Last Wednesday, MYC4 was featured on Forbes.com in an interview with MYC4 CEO and co-founder Mads Kjær. Tom Watson, the journalist, met Mads a few years ago where they had a good talk about MYC4. As many others, Tom Watson has kept his eye on MYC4 through our ups and downs. He had noticed that we now stand solidly on our feet again and therefore thought that it would be a good time to do a little story about MYC4.
One of the topics covered in the interview is MYC4’s achievements in the last five years.
Since we started five years back, so far over $20M has been invested in over 10,000 loans. These funds have come from over 19,000 investors/lenders. The number of businesses looking for funding on MYC4 is growing by the day and more Micro Finance Industry (MFI) partners are being recruited. Today the current outstanding loan balance has grown from 1,100 business loans equal to $1.5M USD in January, 2012 to 3,000 business loans equal to almost $2.5M in September.
In the interview Mads is also asked about which challenges MYC4 is working on to overcome.
The biggest challenge facing MYC4 at the moment is lack of adequate liquidity to fund all the loan requests. This year alone, over $1M worth of loan requests has not funded. At the moment, MYC4 requires an increase of investors/lenders with a short term year end funding gap of $1M in new liquidity to fund growth.
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