Volt app is targeting over 150,000 users in 2022, 170% more than this year, after having reached over 40,000 unique accounts in the first 10 months. In 2021 alone, about 16,500 users interacted with Volt at least once.
About 37% of Volt users have a FICO score higher than 700, which means a low risk of default in the future and translates into loans that are cheaper and easier to get.
The Volt application started as an easy-to-access tool meant for those who want to transfer money between two cards, regardless of what the issuing bank is, as well as for those who want to check their FICO score. FICO is the indicator banks and some NFIs use to decide what customers get financing and who is rejected, and in Romania it has an average value of 635 points, according to a study conducted by Volt.
This service has been assimilated as such by users, among whom are people who interact with Volt at least 3 times a week, to make sure the banks or IFNs close their debts to the Credit Bureau on time.
“Volt has become an application necessary to tens of thousands of Romanians who want to know their credit score, their degree of indebtedness and their payment history for ongoing loans. Thus, the Volt Community is making sure that banks and NFIs do not make mistakes in terms of making payments and do not forget to clear the customers’ Credit Bureau debts. Our vision, however, does not stop here! Our customers can already request loans or make deposits directly from the application, and soon they will be able to compare the interest they received from financial institutions in Romania to those received by their friends. Also, financial experts will offer them free advice to optimize their borrowing costs as much as possible”, says Radu Ciorbă, Founder, Volt.
Volt customers with loans return to the application every month to monitor loan repayments and to make sure banks and non-bank financial institutions close their loans with the Credit Bureau on time.
Volt users are constantly receiving information about their debt and they learn what they can do to improve their payment behavior in order to increase their credit score. Information sharing among those who evaluate customer crediting possibility subsequently translates into accessing cheaper and smarter loans.