Entrepreneurship and expansion into foreign countries
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The focus on business scaling is crucial for the company, starting up in Baltics. Starting up in a small country forces you to think globally from day one. The importance of planning and strategy to expand abroad is crucial for the small company, and such steps such be well-thought throughout. This presentation used in electronic commerce conference "E-komercija '16" by Matiss Ansviesulis from company Creamfinance.
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Entrepreneurship and expansion into foreign countries
- 1. CREAMFINANCE EXPORT STRATEGIES FOR E-BUSINESS MARCH 2016 MATISS ANSVIESULIS, CO-FOUNDER/CEO, Creamfinance
- 2. CONTENT Introduction 3 Expansion Strategy 6 Export markets 15 WE MAKE MONEY AVAILABLE 2
- 3. INTRODUCTION ABOUT MYSELF – BANKER TO UNEMPLOYED WE MAKE MONEY AVAILABLE 3
- 4. INTRODUCTION ONE CLICK LOANS TO CONSUMERS GLOBALLU INTERNET Three core skills CONSUMER LENDING We make money available is the mission of Creamfinance Consumer loans online fast, easy, small to medium size non secured loans WE MAKE MONEY AVAILABLE 4
- 5. CREAMFINANCE – SOLID FOUNDATION TO SCALE GLOBALLY BrandsCountry Loan products Registered users Target Consumer Microloan, Cash loan Microloan Installment Microloan Subprime, Near prime 128,000 Microloan, Credit line Subprime, Near prime 106,000 Microloan, Cash loan Subprime 120,000 Microloan Microloan Subprime Subprime 48,000 N/A Near prime Subprime Near prime 25,000 170,000 5,000 Product portfolio short term loans, instalment loans and credit lines Focus on convenience apply online, loans approved in 10mins, funds paid same day €25mil revenue and profitable 210 employees HQ in Warsaw, Poland Now in 6 countries world-wide Started in 2012 in Latvia Poland Georgia Latvia CZ Slovakia Denmark INTRODUCTION WE MAKE MONEY AVAILABLE 5
- 6. EXPANSION STRATEGY START OF CREAMFINANCE WE MAKE MONEY AVAILABLE 6
- 7. EXPANSION STRATEGY CREAMFINANCE EXPANSION STRATEGY Legal entity, licences, service providers 12-18 months to break even Foreign Direct Investment Team/office in every export market We use PPC at first WE MAKE MONEY AVAILABLE 7
- 8. EXPANSION STRATEGY CHOOSING THE COUNTRY Check competition – in the middle OR – simply follow market leader Bigger market size not always better Don’t catch paralysis by analysis Forget about macro, focus on micro Check infrastructure Build locally control centrally 4 Build local teams or partnerships 3 Do not procrastinate with research 1 Start small, move fast 2 WE MAKE MONEY AVAILABLE 8
- 9. EXPANSION STRATEGY ENTERING THE COUNTRY Be patient – more time and cost than planned First time means mistakes - limit them Be fast – learning starts after commitment Be low profile - don’t over-spend Do not procrastinate with research 1 Build locally control centrally 4 Start small, move fast 2 Build local teams or partnerships 3 WE MAKE MONEY AVAILABLE 9
- 10. EXPANSION STRATEGY ENTERING THE COUNTRY Office-Flat Reconstruction Ready to go Do not procrastinate with research 1 Build locally control centrally 4 Start small, move fast 2 Build local teams or partnerships 3 WE MAKE MONEY AVAILABLE 10
- 11. EXPANSION STRATEGY EXPAND LOCALLY Example of a bad launch – CZ, where we did everything ourselves Hire a local professional in the export market Hire young hungry professionals Example of a great launch – GE, where we hired a professional Do not procrastinate with research 1 Build local teams or partnerships 3 Build locally control centrally 4 Start small, move fast 2 WE MAKE MONEY AVAILABLE 11
- 12. EXPANSION STRATEGY EXPAND LOCALLY Example of a bad launch – CZ, where we did everything ourselves Hire a local professional in the export market Hire young hungry professionals Example of a great launch – GE, where we hired a professional Patrick Koeck – Chief Risk Officer, Creamfinance Do not procrastinate with research 1 Build local teams or partnerships 3 Build locally control centrally 4 Start small, move fast 2 WE MAKE MONEY AVAILABLE 12
- 13. EXPANSION STRATEGY 6x faster growth in last 2 markets Revenue during first 12 months of operations 1494 1500 Thousand € 285 320 1236 0 CZ launch year 2012 SK launch year 2012 PL launch year 2013 GE launch year 2014 EXPAND LOCALLY WE MAKE MONEY AVAILABLE 13
- 14. EXPANSION STRATEGY MANAGING MULTIPLE EXPORT MARKETS Do not procrastinate with research 1 Build locally control centrally 4 Start small, move fast 2 Build local teams or partnerships 3 Matrix management central/local and team location Team split build wherever best people CF HQ Poland, IT Austria, Risk Latvia Central/local revenue local, control central WE MAKE MONEY AVAILABLE 14
- 15. EXPORT MARKETS Active registrations Active registrations 46000 9557 20% 21% 1% Proportion of Revenue Proportion of Revenue aggregators, local PPC Proportion of Revenue Active registrations 38000 46%Proportion of Revenue Active registrations 62000 12%Proportion of Revenue Active registrations 65000 CREAMFINANCE EXPORT MARKET OVERVIEW low price, aggergators aggregators, local PPC aggregators, crowded offline, relationships WE MAKE MONEY AVAILABLE 15
- 16. WE MAKE MONEY AVAILABLE Affiliate partners API Partners PPC Direct & SEO Emailing & SMS External partners Other 0% 20% 40% 60% 80% 100% traffic CZ GE LV PL SK from local entities establishment MANAGING MULTIPLE EXPORT MARKETS EXPORT MARKETS WE MAKE MONEY AVAILABLE 16
- 17. © CREAMFINANCE 2016 MATISS ANSVIESULIS, CO-FOUNDER/CEO, Creamfinance ansviesulis.com @MAnsviesulis matiss.ansviesulis@creamfinance.com