CreamCredit rebranding to AvaFin - another milestone in the development of a leading player in the loan industry 

  • 2023-01-19
  • Lucas Bolt

CreamFinance Holding, a leading international player in the financial industry specialising

in consumer loans, is now AvaFin Holding. CreamCredit in Latvia is the first brand to rebrand to the Group’s new identity AvaFin. The aim is to unify international sales brands and open a new chapter in the history of the company, which already operates in five markets around the world: Latvia, Poland, the Czech Republic, Mexico, and Spain. Since its establishment in 2012, the company demonstrated continuous growth while serving more than 1 million unique customers, issuing loans amounting to over EUR 1 billion, and reaching record profitability of EUR 3.4 million in 2021. Rebranding is a natural consequence of global development.

CreamCredit is a well-known Latvian brand in the consumer lending industry. Latvia was the first market where CreamFinance established business and started lending operations in 2012. AvaFin – after this year’s rebranding from CreamFinance – is an international group, one of the leaders in the consumer lending industry. The company's mission is "We make money available", which is to provide clients from all over the world with fast and convenient access to money. Thanks to the automation of lending processes, 90% of clients whose applications are approved receive funds within a few minutes.

They lend a billion euros over 10 years

In Latvia, the company provides attractive rates at a similar level as banks offer for consumer credits. Globally, AvaFin already has 3,8 million verified consumers. The company has granted loans of over 1 billion euros. From a start-up employing 15 people, it has grown over ten years to more than 350 employees with over a dozen nationalities. The rebranding does not mean inconvenience for clients or partners of CreamCredit, despite being a revolutionary change for the identity of the Company.

“We are growing. As an international company, we are adjusting our processes and brands to successfully function globally. We are aware of how crucial it is to be coherent internationally and we believe that our clients will also benefit from the image changes. On the formal level, all of our commitments are in force. For our clients and partners, there will be no disruptions,“ explains Kaspars Dzirneklis, the Managing Director of AvaFin Latvia.

CreamFinance is going through the next stages of corporate development by unifying its sales brands under the AvaFin Group brand, hence opening a new chapter in the history of the global company. To support future development, AvaFin has also attracted a major strategic debt investor, Ferratum Bank Plc, part of the Multitude SE group.

Recently, the founders of CreamFinance broadened their business endeavors by establishing The Esketit platform, an innovative solution that offers the possibility of investing in the non-bank loan market via the P2P (peer-to-peer) model. It enables private investors to invest capital and earn on granted loans. Automated, modern technology support, together with its intuitiveness and low entry threshold, resulted in nearly EUR 112 million invested so far.

Inc. 500 Fastest Growing Fintech

It all started on June 9, 2012. That's when CreamFinance was founded and started lending operations in Latvia. A year later, the company expanded its operations to the Czech and Polish markets. In 2016, it was awarded the Fastest Growing Fintech in Europe title by Inc. 500 and additionally entered the Mexican market. The company operates in five international markets – with Spain as the latest since 2017 – and is backed by its strategic investor Capitec Bank, South Africa's leading consumer bank which acquired over 40% of shares, with an investment of over 17 million euros.

In the carefully planned rebranding process of the holding and its brands, CreamFinance is to be globally recognized by 2024 under one coherent brand of AvaFin. The company is also planning on this occasion an even higher quality of services for its customers. Improving the existing customer service processes, even easier application processes, and changes in the context of user experience are just some of the areas that the company wants to take to an even higher level than before.

Consistent development on a global scale

“We note continuous, consistent growth, improving our results every month and year. I cannot imagine a better moment to give a start signal to move to one coherent brand and technology base for which we dream and aim even higher than before. I strongly believe we can leverage our continuous upward trend, providing a good start to this new era. We are consistently developing the company, and its products and increasing the scale of operations, striving to open new, attractive markets in the coming years,” declares Patrick Koeck, CEO of AvaFin, who turned the company onto the growth path.