TGS Baltic has advised Bulgarian crowdfunding platform IUVO on its obtaining of credit intermediary authorization from the Estonian Financial Supervision Authority.
According to TGS Baltic, "pursuant to the act passed by the Parliament (Riigikogu) on February 18, 2015, creditors and credit intermediaries are subject to supervision by the Estonian FSA." The firm reports that "IUVO is the first online credit market in Estonia to offer products from the Balkan countries, more precisely from Bulgaria. The services of IUVO are used by over thousand investors from 35 different countries all over the world and the total amount of loans listed is currently over 18 million euros."
The firm's team was led by Partner Marko Kairjak, working with Associates Nikita Divissenko, Elina Varendi, and Sille Rastas.