The Bulgarian fintech company Leno raised another 1m euros. The investor is the Japanese digital platform for English language training – Native Camp.
Leno’s Japanese relationship has been around for years. Even before the investment by Native Camp, 18% of the shares of Leno AD were owned by investors from Japan. Today, Native Camp receives 2% of Leno, and the deal estimates the company at almost BGN 100 million, the company announced.
Founded in 2012, Leno AD is a financial institution registered with the BNB, which provides lending mainly to people and businesses in the subprime segment, which banks have been avoiding for years. So far, the company has provided over BGN 44 million to borrowers from all over Bulgaria.
“Over the years, more than BGN 52 million have been invested in Leno by Japanese investors, thanks to which we have managed to give a second chance to thousands of people and small businesses, as well as to establish ourselves as a leading alternative lender,” said Nikolay Poppalov, Chairman of the Board. of Leno AD. “The deal is special to us because we have known Native Camp since its inception and have been seeing the company’s incredible growth for six years. Having a strategic investor of this rank obliges us to set increasingly ambitious goals.”
One of the new services for the Bulgarian market helps those who want to buy a home when they do not have savings for self-participation. Leno buys the property and rents it out at market price. The customer has the right to redeem it during or at the end of a 3-year period.
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