Estonian fintech bank Inbank, which specializes in financing renewable energy sources for end-users, is entering the Czech market amid rapidly rising electricity and gas prices. The bank announced this in a press release on Tuesday. A total of 44 banks, licensed by the Czech National Bank, operate in the Czech Republic.
In addition to focusing on sustainability and ecological principles, Inbank offers its customers the possibility to finance transportation such as cars, e-bikes, scooters and other products such as furniture, home appliances and fashion items. provide sexuality.
Vít Růžička, Director of Inbank in the Czech Republic, says one of the main advantages of Inbank is speed. “Even if we were to process a relatively large financing application, for example, an order of hundreds of thousands of crowns to buy a solar power system or a heat pump, Inbank would complete it in minutes and it could be done entirely online. Yes, we visit clients at any branch,” he said.
Entry into the Czech market is strategic for banks. “The Czech Republic is a country of 10 million people and its consumer finance market is about 10 times larger than Estonia. We also guarantee access: our goal is to have a 1% market share in the Czech Republic, representing a portfolio of more than €100 million (2.46 billion CZK),” said Chairman of the Board and Founder of Inbank Priit Põldoja. said the person.
“The Czech banking market is already very competitive, and Czechs are relatively conservative in the financial services sector, preferring established brands and not staunch proponents of sustainability,” says Cyrrus. said analyst Vít Hradil.
But, he says, the ongoing energy crisis will likely increase demand for alternative energy sources, and thus their funding, and there is a potential window of opportunity.
Inbank is an Estonian bank with a European banking license. It operates in five European countries, mainly the Baltics and Poland, with over 823,000 contracts and his 5,100 business partners. Through them, we have funded more than €1.5 billion (36.8 billion crowns) in products.
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