The P2P platform iuvo moves to Bulgaria (Updated 02.11.2022)

Iuvo is part of Management Financial Group (MFG), which starts its business in Bulgaria and it has companies in its structure with over 17 years of experience. Most investors know that the platform is closely connected with Bulgaria and big part of the operational and managerial processes of the company happen in the office in Sofia.

We see excellent prospects for the growth of iuvo and the plans to realize them are ambitious. In order to achieve the targeted goals and to perfect the services of iuvo, we plan to move the registration of the platform to Bulgaria. The change is part of the strategy of Blagovest Karadzhov, CEO of iuvo, for long-term development of the company and part of the plan for higher efficiency of the management, which goal is for iuvo to become one of the Top 3 companies by invested funds in the P2P segment.

“We are proud to be able to state our origin by registering in Bulgaria, where our idea and business come from, and to take advantage of the economic environment in Bulgaria, so we can continue to bring maximum added value to the investors on the platform.”, shared Blagovest Karadzhov, CEO of iuvo. “The team is mainly Bulgarian at the moment. Some of our biggest originators are from Central and Eastern Europe and are preferred by our investors throughout Europe. We are the undisputed leader on the Bulgarian market. Bulgaria is one of the main fintech, IT, and outsourcing hubs in Europe. Moving our business operations here will significantly decrease the costs for maintaining the platform, which allows us to invest more in technologies and to fulfill our ambition for providing the best UX/UI to our investors very soon.”

It is very important to note that there will be no changes for the funds of the investors, and the work of the platform will continue to be like it was until now. We strictly follow the AML/CFT regulations of the European Union and this will continue to be like that. Our work will continue to be like it was until now.

At the moment, iuvo is regulated by the Estonian Financial Supervision Authority and the company is registered according to the legislation of the Republic of Estonia. In Bulgaria, we plan the registration of iuvo to keep functioning under the local supervision. Regarding our plans for providing additional services to our users, we are about to start a procedure of registration as a representative of an e-money company.

In its quest to streamline and optimize its business activities, IUVO is terminating its credit intermediation services provided under license No. 4.1-1/133 issued on 28.08.2017 by the Estonian Financial Supervision Authority. Those services are not part of the core business of IUVO and the resources dedicated to them will be used in a more efficient manner. IUVO is in the process of submitting a request for voluntary relinquishment of the license. With regards to this, IUVO has terminated the access of consumers to the online application for submitting requests for credit intermediation. After the process of voluntary relinquishment of the license is complete no part of IUVO business activities will be regulated by the Estonian Financial Supervision Authority.

Another change that happened this year is the stepping in of Blagovest Karadzhov as a CEO of iuvo in April 2022. He became part of our family after over 20 years on management positions in different companies focused in innovations and high technologies. Blagovest has extensive experience in creating and managing complex solutions in the field of fintech, telecommunication, and e-commerce. Part of Blagovest’s priorities for the first couple of months as a CEO is to technologically update the platform, innovations, and entering new markets.

“In the next two years, my main goal is for iuvo to be in Top 3 by invested funds among the platforms in the segment. I am convinced that we have the full potential to achieve it.” – Blagovest Karadzhov

For the six years since its launch, iuvo has over 30 000 investors and nearly €270 million turnover on the market, which have brought an average annual return of 9.2% to the investors since the start of the platform until now. For years, iuvo has been among the biggest platforms by market share in continental Europe. The majority owner of the platform is MFG, which has nonbank financial institutions and fintech companies on 7 markets in Europe and USA. The mission of iuvo continues to be providing innovative products, which meet the interests of investors and originators, as for this purpose we strive to constantly expand the reach of our partnerships, and to attract new investors, whom to offer easy, convenient and intuitive to use products, individual approach, and attractive terms on the platform.

Updated 02.11.2022

As we informed earlier this year, part of the procedure for relocating the registration of iuvo in Bulgaria and optimizing our business operations is revoking our license as a credit intermediary. EFSA approved our request and iuvo is no longer a credit intermediary. Considering that these services are not part of our main business activity, there is no change for the invested funds though our P2P marketplace and iuvoSAVE. This step is necessary in the process and it allows us to formally start the procedure. Iuvo will continue to strictly follow all AML/CFT regulations of the EU after moving the registration to Bulgaria, as well as the regulations for businesses in the country.

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