GetBucks relocated its operations from South Africa to Barcelona, recovering 1.3 million euros in the process
The problem
GetBucks faced the dual challenge of relocating to Barcelona and rectifying 1.3 million euros in unpaid loans. The move involved adapting to a new market, legal compliance, and overhauling their debt collection process.
The solution
iBerotech intervened with a holistic strategy, securing cost-effective offices, streamlining local staffing, and ensuring legal adherence, alongside revamping financial operations. This led to a 42% increase in debt collections and a significant reduction in customer acquisition costs, culminating in a successful operational shift and financial recovery for GetBucks.
This is how we did it
GetBucks faced a dual challenge when relocating its operations to Barcelona: navigating a complex foreign market and reversing significant financial losses. iBerotech provided comprehensive 360º support, from securing affordable office space and ensuring legal compliance to optimising debt collection processes. As a result, GetBucks not only successfully transitioned its operations but also turned around its financial situation, reducing €1.3M in arrears to achieve a cost-to-recoveries ratio of 3.6%. The project serves as a case study in effective operational relocation and financial turnaround.
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The challenge: GetBucks needed to address both the complexities of relocating operations to Barcelona and the financial inefficiencies that led to €1.3M in arrears. This involved cultural and team relocation challenges, compliance with local laws, and optimising the debt collection team and processes.
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The team: Our multidisciplinary team tackled areas in real estate negotiation, human resources, legal compliance, and the delivery of personal loan products in Spain. We worked in close collaboration with GetBucks to ensure a seamless transition and operational optimisation.
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The solution: We offered a holistic approach that included negotiating affordable office spaces, facilitating the hiring and training of local staff, and ensuring compliance with Spain's legal and regulatory framework. On the financial side, we implemented strategies that led to a 42% increase in debt collections within the first six months and reduced customer acquisition costs by nearly 40% through a multichannel approach.
The outcome: GetBucks successfully transitioned its operations to Barcelona, reducing its arrears and achieving a cost-to-recoveries ratio of 3.6%. The efficiencies gained in customer acquisition and debt recovery have set a new operational standard for the company.
The legacy: This project serves as a case study in how well-executed relocation and operational strategies can turn around a financial situation, even in a complex foreign market.
Learn more: For more insights into how iBerotech can assist with complex relocations and operational optimisations, please contact us directly.