European Fintech Startup Runs Operations in the World's Largest Debt Market
Online PR News – 02-April-2021 – USA – Debexepert, an online auction for professional players to buy and sell delinquent debts, has started operating in the USA. The first successfully sold portfolio was the Blount Finance's debt portfolio.
“We have always strived to enter the American delinquent debt market and we are happy that the long, but necessary, pre-operation process has been completed. Despite the fact that the online auction model for selling a portfolio is quite new, there is a high interest in our service from both buyers and sellers in the United States. Over the next few years, we will be building the largest network of debt buyers to efficiently and quickly sell any type of portfolio. We will also focus on the growth of trading volumes to take a noticeable share of the online debt trading market by the end of 2022,” - says Ivan Korotayev, CEO of Debexpert.
The US delinquent debt market is the largest in the world, amounting to $120 billion. According to Credit and Collection News, the total revenue for the Debt Collection industry was 11.5 Billion in 2018.
A key advantage of Debexpert is the ease of buying and selling debts through the platform. Debt buyers get full information of a portfolio before the trading starts to assess whether it fits their business profile. The trades last 60 minutes and the buyer who offers the highest price wins. Debexpert provides sellers and buyers with a high level of communication and service. Debexpert also provides 100% security for every transaction; all sellers and buyers go through a strict compliance process to rule out any violations.
"We were able to sell our portfolio on the first try, and the final price was 300% higher than we had hoped for. This is a great service that allows you to sell any portfolio without independently searching for a buyer," - comments Richard Young, Blount Finance.
Founded in 2019, Debexpert is an international company that operates in the United States, Spain, Russia, Mexico, and Kazakhstan. The company plans to enter the Asian market in 2022.