Teilor Holding invested 8 million lei in the development of the MoneyGold network in 2023
MoneyGold, a financial services network – lending, currency exchange, money transfer, and jewelry & electronics retail, part of Teilor Holding SA, concluded the year 2023 with a total of 109 agencies nationwide, following the opening of 19 new locations throughout the previous year. The total value of investments made in the network’s development in 2023 amounted to 8 million lei, including investments for the refurbishment and expansion of 7 existing locations.
“In our field of activity, the most crucial indicator for a company’s success is represented by its geographical footprint, given the proximity nature of our services, so the majority of our investments are directed towards network expansion. In 2024, we will continue the accelerated development process, aiming to open a minimum of 25 agencies, of which 7 to 10 locations will be in shopping malls and commercial galleries, featuring a new design concept. The expansion strategy includes both new cities in Romania where we are not yet present and the strengthening of our position in cities where we already operate, responding to high demand and development potential,” stated Narcis Stan, CEO of MoneyGold.
“Additionally, we aim for a 25% growth in the asset portfolio within the lending segment this year, and we plan to launch an online retail platform for jewelry and electronics. On the financial side, the budget for 2024 includes increasing turnover by 25-30% and net profit by 30-35% compared to 2023,” added Narcis Stan.
The MoneyGold brand is operated under three distinct entities: Invest Intermed GF IFN, Invest Intermed Gold, and Teilor Invest Exchange, all part of Teilor Holding SA, a Romanian entrepreneurial business with corporate bonds listed on the Bucharest Stock Exchange. Invest Intermed GF IFN is known for its secured pledged loan financing with dispossession, Invest Intermed Gold specializes in the sale of gold jewelry, and Teilor Invest Exchange provides currency exchange and money transfer services.
MoneyGold owns a network of 109 agencies in 44 cities across 26 counties in Romania. Out of the 19 locations opened in 2023, 5 are situated in new cities, namely Brasov, Caracal, Galati, Pucioasa, and Sfantu Gheorghe, while the remaining 14 agencies were inaugurated in cities where the company was already active. Currently, the most extensive network is in Arges County, with 19 agencies, followed by Bucharest, with 12 locations, Dolj County with 9 units, Dâmbovița County – 8 agencies, and Buzau and Prahova counties with 7 locations each.
In 2023, in addition to investments in expanding the network, MoneyGold invested 1.3 million lei in enhancing customer experience and internal processes. These included customer relationship technology through signature and document digitization across the network, ERP, and eCommerce solutions.
The cumulative value of financing provided in 2023 within Invest Intermed exceeded 300 million lei, with the company serving over 100 thousand unique clients, while the retail segment, represented by electronics and jewelry, recorded a 97% increase compared to the previous year. The share of non-performing contracts in 2023 remained within the established range from previous years, with a monthly average of 1.83%, a low level compared to both banking and non-banking lending segments in Romania, with the rate of non-performing bank loans in September 2023 at 2.61%, according to data from the National Bank of Romania.
“The positive results of Invest Intermed are also driven by the regular diversification of services and products provided. In 2023, we introduced the sale of silver jewelry, and in 2024, we will implement two new product categories: movable property mortgage for automobiles and pledge loan with dispossession for luxury items, such as watches, accessories, and jewelry with precious stones,” added Narcis Stan.
Regarding Teilor Invest Exchange, the company registered over 1.1 million currency exchange transactions in 2023, with turnover in this segment increasing by 18% compared to 2022. Additionally, the money transfer segment experienced an 8% growth compared to the previous year, despite an unfavorable context, with the market for this segment suffering a steady downturn in recent years, generated by a reduction in the volume of cash transferred from abroad through the major global operators in the field.
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About MoneyGold
MoneyGold is a leading financial brand operating under Teilor Holding S.A., a group with corporate bonds listed on the Bucharest Stock Exchange. The brand encompasses three distinct entities: Invest Intermed GF IFN, Invest Intermed Gold, and Teilor Invest Exchange. Invest Intermed GF IFN offers dedicated pledged loan financing services with dispossession exclusively for individuals. Concurrently, Invest Intermed Gold specializes in the sale of gold jewelry, while Teilor Invest Exchange, established in 2012, focuses on exchange and money transfer activities. Together, through an extensive network of agencies, MoneyGold has a significant presence throughout Romania, with over 110 locations, offering financing solutions and services such as currency exchange, money transfer, and retail of jewelry and electronics.