Oeperates p2p loan platform.
Luzon Credit ended 2025 roughly at accounting break-even, but the economics of the business are still weak; the next growth phase now depends on turning fresh equity and new credit lines into a quality lending engine without damaging trust in the platform again.
The Partake layer fell in absolute shekels in 2025, but it did not lose economic weight, and now that it is being extended into the mortgage venture it shifts from a legacy expense line into a pricing and governance question around the next growth engines.
The Naoi venture is already building real lending scale outside Luzon Credit's consolidated P&L, so 2026 depends less on setup and more on whether that capacity turns into recognized earnings.
Luzon Credit's product-guarantee tail is shrinking far more slowly than the managed book, and by 2025 it already looks less like a technical runoff item and more like old inventory of delinquency, provisions, and legal handling.
