What is MytripleA about?
MytripleA is the first and only fully regulated platform operating in the Spanish market. MytripleA is a Spanish business finance platform meeting both short-term and medium-term financing needs of Spanish SMEs. MytripleA offers two different products: 1) insurance guaranteed loans -for more conservative investors- and non guaranteed loans -with higher risk and higher return- and 2) invoice financing.
What are the three main advantages for investors?
We offer an excellent risk-adjusted return to investors with a very robust underwriting process. Our investors receive monthly payments (except for invoice investments). In addition, we offer insurance loans (with close to zero risk) to more conservative investors. The abovementioned advantages and being the only fully regulated lending platform in Spain have allowed us to have a stable and growing investor base.
What are the three main advantages for borrowers?
Fast response to applicants. We are very flexible to adapt our financing to the borrower’ needs. In addition, our financing leaves no records in the Bank of Spain’s debt data base which makes it much more attractive than banking debt.
Our ROI in currently 8.30% with zero default rate.
How did you start MytripleA? Is the company funded with venture capital?
My cofounder and I noted that there are thousands of solvent SMEs ignored by the banks and decided to connect personal savings with solvent companies by using technology. We checked the regulatory issues and launched the company once we had obtained the necessary approvals. The company was initially funded by the founders and then we did our first round with GLI Finance and other private investors.
How valuable is it to have an experienced investor like GLI Finance? Can you please give examples how they help you in your business development?
GLI is the expert in the alternative finance sector for SMEs worldwide and is a key shareholder for MytripleA. They are supporting us in areas such us strategy, business development and the security of our platform. In addition, they also provide lending capacity for MytripleA. We are extremely happy to have them on-board.
Is the technical platform developed in-house?
Yes, we have developed the platform with our own engineers from scratch and we are constantly improving it with additional functionality. In addition, we commissioned an assessment from the cyber security team of PWC, which we passed with excellent results.
What was the greatest challenge so far in the course of launching MytripleA?
Finding the most talented people in technology, origination and loan underwriting.
How do you see the Spanish market?
The Spanish market is still behind other markets such as the US or the UK but there is growing interest here in the alternative finance sector. SMEs represent 75% of the private sector in Spain. The banks dominate the market but concentrate on bigger deals for larger companies; so there is great potential in the Spanish market.
Which marketing channels do you use to attract investors and borrowers?
We have a multi-channel strategy and we are constantly opening new channels. Among others, we have signed more than 30 partnerships agreements and we have been selected as exclusive partner of CEPYME (the main national association of SMEs in Spain with more than 2 million members) to provide alternative finance to their SMEs. We have also signed six partnerships agreements with local mutual guarantee companies which target SMEs exclusively. Thus the number of borrower applications is skyrocketing. As a latin country, personal relationships are important when doing business. Our professional background and our knowledge of the market have been critical in achieving our successful origination strategy.
Do you plan an international expansion?
Yes.
Where do you see MytripleA in 3 years?
We will be the leading lending platform in Spain for SMEs.
P2P-Banking.com thanks Sergio Antón for the interview.