STOCKHOLM, Sweden, May 22, 2014 (GLOBE NEWSWIRE) -- Growth in amount lent was 43% compared to Q4 2013 and 57% compared to Q1 2013. The number of loans in Q1 2014 was over 60,000, substantially higher than the corresponding period in 2013, up by 88%, and 30% higher than in Q4 2013. The increase in lending volumes occurred despite a deliberately cautious start in several of our markets in which we have chosen to introduce and test new routines and models for credit assessments.
The clear trend of increasing volumes as we have seen in the previous year will continue in 2014, resulting in a significant increase in lending volume. As previously announced, TrustBuddy anticipate that significant further institutional capital will be deployed on the platform in Q2 2014, which will support material volume growth. We continue to expect lending volume to increase exponentially through the year with the largest part during 2H 2014, with full year 2014 lending volume expected to reach SEK 1.5 billion.
In this quarter, focus and resources have been directed to the development of the company's new IT platform that is estimated for launch in mid-June, along with a brand new website. The new platform will put TrustBuddy another step ahead of the competition in the segment facilitating a high degree of automation for payments and credit assessments. The system will result in an unparalleled speed and safety in the handling of cases and ensure full scalability both in terms of future volume growth and in the implementation of new attractive products.
This investment in future growth has meant that costs have increased broadly in line with revenues. EBITDA amounted to SEK -0.5 million (Q1 2013: SEK 1.8 million).
TrustBuddy intend to continue its expansion into new markets during 2014. During the first two quarters of 2014, the company's focus is on enhancing the product offering, operations and profitability for our customers and for TrustBuddy as a company.
For more information please contact:
Jens Glasoe, CEO, TrustBuddy International AB (publ)
+47 40 40 47 50,
About TrustBuddy International AB (publ)
TrustBuddy International AB (publ) is one of the first in the world to focus on arranging loans and capital provision between buddies in Scandinavia in an organised manner. The company is listed at NASDAQ OMX First North in Stockholm. Erik Penser Bankaktiebolag is TrustBuddy International AB (publ)'s Certified Adviser, phone number: +46 8 463 80 00.
Source:TrustBuddy International AB