Zaim Credit says online operations performing beyond its expectations

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Zaim Credit Systems PLC (LON:ZAIM), said the coronavirus pandemic has accelerated the migration of its business model to online, resulting in a positive impact on margins.

In an update on the online operations of its Zaim-Express subsidiary, the Russian fintech group said the online element now represents the largest portion of the group’s business.

The shift to a more flexible and scalable online operation represents the successful delivery and execution of the revised strategy, resulting in significant growth from a low online base at the time of the group’s flotation last year.

Zaim added that the launch of its mobile app, which is expected to increase repeat customers and grow target market penetration, is scheduled for the first half of next year.

“During the last several months and accelerated by the recent pandemic related movement restrictions, Zaim has cemented its evolution from a traditional physical store-based model to a highly-flexible and scalable online-focused business,” said Siro Cicconi, Zaim’s chief executive officer in the update.

“We are pleased to report that our efforts are already showing positive results beyond our expectations with the online platform representing the most significant part of our business for the first time in the group’s history.

“This has all been generated from a near-standing start for our online business in Q4 2019 at the time of the IPO. This transformation lays the foundation for further growth and shareholder value through scalability and increased margins and we look forward to updating the market regularly as to our progress,” he added.

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