CreditScore Analytics 2025 : Loan originator Stikcredit

Rating A-
82 / 100

Stikcredit or Stik Credit JSC is a financial company founded in 2013 offering online personal loans to Bulgarian consumers, and managed by Svetlin Sabev. It is accredited as a financial institution by the National Bank of Bulgaria under registration number BGR00370.

The company Stik Credit JSC, which serves more than 45,000 clients, owns its own P2P lending platform: Afranga. This is duly regulated as a European Crowdfunding Service Provider (ECSP) since 12/9/2023 under identification code BGCF2400863.

For the purposes of this financial analysis, I relied on their last 5 annual reports: 2020, 2021, 2022, 2023 and 2024. To my knowledge, these reports have been properly audited. The currency indicated in the reports (BGN) has been converted to euros for greater clarity.

Profitability : A

The evolution of Stik-Credit JSC’s revenue reveals exceptional and sustained growth. Starting from 5.14M€ in 2020, the company reached 17.04M€ in 2024, representing a remarkable increase of 232% over four years, demonstrating particularly dynamic and successful commercial expansion.

The evolution of its profitability presents a contrasted but overall positive path. After an initial increase from 2.34M€ in 2020 to 2.61M€ in 2021, followed by a decline in 2022 to 2.02M€, the company demonstrated a remarkable ability to recover, reaching 3.48M€ in 2024.

Solvency : A-

Stik-Credit JSC’s liquidity shows a solid position in 2024. With 6.64M€ in cash and cash equivalents, the company has comfortable cash holdings representing 23.4% of its total assets.

This cash provides 73.2% coverage of its short-term liabilities, demonstrating satisfactory financial capacity to meet its immediate obligations and support its current operations.

Credit quality : B

Stik-Credit JSC’s solvency demonstrates a balanced and robust financial structure. With 15.28M€ in equity against 13.03M€ in liabilities, the company shows a moderate debt ratio of 46.0% and a solvency ratio of 117.2%, indicating solid capacity to meet its long-term financial obligations.

Credit quality : B+

Stik-Credit JSC’s credit quality reveals moderate challenges requiring careful monitoring. On a portfolio of 14.57M€, 7.94M€ of loans are current, while 3.67M€ show more than 90 days past due.

However, provisions of 8.50M€ largely cover these risks, demonstrating prudent management of doubtful receivables.

Growth : A+

Stik-Credit JSC’s growth illustrates exceptional and sustained expansion over four years. Revenue jumped from 5.14M€ to 17.04M€, representing +232%, while equity increased by +152%.

This momentum is accompanied by remarkable operational development with more than 38,000 new clients, 17 new offices opened and 24 jobs created during 2024.

Strengths

✅ Exceptional revenue growth
✅ High profitability (net margin >20%)
✅ Growing financial strength
✅ Satisfactory liquidity
✅ Active geographical expansion
✅ Technological innovation
✅ Revenue diversification

Weaknesses

⚠️ Credit quality to monitor
⚠️ Vigilance required despite solid provisions

Opinion 2025 StikCredit 2025

In 2025, Stik-Credit JSC presents an attractive profile with excellent financial performance and controlled operational risks. The company benefits from exceptional growth and high profitability, while the quality of its credit portfolio remains under control with provisions largely sufficient to cover doubtful receivables.