LONDON: Investment Evolution Credit plc (IEC), a global fintech group specialising in online consumer loans, has signed an agreement to set up a new subsidiary in the US, MRAL Spain Corporation (MRAL Spain), which will offer consumer credit in Spain.
The agreement involves IEC’s US subsidiary, Investment Evolution Corporation (IEC US), and a Spanish company, Investment Evolution Credit SA (Spain Co), which is not part of the group. IEC will transfer the rights to use the ‘Mr. Amazing Loans’ brand to MRAL Spain, while Spain Co will provide its artificial intelligence lending platform technology.
Investment Evolution Credit will own 51 per cent of MRAL Spain and Spain Co will own 49 per cent.
The deal is part of IEC’s growth strategy and global expansion in the consumer finance market. Sam Prasad and Paul Mathieson, directors of IEC, are also shareholders in Spain Co.
Paul Mathieson, Chief Executive Officer of Investment Evolution Credit plc, stated: “We are excited to announce IEC’s proposed expansion into the Spanish consumer finance market, representing a significant growth opportunity for IEC and highlighting our commitment to providing innovative consumer finance solutions globally. We are confident this expansion will generate shareholder value and strengthen IEC’s position as a global leader in consumer finance.”