Rating B
75 / 100
Money for Specialized Finance (formerly Money for Finance) is a Jordanian financial company founded in late 2020, whose Arabic name is المال للتمويل المتخصص. It offers single-payment consumer loans up to 1,000€ with a 30-day maturity, and installment loans up to 2,800€.
This lending company is registered as a Private Limited Company in the Jordan commercial register under national number 200179442. It is 100% owned by JMD Investments (Latvia) and is led by Liga Trupa, former Country Manager at Twino and former CEO at Eleving Consumer Finance.
For the purpose of this financial analysis, I relied on their last 4 financial statements: 2021, 2022, 2023 and 2024. As can be seen, these reports have been duly audited. The currency indicated in the reports (JOD) has been converted to euros for clarity using an annual average exchange rate for each year.
Profitability : A
Money for Specialized Finance demonstrates significant growth with revenues rising from 3.6 M€ in 2021 to 37.3 M€ in 2024, representing a 10-fold increase. The 375% surge in 2022 illustrates very rapid expansion following the structural investments of 2021 (recruitment, IT systems, client portfolio development).
Their profitability shows positive development, moving from a loss of 0.2 M€ in 2021 to a profit of 4.8 M€ in 2024. After initial startup costs, the company achieved profitability in 2022 with a net margin of 12.7%. While satisfactory, this remains below other market players such as Stikcredit which shows a net margin of 20.4%.
Liquidity : A
The company exhibits satisfactory liquidity with a ratio of 3.84 in 2024, exceeding traditional banking standards. This performance reflects prudent cash management and the ability to meet short-term obligations without difficulty.
It also holds substantial working capital of 24.6 M€, providing a safety buffer for daily operations. While adequate, the liquidity-to-total-assets ratio of 10.7% remains below top-performing credit institutions (>20%).
Solvency : B+
Money for Specialized Finance’s solvency is sound with an equity ratio of 33.9% of total assets in 2024 and a leverage ratio of 1.95. While solid, their capitalization remains suboptimal for a credit company operating in a high-risk environment in a region exposed to elevated geopolitical risks.
Credit quality : D+
Credit quality represents the major challenge for Money for Specialized Finance with a critical provisioning rate of 49.6% in 2024. This exceptionally high proportion reveals a high-risk portfolio, likely reflecting the nature of microcredit and clients with elevated risk profiles.
The evolution of provisions, increasing from 1.4 M€ to 13.2 M€ over three years, demonstrates a prudent approach but raises questions about the effectiveness of underwriting processes. This situation requires enhanced monitoring and urgent improvements in credit assessment and receivables management to ensure the sustainability of this company listed on Esketit.
Growth : B-
Money for Specialized Finance’s growth is exceptional but potentially destabilizing, with a CAGR of 119% in revenues between 2021-2024. This ultra-rapid expansion, while demonstrating clear potential, raises questions about risk control and the sustainability of this pace of development.
Strengths
✅ Significant growth
✅ Progressive capitalization
✅ Sound profitability
✅ Satisfactory liquidity
✅ Solid financial structure
Weaknesses
⚠️ Critical credit quality
⚠️ Insufficient capitalization
⚠️ Geopolitical context
⚠️ Very rapid growth
⚠️ Profitability to improve
Opinion 2025 Money for Specialized Finance
Money for Finance’s profile is mixed with good financial performance but significant operational challenges. The company benefits from notable growth and capitalization progress, with satisfactory liquidity and solvency. However, the quality of its credit portfolio remains concerning with very high provisions requiring enhanced monitoring.
Investor Comments
Thank you, sir. I am very much exposed to this loan originator and now remain confident for near future
My pleasure Joseph.