ITSector launches spin-off in the credit area to boost international business. ITSCREDIT started the activity with 20 employees from Porto and wants to triple this number by the end of 2020.
ITSector, based in Porto, will launch a spin-off, ITSCREDIT, specialized in the development of software products to accompany all phases of the credit life cycle.
The main focus of the project is to exploit the business potential of the credit solutions area in external markets and, in this sense, ITSCREDIT will start, throughout 2018, focusing its activity on consolidation in the markets where, in addition to Portugal, ITSector already operates - Angola, Mozambique, Kenya, Poland, United Kingdom and Germany.
"Over the years, ITSector has been developing software products in the credit area, with great national and international success. The great potential that we recognize in this business area has imposed the adoption of a strategy of specialization in this activity, autonomizing it from the rest of the ITSector", explains João Lima Pinto, member of the board of directors of ITSector that now assumes the portfolio of CEO of ITSCREDIT.
The products already developed and with which ITSCREDIT will present itself to the markets - cover the areas of credit origination (Flowcredit), credit simulators (Calculators), credit recovery (Collections) and corporate credit risk management (Corporate Risk Analysis).
It should be remembered that the Flowcredit product, a solution that incorporates a mobile app capable of simulating a credit application in real time and carrying out its respective contracting, was, in September of last year, one of the 70 innovations selected to be presented to the cream of the US financial industry, as part of ITSector's participation in Finovate New York, the American edition of what is considered the most prestigious world fair of technology geared towards the financial sector.
As for the business model to be implemented at ITSCREDIT, João Lima Pinto states that "it will be based, above all, on the sale of product licenses with reseller and integrator partners. In the first year of activity of the company we expect to achieve a turnover of over €1.5M, with a component of 70% of exports.
The same responsible adds that "in this spin-off phase, ITSCREDIT's activity will be centralized in Porto and around 20 employees will move from ITSector to ITSCREDIT, with great emphasis on the product design and development teams. By the end of 2020, the goal is to triple the number of people".
It should be noted that last month, ITSCREDIT participated in Finovate Europe 2018, held in London. In June, the company participates in Money 2020, in Amsterdam, an event that will bring together more than 2000 companies from 80 countries, associated with the Fintech universe and financial services.