Fintech company Solva has published interim results of its business model transformation. Over nine months, net profit amounted to 3 billion tenge. This was reported by Qazaqyia.kz citing Kursiv Media.
Payments to investors and creditors
The company paid its investors and creditors 8.84 billion tenge, of which 4.76 billion was principal debt.
Directing funds to SMEs
Solva directs raised funds to finance small and medium-sized businesses (new fundraising for the period totaled 3 billion tenge). To maintain liquidity for lending, the company optimized expenses: it revised its organizational structure, abandoned duplicate functions, cut rental costs, and reduced its payroll by 20% thanks to AI.
Freed-up funds
Funds freed up through optimization allowed the company to prepare a foundation for active lending development. The product line now includes auto lending and loans secured by vehicles, as well as loans secured by real estate. SME financing formats are also expanding: Solva has already conducted its first factoring deal. A separate area is a partnership with the "British Quarter" residential complex in Karaganda – entrepreneurs can now arrange installment payments for non-residential premises to start a business on the complex's territory.
Comment from a representative
"The development of secured lending is a step toward working with large tickets and long-term clients," notes Pavel Kravchenko. "At the start of the transformation, we focused on financial discipline while embedding AI into the core of our operating model – from service to credit decisions."
Significance for SMEs
Thus, the improvement in Solva's financial performance and the expansion of its product line may contribute to an increase in available funding sources for small and medium-sized businesses. The company's factoring deal and secured lending areas are aimed at meeting the long-term needs of SMEs.