The non-bank credit company Blender reports that an international insurance company will insure its loan portfolio in Israel and Europe. The policies purchased by Blender will cover up to 14% of Blender’s portfolio in Lithuania, Latvia and Israel in the event of non-compliance with loan repayment.
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While in Lithuania and Latvia the coverage will be 13.5% on loans in Israel and its rate will be 14%. Blender’s deductible will be 3.5% of the loan balance not repaid in Lithuania and Latvia, and 4% in Israel.
Blender joined the Tel Aviv Stock Exchange in January when it raised NIS 80.5 million at a value of about NIS 300 million. Fell by about 7%, later rose by about 23% and today the company is traded at a value of NIS 310 million.
In 2020, the company’s revenues amounted to NIS 29.5 million, compared with NIS 24 million in 2019 and NIS 11 million in 2018. The loss in the first half of 2020 amounted to NIS 4.6 million, compared with NIS 5.5 million in the corresponding period. In 2019, Blender lost NIS 9.8 million.
The company offers an online platform for providing consumer credit and receiving P2P (Fellow to Fellow) loans. The controlling owner of the blender is the Aviv family (40%), which previously controlled the public real estate company Osif. Recently, David Fattal, the controlling owner of the hotel chain, invested NIS 1 million in the blender.
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