ClickCash suspended from listings

We´re informing the investors that ClickCash has not executed buybacks as per the agreement. We have been in discussions with ClickCash since September when the first buyback purchases were delayed. Since then, they have shown goodwill in cooperation and periodically transferred funds to us, gradually paying down the open balance.

However, we did not receive the agreed payment this week, so we are now assessing different options for proceeding. We remain in active communication with the ClickCash management to resolve the situation amicably. The listing of new loans from ClickCash is suspended. 

We will update the investors via emailTelegram, and the blog as more information becomes available. You can also subscribe to the ClickCash monthly update email list here.

Update 10.11.2022

We have requested that ClickCash use all proceeds from the pledged loan book for payments to investors. At the same time, we assess the situation and continue the discussion with the management and ClickCash shareholders. Complete clarity on the situation and their ability to continue paying voluntarily should be ready within November, as well as the status of pledged loans and collecting them directly.

The original balance at the time problems with payments arose was €246 878, out of which ClickCash has paid back €64 000 (26%). The outstanding balance as of today, 10.11.2022, is 182 878€.

Update 18.11.2022

The information we have today is the pledged loan book quality has deteriorated and is weaker than we expected, making the decision on legal collection even more challenging. The Click Cash management is trying to find solutions, and we have also engaged their investors, including the Tolaram group, in the discussion. As the situation evolves and more information becomes available, we will keep you updated.

We’d hope we have factual information about expected recoveries or a solid payment agreement during November. Personally not happy at all about this, but hopefully, we will get a good outcome.

Update 25.11.2022

We are currently assessing different options, including enforcing the pledge and legal collection. During our discussions and with the information we have today, the pledged loan book quality seems to have deteriorated and is weaker than we expected. We need to consider the loan book quality when deciding on the possible legal collection, which will incur additional costs and take time.

We aim to keep investors updated as things progress, and we are doing our best to solve the situation with ClickCash as soon as possible. Still, legal proceedings and the collection of information takes time. Please note that in the case of enforcing the pledges and starting collection directly from the loan book, the investors will be paid from the cash flow from the book. The estimated time for this is between 6-8 months.

Update 02.12.2022

According to the data we have today, the cash flows from the pledged book show an inflow of approximately €50K as per original borrower payment schedules. The lower-than-expected cash flows seem to result from the relatively fast deterioration of the pledged loans and ClickCash not keeping the pledges at the agreed level. We are currently inquiring further about the promises and why they are underperforming.

This week, we reached an understanding with ClickCash that all cash coming from the book will be forwarded to us. The recovery is expected to take until the book completely matures, with the last payment estimated to happen in August 2023.  Between now and then, ClickCash will make us bi-monthly repayments from the cash flow, with the first payment agreed to happen next week.

In addition to the above, the ClickCash management and shareholders are trying to find solutions to fulfill their contractual obligations and enable income investors to recover fully. We are in active discussions with them and will update investors as new information becomes available.

Update 09.12.2022

We’ve received €2500 payment from ClickCash; this was allocated first towards interest and then principal as always. We expect another payment in two weeks when more cash is collected from the book. We’ll update you accordingly as new info becomes available.

Update 23.12.2022

We’ve received €5000 payment from ClickCash this week. It was allocated first towards interest and then principal, as always. We expect another payment in two weeks when more cash is collected from the book. We’ll update you accordingly as new info becomes available.

Update 7.01.2023

We are expecting the next payment, collected from the pledged loan book, to come next week.

Update 13.01.2023

We are waiting for confirmation of the collected sum so far and the next payment to our investors. Due to Brazilian bank issues, the allocation of payments to loan contracts was delayed this week, and consequently, the payment is moved to next week.

Update 20.01.2023

We’ve received 7 677,58 EUR today from the pledged loans. The funds are in our account and will be allocated soon to investors. 

Update 27.01.2023

Collecting funds from books continues. We expect to receive the next payment next week or after that, depending on the amount collected.

Update 3.02.2023

Waiting for the latest collections from ClickCash. We expect to receive the next payment next week.

Update 10.02.2023

ClickCash has confirmed next payment. The funds should reach us next week.

Update 17.02.2023

We’ve received €1816 from ClickCash and allocated it to investors. Recovery has been slower than expected, but we are expecting to receive more next week. As previously communicated, we expect around €50K to be paid back by August from the pledged book. We are in continued discussions with them and are looking to find solutions to speed up the process and recovery.

Update 10.03.2023

We did not receive the cash yet as planned. There is a new financial controller in the company who is now working with us on the collections and payments, and we expect we can report in more detail soon. With the new financial controller, we’ll work on more precise predictions.

Update 17.03.2023

The new controller of ClickCash is starting his operations, as mentioned last week, and getting familiar with the business. We should be receiving the next payment next week. 

Update 24.03.2023

Clickcash confirmed sending another transfer to us, but we haven’t received it yet. We’ll allocate the amount among investors as soon as we receive it.

Update 31.03.2023

Unfortunately, there’s no news about Clickcash. No money has been received, so we’re waiting for an update from them on the next steps.

Update 07.04.2023

We’re expecting Clickcash to send us the transfer next week, but there has been no confirmation from them yet. Will wait for it.

Update 14.04.2023

We have received 2971.20 EUR this week, and the funds are already allocated. We are working with their new controller reviewing historic borrower payments.

Update 24.04.2023

Unfortunately, no major update this week. However, we will be monitoring the situation to be able to report more soon.

Update 12.05.2023

A transfer of 5000 EUR has reached us, and it has been allocated to investors’ accounts on Monday, 

Update 22.05.2023. 

We received 4000 EUR this week and allocated them to investors’ accounts. 

Update 26.05.2023 

We received 5000 EUR this week and allocated them to investors’ accounts. 

Update 16.06.2023 

We received 2000 EUR this week and allocated them to investors’ accounts. 

Update 30.06.2023 

We received 3000 EUR this week and allocated them to investors’ accounts. 

Update 07.07.2023 

We received 3000 EUR this week and allocated them to investors’ accounts. 

Update 21.07.2023 

We received another 3000 EUR this week and allocated them to investors’ accounts. 

Update 21.08.2023 

We received 4000 EUR this week and allocated them to investors’ accounts. 

Update 06.10.2023 

We have recieved 2000 EUR and will allocate that to investors’ accounts next week. 

Update 13.10.2023 

We have allocated that 2000 EUR to investors’ accounts this week. 

Update 20.10.2023 

We have recieved 3000 EUR and have allocated that to investors’ accounts this week. 

Update 16.11.2023 

We shared information regarding an agreement that has been made between Income and ClickCash, you can read it here.

Update 08.01.2024 

We allocated the December’s 5000 EUR payment to investors accounts that was bridged by Income.

About ClickCash

ClickCash (Credito 24 LTDA) is a Brazilian non-bank financial company (Fintech) that offers consumer loans to its customers via a proprietary “mobile only” process that enables it to tap into alternative credit data and detect fraud efficiently. ClickCash’s largest investor is Singapore-based Tolaram Group.