TrustBuddy market update: TrustBuddy growing faster than expected in Spain
Stockholm, 2013-03-14 13:58 CET --
Following the market updates from January on TrustBuddy’s Spanish office, the company is pleased to report a stronger than expected growth in Spain.
The Spanish market has welcomed TrustBuddy in a completely different way than our previous markets. We have not yet done any marketing, and our customers have only come in through word-of-mouth knowledge, and still our customer base has beaten even the most optimistic estimates – even before the end of our soft-launch period. In the Scandinavian countries, it took TrustBuddy one year to reach 100 new customers per day. In Spain, the number of new customers per week is currently passing 500, which is more than twice what we anticipated in our best-case studies.
TrustBuddy’s top management has spent a lot of time in Spain to make sure the extra growth did not break our systems while we scaled up for the extra volume, and so far that efforts have been successful. Fortunately, lending volumes per customer are lower than in the Scandinavian markets, creating a better profitability per issued Euro in loans for TrustBuddy, whilst putting less strain on our loan funding reserves. The funding investment side is slightly lagging the growth of the loan volume, just as in other market launches, but this is in line with expectations and still at a higher level than in the other countries in which TrustBuddy operates.
This growth has come as a welcome surprise for TrustBuddy, with Spain becoming our most successful market yet, without even promoting our products. We expect to see even stronger growth once our products are marketed across the country. The local operations are currently being scaled up even further, to sustain the booming growth. Forthcoming marketing efforts will only be initiated once the organization can comfortably handle even stronger growth, which the company expects to both continue and increase.
For additional information, please contact:
Jens Glasø, CEO, TrustBuddy International AB (publ)
+47 40 40 47 50, firstname.lastname@example.org
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. Mangold Fondkommission AB is TrustBuddy International AB (publ):s Certified Adviser and market maker, contact number: +46 8-503 015 50.