Some people believe that, starting in 2016 a group of traditional Chinese investors decided to get a good deal Opera software To turn it into a public company, the developer's specialized approach to making Internet services – especially browsers – has gone down and out of the brakes, perhaps it is for the purpose of this new executive to release the last dollar the company can offer that, in its day, became famous.
And the fact is that those who think so, may not be completely wrong: a recent study by Hindenburg Research has revealed how, after all you have lost more and more land in the field of web browser, Opera has decided to enter the world fintech in the most spectacular way: Loan apps with aggressive interest rates and very short payment windows.
This way the mortgage with up to 800% interest on Opera works
As the research shows, after competing browsers – especially Google Chrome – benefited greatly from Opera products, which happen to save about 2% of the market share on the glonal level, the company, led by a new executive, decided to focus its operations on a highly profitable business such as loan
To do this, Opera has decided to create a number of loan applications: OKash and OPesa, working in Kenya; Cashbeeof India; and finally OPay, located in Nigeria. They all, however, had something in common with them except that they were created by the same engineer, because they were all supported by their own the new manager of Opera, that he had recently plunged into a similar situation, within the company's chief executive at a price of its own per share that dropped more than 80% of the alleged misconduct.
In the case of applications related to Opera, the allegations point to the truth announce very different interest rates for those who will actually be accepted after renting out a loan. All this, while they were being offered many short return windows than declared, occurs in the case of All right between 91 and 365 days of restoration, at between 15 and 29 days Where the contract already has a contract. These steps caused apps to violate Google Play Store policies, which specify the following:
We do not accept programs that promote personal loans that have to be repaid over a 60-day period (we consider it a “temporary loan"). This policy applies to applications that offer direct loans, generate sales opportunities or put buyers in touch with foreign lenders.
But there is more. This report includes reviews of other users of Opera loan applications that reflect that These services were sending text messages or making phone calls to users when loan payments were made late, even threatening to take legal action or put the user on the blacklist so that they can apply for credit through other platforms.
As for interest rates, in some cases reached 876% when applying a bonus 1% per day, and another 1% if the lender is late in making payments.
But not all of this abuse strategies and measures They helped change the economic climate of Opera Software. Today, the stock price of its shares stands at one of the lowest figures since its IPO in 2017, after a sharp fall following the publication of this investigation.
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About Christian Collado
Growth Editor at Andro4all, specializing in SEO. I am studying software development and writing about technology, especially about the Android world and everything related to Google since 2016. You can follow me On Twitter, email me if you have something to tell me, or contact me via my LinkedIn profile.
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