Göteborg, 2011-06-27 14:52 CEST (GLOBE NEWSWIRE) --
TrustBuddy AB (2009), a Swedish P2P lending facilitation company. Using in-house developed and proprietary mobile-/web-based financing solutions, it facilitates smaller short-term loans between private consumers. The company does not lend out its own money; pooled loan-portfolio investors provide funding. TrustBuddy has already reached close to 40.000 registered members, of which more than 20.000 are active customers, in Norway and Sweden alone. This is done with virtually no marketing efforts, showing how popular the product is. The business model is to charge fees on the facilitation process, whereby charges occur throughout the application process, all through to repayment or debt collection, and through administration fees, collection fees and premium SMS revenues. TrustBuddy became cash flow positive after a few months of operations. It has given loan-portfolio investors a high return on the funding (currently more than 15% p.a.), with virtually no losses (bad debt figures of below 1%). Loans are considered somewhat expensive; 12% interest per loan plus charges, but they are fast and easy to get, if one is credit worthy. Lenders have diversified risks covering many loans with a low amount in each loan. All borrowers and lenders are identified through the failsafe “BankID” identity system. Credit-worthiness is instantly certified (or denied) by online credit check companies in each targeted market, creating a low risk customer base.
The online P2P lending market has been in massive growth since 2005. A multitude of providers exist, which all have similar products, both web based, SMS-based and/or MobileApp-based. A few have become international giants (i.e. Prosper.com, Lendingclub.com and Zopa.com), but most are small- to medium sized local companies.
TrustBuddy is online in Sweden, Norway and Slovenia. In 2011 Germany, Denmark and Austria is launching. In 2012, multiple countries will be targeted, both through partnerships and as local branch offices. For non-organic growth, TrustBuddy may also acquire similar companies and alter their business model, as the company has already done with Loanland.se in Sweden. The target is to cover mainland Europe within 3-5 years, along with local presence in selected countries outside Europe.
TrustBuddy is applying to be listed on the NASDAQ First North in Stockholm (Sweden), through a reverse merger with 360 Holding AB (publ). Existing business in 360H is sold off.
The proposed new board of directors in 360 Holding AB (publ), with suggested new name ”TrustBuddy International AB (publ)”, includes:
Eivind Jørundland, Chairman
Jens B. Glasø, CEO
Rune Glasø
Trond R. Ramslie
Linus L. Lönnroth
Alf Erik Skauland
Chairman of the Board; Mr. Eivind Jørundland (1960) (MBA) has an extensive career spanning management positions in the finance industry and in government agencies. His career started up with eight years as a manager in the Norwegian Competition Authority and one year as a national expert in the EFTA Surveillance Authority (Brussels). Later, he has spent 13 years developing and leading businesses in the financial sector and participated in the establishment of Acta (Investment funds and other financial services) offices in Kristiansand. He was a significant player in the development of Fund management company Optimum ASA for seven years, leading the company through the Norwegian Finance Authority licensing process (MIFID). He is currently working as CEO at Moementum AS, alongside being an active part of the TrustBuddy board.
•Rune Glasø (1962): Mr. R. Glasø was educated at the Norwegian School of Hotel Management and has been managing Norwegian hotels Dr Holms Hotel, Reso Caledonien Hotel and the company Scandinavian Servicepartner. He is a competent project manager and has been working with internal organizational processes. Mr. R. Glasø has also worked in the borderline between sports and businesses for several years. He is currently using his knowledge towards companies in order to increase the experienced value in the use of internal and external meeting places. Rune has worked as a project manager for the Varner Group, Terra Real Estate, AktivReal Estate, Alliance Boots, the Rimi groceries retail chain and the bank Sparebanken Vest. When not working for the TrustBuddy board of directors, he focuses on national and international retail companies.
•Linus L. Lönnroth (1972): Mr. Lönnroth has more than 10 years experience from the financial sector, including being an executive vice president for 8 years at the Oslo Stock Exchange until 2006. From here he went to Optimum (Fund managers) as an Executive Vice President with responsibility for the Swedish market, where he was until 2009. Lately, Mr. Lönnroth has been working as General Manager with Loft investments, as well as being on the board of (amongst others) TrustBuddy.
•Trond R. Ramslie (Born 1973), has worked as a leader for Bryne Offset before he entered the advertising business with Domene Fem AS in 2003. There he worked as a production manager for three years before he started working for Adsign Advertising in 2006. He became a part of the management group and worked as a project developer. Trond is currently also on the board of the company.
•Alf Erik Skuland(1961): Mr Skuland has more than 10 years experience from the finance sector, both as a consultant and manager. He has 13 years experience within the IT business as a project leader with responsibility of implementing MRO systems for customers, consultant tasks and the last five years as sales manager. Recently Mr. Skuland is responsible for managing properties in Lærdal Holding AS.
•CEO Mr. Jens Glasø (1971): Mr. Glasø has founded several technology companies, and has worked many years in the financial sector. He has been a stock broker, trader and advisor for SMEs, and wealthy individuals. In 2005 he was hired as Executive Vice President for Optimum ASA and was head of the offices in Kristiansand and Brussels. While he was working for Optimum the company experienced a significant increase in revenues and the increased its managed capital with 2 billion NOK. He commenced as CEO for TrustBuddy AB November 2009.
Additional financial details:
- TrustBuddy’s business maintains its strong growth and profitability. In the first part of 2011, the company has seen a monthly growth in number of customers of 63.8% in Norway and approx. 60% in Sweden. The product is gaining popularity, and the company’s international expansion plan is on schedule.
- Customers issuing loans have experienced between 17% and 24% yearly interest on their capital, with less than 1% bad debt figures.
- The private placement held by TrustBuddy’s holding company was concluded in one week in the start of June 2011. The placement was oversubscribed by more than 50% (above the minimum limit), collecting SEK 4.5 million in new capital for the company. These funds are being transfered to TrustBuddy AB prior to the merger with 360 Holding AB (Publ).
- The audited accounts of TrustBuddy AB for 2010 show a profit of SEK 2.5 million.
Please direct all questions in connection with this press release to:
Anders Holmstedt, CEO (VD) 360 Holding AB (publ)
+46 31 69 45 05
+46 706 06 69 00
360 Holding AB (publ) is a Swedish PLC (publikt AktieBolag), with its shares traded on NASDAQ First North (OMX) in Stockholm, Sweden. The company’s registered Certified Adviser isThenberg & Kinde Fondkommission AB, who can be reached at +46 031-745 50 00 or through www.thenberg.se.
The business concept behind 360 Holding AB is owning and consolidating online gaming brands and companies. The licensed companies running the gaming services are in Malta, running the sites www.heypoker.com, www.heycasino.com , www.heybets.com , www.heyfinans.com, www.finansbet.com , www.pokerpanthers.net and www.prostaker.com. After 30 June 2011 this will change to becoming running and developing a finance platform through the brand ”TrustBuddy”, www.trustbuddy.com.
