25 January 2023

Czech fintech Orka Ventures continues to grow

Ondřej Šmakal's company may not yet be well known in the Czech Republic, but in Iceland more than a third of the population has already used its services.

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Orka Ventures is a global fintech company that specializes in providing consumer lending and other financial services. Although it was founded in the Czech Republic and is headquartered in Prague, most of its activities are currently based in Denmark and Iceland. It has over 130,000 customers in Iceland and is ranked number one in its industry. In the 13 years since its establishment, Orka Ventures has provided loans totalling over CZK 4 billion to its clients.

Late last year, Orka Ventures acquired its largest investor to date - the German financial group nordIX. Orka will receive up to CZK 250 million with the possibility of further financing in the next two years. The nordIX group currently manages six special investment funds focused on the appreciation of money in bonds, qualified investor funds or through direct investments.

Orka Ventures also recently introduced a new mobile app and accompanying payment card called Orka Card. The app will be launched in Iceland in the first quarter and will be available in the Czech Republic and several other European countries by the end of the year. Initially, it will provide an alternative to traditional deferred payments and allow customers to pay for purchases several weeks later. However, the service will also offer a 'pay now, finance later' option, which will allow customers to get a loan for goods they have already paid for with their Orka card.

"Buy now, pay later options can be a convenient way for consumers to shop without having to pay upfront. However, it is important to know the terms and conditions of these services, including any interest or fees, to ensure that it is a financially responsible choice. It is also a good idea to be wary of impulse purchases as these can lead to financial problems in the long term."

-Roman Lux, Director, Financial Advisory/FSI/Valuation and Modelling