FIS and Money.Jo partnership helps disrupt Jordan’s lending industry

By Leandra Monteiro

FIS and Money.Jo have partnered to adapt to rapid changes in consumer habits in the Middle East. Less than a year after launching operations in Jordan, Money.Jo became one of the country’s leading consumer loan providers, with €3.9m monthly disbursements. The company that focuses on offline single-payment unsecured loans, built their operations on top of infrastructure developed and provided by Finance IT Solutions (FIS) – a Latvia-based company with more than 10 years of experience in the field.

Money.Jo, a joint venture established by founders of global finance companies Cream Finance and Esketit, entered the Jordanian market in December 2020. The company issues loans ranging from €20 to €1,000 to qualified applicants via a network of storefronts in Jordan’s major cities. Although 95% of its clients have bank accounts, the company can offer them the convenience and speed of decision-making that Jordanian banks still lack.

Rather than build their own IT infrastructure, Money.Jo partnered with FIS.solutions – a company that has already helped more than 50 factoring, auto financing and consumer loan companies around the world with loan management system implementation.

“As we don’t have to rely on legacy systems, we are able to bring about a faster turnaround than most local banks. This benefits the consumer who wants to receive the loan the very same day, the very same hour they apply for it. To make that happen, we needed a reliable and scalable IT system that would work well with Jordanian credit scoring providers and databases. FIS.solutions were able to quickly adapt their model to our needs, which meant that we could focus on marketing and sales,” said Matiss Ansviesulis, Co-Founder of Money.Jo.

Over the years, FIS has helped financial institutions from Colombia to Jordan with reliable and secure payment infrastructure solutions.

“Unlike other providers, we don’t push our clients to work with us forever. We are happy to create favourable takeover processes, once our clients grow and can manage the IT side of their operations on their own. Our product is designed so that we can work in one team with the internal IT team or offer a complete IT infrastructure,” said Armands Liseks, CEO of FIS.

In addition to Money.Jo’s own capital, it relies on private investors that finance the loans via P2P platform Esketit.com. In their first year of operation, Money.Jo has already issued loans amounting to €6 million, putting it among the country’s top consumer loan providers.