuracies in the credit information of customers.
The current participants of the SCIS include the commercial banks, Seychelles Credit Union, Development Bank of Seychelles and the Housing Finance Company (HFC). The SCIS will continue to expand with the addition of other participants through a phased approach, to include Government entities, utility companies, hire purchase and credit sales, financial leasing companies, and insurance companies. The addition of these other entities – that are also engaged in activities that provide for payment arrangements – will give a more accurate indication of the repayment history and level of indebtedness of customers, information which is essential in the decision-making process for granting credit and loan facilities.
To note that only participating institutions can access the credit information of an individual, at the consent of the individual, in compliance with the Credit Reporting Act, 2023. Individuals holding accounts with these institutions will also be able to access their own credit report through the Customer Credit Portal, which is expected to be launched in the first quarter of 2025.
To watch a news clip of the event, click here.
Visit our websites for more information
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Experian MicroAnalytics and Creditinfo unite to launch groundbreaking new fintech solutions
NAIROBI, Kenya, Aug 12, 2024 – Experian MicroAnalytics, a global leader in mobile financial services, and Creditinfo Group, a leading global service provider for credit information and risk management solutions, have partnered to combine Experian MicroAnalytics’ mobile financial services platform with Creditinfo’s scoring models and local market expertise, providing innovative new solutions that facilitate access to finance for individuals and businesses across Africa.
Experian MicroAnalytics, renowned for its risk management solutions utilized by major telcos worldwide, brings its expertise in mobile financial services to the partnership. Their solutions, such as mobile money loans, advanced analytics and machine learning, help to support underserved populations who don’t have access to traditional banking services. Experian’s technology not only facilitates seamless financial transactions but also generates additional revenue streams for telecommunications operators and banks, if present as fund providers.
“Experian is dedicated to driving financial inclusion globally, and our partnership with Creditinfo strengthens our ability to deliver impactful solutions,” said Sammy Hamoudi, General Manager of Experian MicroAnalytics. “Together, we aim to empower telecommunications operators and fintechs to extend their services to previously underserved populations.”
Creditinfo provides comprehensive credit bureau solutions to enable informed decision-making in the financial sector. With this partnership, Creditinfo will further establish itself as the leading credit bureau provider in Africa, enhancing its business risk assessment capabilities and customer insights.
“At Creditinfo, we recognize the transformative power of data-driven solutions in fostering financial inclusion,” stated Kamau Kunyiha, Regional Manager, East and Southern Africa at Creditinfo. “Our collaboration with Experian will help individuals and businesses across Africa gain access to finance, underscoring our shared vision to drive positive change and improve the standards of credit assessment.”
As joint Gold Sponsors of Africa Fintech Festival 2024, Experian MicroAnalytics and Creditinfo showcased their partnership at the event held in Kenya in early June. The festival provided an ideal platform for them to demonstrate their collaborative efforts. Through fireside chats and conference discussions, participants were able to explore opportunities to enhance financial inclusion in Africa through future collaboration.
About Experian MicroAnalytics
Experian MicroAnalytics is a global leader in mobile financial services, providing risk management and marketing solutions to telecom operators and fintechs around the world. Our AI cloud platform increases consumer engagement, reduces churn, manages lending exposure and optimises conversion rates.
With over $4.5 billion in loans already provided by Experian MicroAnalytics, we deliver personalized financial experiences to consumers, empowering financial inclusion while minimizing bad debt.
For more information, please visit www.e-microanalytics.com
About Creditinfo
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in the field of credit risk management. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals.
For more information, please visit www.creditinfo.com
Creditinfo, FSD Kenya, and CIS Kenya Launch the Findings of a Study on Kenya’s Credit Market Landscape
Press release
Nairobi, Kenya – Monday, 5th August, 2024 – A new study has revealed a complex picture of Kenya’s credit market, with digital loans dominating the landscape while the overall value of loans disbursed is on the decline. The study conducted by Financial Sector Deepening (FSD) Kenya, Credit Information Sharing Association of Kenya (CIS Kenya), and Creditinfo Credit Reference Bureau Kenya Limited (Creditinfo CRB), provides a comprehensive analysis of credit data spanning five years.
The study is titled Kenya’s credit market landscape – Demand side analysis of credit records held by Creditinfo CRB, is based on an analysis of credit records held by Creditinfo CRB.
The use of Credit Reference Bureau data in this study provides an opportunity to analyse credit data that is aggregated from various sources and segmented according to borrower’s sex, type of loan (digital and non-digital), type of borrower (company and individual), and provider type (bank, MFB, and MFI). The data covers the 5-year period from January 2019 to December 2023.
Summary findings
- Kenya’s credit market is dominated by digital loans (in volume terms) provided by banks mostly to male Banks continue to dominate the retail lending market, accounting for over 90% of the volume and value of digital and non-digital loans.
- The number of unique borrowers has been on a steady increase on an annual basis, with
7.5 million unique borrowers in 2019 compared to 11.4 million unique borrowers in 2023. This constitutes both individual and non-individual borrowers (companies). On average, there are 6m unique male borrowers and 4.3m female borrowers each year.
- In contrast to the increase of unique borrowers, the aggregate value of loans disbursed annually has been on a decline, with KShs 2,067bn issued in 2019 compared to KShs 1,937bn in Male borrowers accounted for 61.4% of the total number of loans and 71.1% of the total value of loans issued between 2019 to 2023.
- On average, there are 10 million unique borrowers who have at least one digital loan annually compared to 1 million for non-digital loans. Approximately 270 million new digital loans valued at KShs 1,512 billion were issued over the five-year period compared to 8 million non-digital loans valued at KShs 8,282 billion over the same period. There is, however, an observed decline in the average value of nondigital loans, from an average of KShs 8,353 in 2019 to an average of KShs 4,555 in 2023, a 45% decline.
- The number of new negative listings declined by more than half between 2019 and 2023. Whilst this can be attributed to changes in the regulatory framework on the treatment of negative listings, there is a marked decline between 2019 and 2020 which was beforethe regulatory changes. In 2023, 933,551 individual borrowers were negatively listed with Creditinfo CRB compared to 2,204,591 individuals in 2019.
- Female borrowers have better repayment histories compared to men, accounting for an approximately of 36% of the new negative listings over five-year period, compared to 64% for
- Most borrowers who have a negative record have an outstanding loan balance of between KShs 1,001 to KShs 5,000. The data further indicates that a higher proportion of borrowers initially listed as having repayment difficulties with their loans (negative record) managed to fully repay them off after seven months and within one
- 69% of borrowers that previously had a negative record were subsequently issued with a new This is contrary to the public’s perception that the CIS mechanism is a blacklisting tool and that a negative listing automatically precludes a borrower from accessing future loans.
“The development of Kenya’s credit market is at the core of FSD Kenya’s work and strategy. While many of the building blocks that underpin an efficient and effective retail market are in place, available evidence points that the provision of appropriate and affordable credit remains a challenge. MSMEs and women continue to be underserved. FSD Kenya’s work in credit market is aimed at working with various partners to address the factors that constrain the flow of productive credit to where it is needed the most. Part of this includes creating the knowledge and evidence base through research and analysis to inform the direction of market development and policy interventions. This study is part of those efforts. The expectation is that the study will provide the basis for engagement with various stakeholders on the development of Kenya’s credit market, long-term policy implications, and the functioning of Kenya’s Credit Information Sharing mechanism.”, said Francis Gwer, FSD Kenya’s Senior policy specialist.
“The Credit Information Sharing (CIS) mechanism has significantly advanced since its inception in Kenya. The transition from negative-only reporting to the bureau to comprehensive full-file reporting to the bureau marked a pivotal moment, fostering innovation and financial inclusion. Data gathered throughout this evolution has proven invaluable for market growth and innovation. Further advancements, such as incorporating all credit sectors and enabling real- time reporting, have the potential to elevate the CIS mechanism to new heights.”, said Kamau Kunyiha, Regional Manager, Creditinfo CRB
About FSD Kenya
Financial Sector Deepening Kenya (FSD Kenya) is an independent trust dedicated to the achievement of a financial system that delivers value for a green and inclusive digital economy while improving financial health and capability for women and micro and small enterprises (MSEs). We work closely with the public sector, the financial services industry, and other partners to develop financial solutions that better address the real-world challenges that low-income households, micro and small enterprises, and underserved groups such as women and youth face. More details about FSD Kenya.
About CIS Kenya
The Credit Information Sharing Association of Kenya (CIS Kenya) was set up to institutionalize the National Credit Information Sharing (CIS) Forum. The Forum was created in early 2012 in order to bring together both bank and non-bank credit providers to map the way forward towards implementing full file comprehensive CIS in Kenya. Prior to the formation of CIS Kenya, the implementation of CIS in Kenya was spearheaded by the Kenya Credit Information Sharing Initiative (KCISI), a partnership between Central Bank of Kenya (CBK) and Kenya Bankers Association (KBA). More details about CIS Kenya.
About Creditinfo
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals. More details about Creditinfo CRB.
ICRA and Creditinfo Tanzania launch first credit rating agency for Tanzania institutions
Dar Es Salaam, 24th January 2024 – Creditinfo Tanzania, provider of credit information and risk management solutions, and ICRA (International Credit Rating Agency) have partnered to launch the ICRA Rating Agency, the first credit rating agency locally based in Tanzania.
The joint venture will provide credit rating and evaluation services to Tanzanian financial institutions, creating for the financial industry. Combined, ICRA and Creditinfo’s Tanzania team bring decades of experience and practical knowledge in credit risk management and analysis to support and improve credit assessment in Tanzania.
Adv Hassan Mansur, Local Director of ICRA Rating Agency Limited said: “We are delighted to launch Tanzania’s first credit rating agency that is fully geared towards strengthening the economy through providing credit rating services that are tailored to the African market. Our partnership with Creditinfo will provide ample opportunities and offer a competitive edge for various institutions, most especially the Tanzanian institutions in the International Market.”
Edwin Urasa, CEO of CreditInfo Tanzania said: “At Creditinfo, we are committed to sustainably growing our business and identifying ideal opportunities to build strong and profitable credit rating agencies, while helping more local citizens and businesses access finance. Our partnership with ICRA marks an important milestone for us and gives us the opportunity to improve the standards of credit assessment. Tanzania is an optimal market for us to introduce this service because of its tremendous promise for inclusive financial services. This venture will set a new standard in credit rating and promote financial health and empowerment across Tanzania.”
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About Creditinfo
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals.
For more information, please visit tz.creditinfo.com
About ICRA Rating Agency
ICRA Rating Agency Limited has been accredited for being the First Ever Credit Rating Agency approved by Bank of Tanzania (Central Bank of Tanzania) to which we are the only regional central bank approved credit rating agency offering credit rating services. Our organisation also gets the special status of ecai (external credit assessment institution).
ICRA has an expert team with a combined experience of more than 25 years in Audit, Inspection, Financial Analysis, Credit Research, Banking, Compliance, AML and Certification. Our ratings significantly influence corporate and financial institutions to achieve better market standing. ICRA ratings aim to help various corporations and institutions demonstrate their financial capability.
For more information, please visit www.icrallc.com
Nova Credit and Creditinfo Bridge Cross-Border Credit Access for Ukrainians
NEW YORK – January 17, 2024 – Nova Credit, the leading cross-border and alternative credit analytics company, has announced a strategic collaboration with Creditinfo, a global service provider for credit information and risk management solutions, to help Ukrainians gain access to the necessary financial services needed to effectively rebuild their lives abroad. The partnership is powered by Nova Credit’s Credit Passport®, the only cross-border credit solution enabling newcomers to access their foreign credit history when applying for financial products in their new home country.
Bridging this critical data gap, Nova Credit and Creditinfo are providing Ukrainian expats and refugees with the tools they need to get started on the right financial footing upon arrival.Since March 2022, the U.S., U.K., and Canada – Nova Credit’s largest partner markets – have seen a combined 840,000 Ukrainians move*, and that number is expected to grow as the Russia-Ukraine War continues. As many will seek permanent residency in these new countries, a lack of credit history will introduce an obstacle to accessing financial services as, historically, new-to-country individuals have had no way to carry over their credit history and financial identity. This presents a challenge for both new arrivals who are looking to re-establish their lives, in addition to lenders who lack the credit data needed to provide their financial services and products to this newcomer population.
With this partnership, credit data from International Bureau of Credit Histories (IBCH) Ukraine (a Creditinfo credit bureau) – one of the three main credit bureaus in Ukraine – can be instantly translated into a local-equivalent credit report and score so that lenders who use the Credit Passport® solution can assess the credit risk of new-to-country Ukrainian applicants. Nova Credit’s partners using the Credit Passport® today include American Express, HSBC, Scotiabank, and Verizon.
“Of the many credit-excluded migrant populations around the world, few are in more dire need of support than the Ukrainian people,” said Misha Esipov, co-founder and CEO of Nova Credit. “Credit access isn’t just a piece of the puzzle; it’s a lifeline for the countless Ukrainians uprooted by the chaos of war. We set out to build this partnership with Creditinfo and IBCH Ukraine from the onset of the war, and our teams have worked hard to enable this integration. Together, we’re using data to bridge a world where everyone, regardless of where they come from, has a fair shot at building a brighter future.”
“We are delighted to partner with Nova Credit to help Ukrainians arriving in the U.S. gain access to financial services and credit checks as they look to settle and rebuild their lives,” said Satrajit Saha, Global CEO of Creditinfo Group. “Among the many challenges facing Ukrainians, is finding ways to access finance. Having a positive credit history is vital to doing many things in the U.S. such as renting a property and securing a job. This is why the information we can provide through our partnership with Nova Credit is so important – it offers the data financial institutions, employers and landlords need to provide basic services to Ukrainians wanting to rebuild their lives.”
The Credit Passport® Ukraine data integration is available for deployment into any credit risk or underwriting process across the U.S., U.K., Canada, U.A.E, and Singapore. To learn more about how to get started with Credit Passport®, visit: www.novacredit.com/business/credit-passport
*Source: 380,000 into the U.S. according to the U.S. Department of Homeland Security, 250,000 into the U.K. according to UNHCR, and 210,000 into Canada under the CUAET program.
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ABOUT CREDITINFO
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals.
For more information, please visit www.creditinfo.com
ABOUT NOVA CREDIT
Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing consumer credit data. The company leverages its unique set of data sources, bank-grade infrastructure and compliance framework, and proprietary credit expertise to help lenders fill the gaps that exist in traditional credit analytics. Nova Credit serves as the bridge between data and credit excellence, providing a comprehensive suite of solutions designed to give lenders across various industries – including finance, fintech, property management, telecom, and automotive – a competitive edge in the open finance era. Its cross-border credit product, Credit Passport®, cash flow underwriting product, Cash Atlas®, and income verification product, Verification of Income, are used by leading organizations like American Express, Verizon, HSBC, SoFi, Scotiabank, and Yardi. Nova Credit is backed by investors including Canapi Ventures, Kleiner Perkins, General Catalyst, and Index Ventures as well as executives from Goldman Sachs, JP Morgan, and Citi. Learn more at https://www.novacredit.com or reach out to connect@novacredit.com.
Creditinfo appoints Satrajit Saha as new Global CEO
Former CEO of TransUnion Europe – Satrajit Saha – brings his expertise to Creditinfo, planning to drive growth across its credit bureaus globally.
London – 29th November 2023: Creditinfo, a global service provider for credit information and risk management solutions, has today announced the appointment of Satrajit Saha as its Global Chief Executive Officer (CEO). With over 20 years of experience in banking and credit bureau, Satrajit will drive the growth of Creditinfo and the maturity of its credit bureaus globally. He joins the company from TransUnion Europe, where he held the position of CEO for the last five years.
In his role, Satrajit will lead Creditinfo in advancing its strategic initiatives, with a particular focus on promoting financial inclusion worldwide. Drawing on his rich background in the credit information industry, spread across Asia, Africa, and Europe, he will lead the next phase of Creditinfo’s growth on a global level as it strives to become a truly global bureau and the leader for facilitating access to finance in both developed and emerging markets.
As an experienced strategic leader, Satrajit has an impressive reputation in the financial services space. At TransUnion Europe, he led the board of all TransUnion’s European owned entities. Before joining TransUnion Europe, he was Chief Business Officer at TransUnion India, where he was responsible for crafting and executing TransUnion’s CIBIL’s market strategy. He was also Cards Head, Africa Region, at Barclays Bank.
Satrajit Saha, newly appointed Global CEO at Creditinfo said: “I am honored to take on the role of Global CEO at Creditinfo, a company that is at the forefront of promoting financial inclusion. Together with the talented team at Creditinfo, we will continue to leverage innovative data sets and solutions to bridge information gaps and create opportunities to facilitate access to finance for individuals and businesses globally.”
Monty Ismail, Director at Levine Leichtman Capital Partners and Creditinfo Group Board member said: “We are delighted to welcome Satrajit “Satty” Saha as our new Global Chief Executive Officer. He is an accomplished executive with successful leadership experience relevant to our business, including his time as CEO of TransUnion UK. Today marks the beginning of a new chapter for Creditinfo, and we are excited to see Satty, with extensive knowledge of our key markets, take over as CEO. We are looking forward to working with Satty in continuing to expand our global footprint and unlock access to finance for millions of consumers and businesses worldwide. On behalf of the Board of Directors, I would like to thank Paul Randall for his important contribution as CEO. He has been key to our success, and we are all grateful for his leadership and dedication.”
He will begin his new role as Creditinfo CEO on 1st January 2024 and will report directly to the Creditinfo Group Board.
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About Creditinfo
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals.
For more information, please visit www.creditinfo.com
Creditinfo’s Account Information Service Product
In the spring of 2021, the Estonian Financial Supervision Authority authorized Creditinfo Estonia to offer Account Information Service in the Estonian market. In the autumn of 2021, the Estonian Financial Supervision Authority also granted the authorization to provide Account Information Service to the Latvian and Lithuanian markets. This act added to our product portfolio a new, exciting product that benefits our customers in the short and long run. As of today, we have had the Account Information Service in our cross-Baltic product portfolio for two years.
About the Account Information Service
The opportunity to provide Account Information Service emerged when the European Union (EU) Parliament and the EU Council adopted a new directive regulating payment services in the EU internal market on November 25, 2015 (PSD2), which emphasized the expansion of open banking in Europe.
Open Banking refers to provide third-party financial service providers open access to transactional data of bank and financial institution customers, using secure data transmission channels and customer consent.
The Account Information Service is a part of the Open Banking initiative, defined as an online service where the service user (customer) is identified and authenticated via strong identification and authentification means. The service itself means transmitting customer’s bank account data through a secure channel to third party from whom the customer wishes to apply a credit product.
How does Creditinfo provide the Account Information Service?
Using Creditinfo Estonia’s solution, both individuals, which is regulated by the aforementioned payment service directive, and companies can transmit their account information to third parties.
Beside financial sector the possibilities of the Account Information Service can be successfully used in application processes in various sectors. Previously mentioned customer consent is obviously obligatory.
Different sectors that can benefit from account information:
- Public sector companies that provide subsidies to individuals and businesses, where the information in the account details creates significant value when determining subsidies;
- Insurance sector companies, which can use behavioral information from the bank account for determining insurance premiums or simplifying the insurance incident evidence burden;
- Other sectors where value from account information help to create better personalized offers for their products and services.
The strength of our Account Information Service is categorization.
The greatest value of the Account Information Service provided by Creditinfo Estonia comes from categorizing account transactions, which our clients (data recipients) can conveniently use in their business decisions.
Categorization is a solution that can and should be continuously improved over time. Precise and detailed categorization is a top priority for Creditinfo Estonia’s Account Information Service.
The data from the Account Information Service serves also as an input for our Account Information Service Report. The report helps to make more informed business decisions both internally and towards our client’s customers. The report highlights all the key ratios, indicators, “green and red flags” and much more that can be extracted from account information.
The report is designed in a way that can be customized to meet the client’s needs, which make it a tool for everyday business decisions.
More information about the service: https://creditinfo.ee/en/avoid-debts/psd2/
