Blue Finance Oy has established a new subsidiary in Poland – wide market and good premises provide strong potential for growth

Blue Finance Oy (Ltd) has expanded to Poland by establishing a new subsidiary, Blue Finance Polska. The subsidiary will provide consumer credit in Poland under the Nexu brand. The goal is for the operation in the future to also include corporate loans.

Blue Finance Oy has established a new subsidiary in Poland. Founded already in the spring of 2021 and providing consumer credit, started operating in September by issuing a loan for its first customer in Poland.

“The new market will serve two purposes: Poland’s large consumer credit market will offer us an opportunity for a steady growth, but at the same time it also divides our risks within a specific country. There are many factors in Poland that allow for an efficient operating, such as established procedures, a clear legislation which is a result for the long history of market operation, good infrastructure, and good collaborators”, says the Chief Executive Officer for Blue Finance Group Lauri Lehtonen.


Consumer credits on the rise – Poland’s economy has recovered after the pandemic

With the digitalization of households, the non-banking consumer credit market has experienced a clear rise in Poland since the beginning of last decade, and the number of loans issued have risen significantly also in 2021. According to Poland’s Credit Information Bureau (BIK) the value of the loans issued rose 78.2 % in October when compared to last year, and the number of loans was 62.5 % more than the corresponding period of time in 2020. The most typical loan products in Poland are credit lines, fixed-term loans, and credit cards.

Compared to other EU countries, Poland has endured fewer damages during the COVID-19 pandemic both in terms of GDP and the employment. Before the pandemic, the country’s GDP had been growing for 27 years in a row, and the dip of 2020 (-2.7%) is now already behind. The projected economic growth for the current and the next year is at the estimated level of 5 percent. The special regulations for consumer credits set on account of the pandemic were lifted in 30.6.2021.


The inclusion of corporate loans next year

Blue Finance is entering the new and exciting market from a strong position by having 10 years of experience in the business. The goal for 2022, which will be the first full year of operation, will be redeeming start-up costs and breaking even with no profit or loss. Working to ensure that these goals are met is the motivated and capable team of Blue Finance Polska, who likewise have years of experience from the financial sector.

Poland’s large population of 45 million people offers possibilities for an extensive clientele which is the reason the operation is starting with consumer credit. The aim is to follow the example of Finland and Denmark and extend the operation during 2022 to include corporate loans. The market for small and medium corporations is approximately 119 billion euros, which is nearly double that of Finland’s.

”It is great to be able to start our operation in Poland. We have a good starting point for success: a motivated team and a market full of potential for growth. Our competitive advantage will absolutely be Blue Finance Group’s credit management platform AXON, which enables the use of big data in customer selection and controlling credit risk”, says the Country Manager of Blue Finance Polska Tomasz Zapala.

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