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 issuer bank is, as well as for those who want to check their FICO score. FICO is the indicator used by banks and some NFIs to decide which customers get financing and which are rejected. In Romania, the indicator has an average value of 635 points, according to a study conducted by Volt.
“Volt has become an application necessary for tens of thousands of Romanians who want to know their credit score, their debt level 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 write off the customers’ Credit Bureau debts. Our vision, however, does not stop here! Our customers can apply for loans or make deposits directly from the application, and soon they will be able to compare the interest rates 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”, said Volt founder Radu Ciorba.
The application was launched in 2017, in partnership with Mastercard and Visa, putting at users’ disposal, at that time, its first function: instant money transfer between any Romanian cards. Subsequently, it was launched its second function: display of the FICO credit score and the situation at the Credit Bureau.