German SME lender Creditshelf says coronavirus could prompt "overdue" digitisation of German banks

By John Reynolds on Monday 23 March 2020

Digital Banking

Creditshelf has reported its 2019 financial figures, with revenues up 92 per cent.

German SME lender Creditshelf says coronavirus could prompt
Image source: Provided by Creditshelf

The global coronavirus outbreak could prompt the "overdue" digitisation of the German financial industry, according to the Frankfurt-based lender Creditshelf, which has reported year-on-year revenues up 92 per cent helped by growth in loan volumes.

The SME-focused alternative lender, which was founded in 2015 and listed 18 months ago, today (Monday) updated the market on its 2019 financial performance and also the impact of coronavirus on its business and the German SME market.

"At this point in time, the impact of coronavirus pandemic on German SMEs is not reliably assessable," Creditshelf said.

"The current situation entails risks, but also offers opportunities for example with respect to the overdue digitisation of the financial industry in Germany. Creditshelf is positioned accordingly. The company has converted all employees to flexible working hours and home office at short notice - without affecting its digital business model."

"In these very challenging times for our customers and the entire German SME sector, we are offering our services as a reliable partner," added Creditshelf Chief Operating Officer Dr. Daniel Bartsch (pictured).

"It is now crucial that the funds reach the companies very promptly and pragmatically. We support them with short-term, flexible solutions."

In its financial update, Creditshelf reported revenues up 92 per cent year-on-year in 2019 to €4.6m.

Loan volumes rose from €51m to €89m in the period.

Creditshelf said Q4 was its most successful ever, with revenues of €2.1m.

Creditshelf CEO Tim Thabe (pictured) said the results showed SMEs are increasingly willing to put their trust in digital platforms.

"At Creditshelf, this trend is reflected in the strong growth in arranged loan volumes. Partnerships such as the increasingly successful cooperation with Commerzbank, for example, will play a growing role in the future," he added.

In 2019, Creditshelf snapped up a rival owned by German banking giant Commerzbank, in a deal that will also see the pair work together to secure loans for growing firms.

Looking ahead, Creditshelf said it expected revenues to grow between €7m and €8.5m in 2020.

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