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Zaim Credit Systems
Zaim Credit Systems was incorporated in 2019 as a public limited company and listed on the London Stock Exchange's Main Market under ticker ZAIM.
Zaim Credit Systems
Zaim Credit Systems was incorporated in 2019 as a public limited company and listed on the London Stock Exchange's Main Market under ticker ZAIM. CEO Siro Cicconi positioned the firm as a technology-enabled consumer lender, operating through its wholly owned Russian subsidiary, Zaim-Express LLC, which holds a microfinance license from the Central Bank of Russia. The group generates lending capital by issuing bonds on the Moscow Exchange, a structure that separates it from depository-funded banks. The firm specializes in short-term, unsecured consumer microloans ranging from 5,000 to 30,000 Russian rubles, issued for periods of 7 to 30 days. Distribution relies on a dual channel: an online application platform and a physical network of around 95 points of sale located in retail trade centers across Moscow and the Moscow region, as of mid-2022 (per the firm's interim results, 2022). The loan book is scored via an in-house risk engine built on thousands of proprietary data points, targeting employed individuals underserved by mainstream credit bureaus. The group has also piloted longer-term installment products to extend customer lifetime value. As of December 2021, Zaim had deployed roughly RUB 2.9 billion in cumulative loan originations, serving a growing base of over 50,000 active repeat borrowers. In February 2022, the board announced a strategic review following intensifying Western sanctions on Russia, which disrupted London trading liquidity and cross-border capital flows. By late 2022, the company suspended its LSE listing and transitioned to an off-exchange Matched Bargain Facility while considering the sale of its Russian operating subsidiary, citing a materially altered operating environment. Zaim's architecture depends entirely on its Russian microfinance license for lending operations and on Moscow Exchange bond placements for capital — a regulatory and funding structure uncommon among London-listed consumer-finance vehicles. This dual-regime design gave the firm a first-mover profile among foreign-incorporated Russian microlenders, but it also made the business structurally vulnerable to sanctions-enforced capital control breakdowns between the UK parent and its sole revenue-generating subsidiary.
General information
Firm type
Asset Manager
Year founded
2019
AUM
Undisclosed
Location
Region
Europe
Country
Russia
City
Moscow
Corporate office
Moscow, Russia
Principals
Siro Cicconi
CEO, Director
Sector focus
Frequently asked questions
How does Zaim Credit Systems source capital for its loan book?
Zaim raises debt capital by issuing ruble-denominated bonds on the Moscow Exchange through its Russian subsidiary. This non-depository funding model separates it from traditional Russian banks, but it also ties the cost and availability of capital directly to Russian domestic bond market conditions and the parent company's ability to structure cross-border guarantees.
What is Zaim's current status following the 2022 sanctions environment?
In early 2022 Zaim suspended standard trading on its London Stock Exchange listing and moved to a Matched Bargain Facility, which remains effectively illiquid. The board disclosed a strategic review that included a possible sale of the Russian operating subsidiary, but no completed transaction has been reported as of mid-2023 (per the firm's public regulatory announcements).
What type of borrower does Zaim Credit Systems target?
The firm targets near-prime and sub-prime employed individuals who need small, short-duration loans and may have limited access to traditional bank credit. Loan sizes are small (5,000 to 30,000 rubles) and durations short (7 to 30 days), with a proprietary scoring model designed to approve borrowers quickly using non-traditional data points.
Is Zaim Credit Systems still a public company?
Technically yes, Zaim remains a UK-registered public limited company with shares admitted to trading on the London Stock Exchange's Main Market, but the listing was suspended from electronic trading in 2022. The shares are only tradeable via bilateral matched bargains, meaning there is effectively no public market.
Who runs investment decisions at Zaim Credit Systems?
Siro Cicconi, the firm's founding CEO and director, has overseen strategy and capital allocation since the 2019 IPO. The senior leadership team is small and based primarily in the operating subsidiary in Moscow, running credit risk, bond issuance, and point-of-sale expansion.
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