Entrepreneurship and expansion into foreign countries
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Transcript of Entrepreneurship and expansion into foreign countries
CREAMFINANCEEXPORT STRATEGIES FOR E-BUSINESS
MARCH 2016
MATISS ANSVIESULIS, CO-FOUNDER/CEO, Creamfinance
CONTENT
Introduction 3
Expansion Strategy 6
Export markets 15
WE MAKE MONEY AVAILABLE
2
INTRODUCTION
ABOUT MYSELF – BANKER TO UNEMPLOYED
WE MAKE MONEY AVAILABLE
3
INTRODUCTION
ONE CLICK LOANS TO CONSUMERS GLOBALLU
INTERNET
Three core skills
CONSUMER
LENDING
We make money availableis the mission of Creamfinance
Consumer loans onlinefast, easy, small to medium size non secured loans
WE MAKE MONEY AVAILABLE
4
CREAMFINANCE – SOLID FOUNDATION TO SCALE GLOBALLY
BrandsCountry Loan products Registered users
Target Consumer
Microloan, Cash loan
Microloan
Installment
Microloan
Subprime, Near prime 128,000
Microloan, Credit line Subprime, Near prime 106,000
Microloan, Cash loan Subprime 120,000
Microloan
Microloan
Subprime
Subprime
48,000
N/A
Near prime
Subprime
Near prime
25,000
170,000
5,000
Product portfolio short term loans, instalment loans and credit lines
Focus on convenience apply online, loans approved
in 10mins, funds paid same day
€25mil revenue and profitable
210 employees HQ in Warsaw, Poland
Now in 6 countries world-wide
Started in 2012in Latvia
Poland
Georgia
Latvia
CZ
Slovakia
Denmark
INTRODUCTION
WE MAKE MONEY AVAILABLE
5
EXPANSION STRATEGY
START OF CREAMFINANCE
WE MAKE MONEY AVAILABLE
6
EXPANSION STRATEGY
CREAMFINANCE EXPANSION STRATEGY
Legal entity, licences, service providers
12-18 months to break even
Foreign Direct Investment Team/office in every export market
We use PPC at first
WE MAKE MONEY AVAILABLE
7
EXPANSION STRATEGY
CHOOSING THE COUNTRY
Check competition – in the middle
OR – simply follow market leader
Bigger market size not always better
Don’t catch paralysis by analysis
Forget about macro, focus on micro
Check infrastructure
Build locally control centrally
4Build local teams or partnerships
3Do not
procrastinate with research
1Start small, move fast
2
WE MAKE MONEY AVAILABLE
8
EXPANSION STRATEGY
ENTERING THE COUNTRY
Be patient – more time and cost than planned
First time means mistakes - limit them
Be fast – learning starts after commitment
Be low profile - don’t over-spend
Do not procrastinate with research
1Build locally
control centrally
4Start small, move fast
2Build local teams or partnerships
3
WE MAKE MONEY AVAILABLE
9
EXPANSION STRATEGY
ENTERING THE COUNTRY
Office-Flat Reconstruction Ready to go
Do not procrastinate with research
1Build locally
control centrally
4Start small, move fast
2Build local teams or partnerships
3
WE MAKE MONEY AVAILABLE
10
EXPANSION STRATEGY
EXPAND LOCALLY
Example of a bad launch – CZ, where we did everything
ourselves
Hire a local professional in the export market
Hire young hungry professionals
Example of a great launch – GE, where
we hired a professional
Do not procrastinate with research
1Build local teams or partnerships
3Build locally
control centrally
4Start small, move fast
2
WE MAKE MONEY AVAILABLE
11
EXPANSION STRATEGY
EXPAND LOCALLY
Example of a bad launch – CZ, where we did everything
ourselves
Hire a local professional in the export market
Hire young hungry professionals
Example of a great launch – GE, where
we hired a professional
Patrick Koeck – Chief Risk Officer, Creamfinance
Do not procrastinate with research
1Build local teams or partnerships
3Build locally
control centrally
4Start small, move fast
2
WE MAKE MONEY AVAILABLE
12
EXPANSION STRATEGY
6x faster growthin last 2 markets
Revenue during first 12 months of operations
1494
1500
Thousand €
285
320
1236
0
CZ launch year 2012
SK launch year 2012
PL launch year 2013
GE launch year 2014
EXPAND LOCALLY
WE MAKE MONEY AVAILABLE
13
EXPANSION STRATEGY
MANAGING MULTIPLE EXPORT MARKETS
Do not procrastinate with research
1Build locally
control centrally
4Start small, move fast
2Build local teams or partnerships
3
Matrix management central/local and team location
Team split build wherever best people
CF HQ Poland, IT Austria,
Risk Latvia
Central/localrevenue local, control central
WE MAKE MONEY AVAILABLE
14
EXPORT MARKETS
Active registrations
Active registrations
46000
9557
20 % 21 %
1 %
Proportion of Revenue Proportion of Revenue
aggregators, local PPC
Proportion of Revenue
Active registrations38000
46 %Proportion of Revenue
Active registrations62000
12 %Proportion of Revenue
Active registrations65000
CREAMFINANCE EXPORT MARKET OVERVIEW
low price, aggergators aggregators, local PPC
aggregators, crowded
offline, relationships
WE MAKE MONEY AVAILABLE
15
WE MAKE MONEY AVAILABLE
Affiliate partners
API Partners PPC Direct & SEO Emailing & SMS
External partners
Other
0%
20%
40%
60%
80%
100%
traffic
CZ GE LV
PL SK
from local entities establishment
MANAGING MULTIPLE EXPORT MARKETS
EXPORT MARKETS
WE MAKE MONEY AVAILABLE
16
© CREAMFINANCE 2016
MATISS ANSVIESULIS, CO-FOUNDER/CEO, Creamfinance
ansviesulis.com @MAnsviesulis