Corporate and mortgage receivables
Investments and servicing

About NPL

According to the latest data of the NBP, the NPL (non-performing loans) market in Poland is worth nearly 75 billion zloty, including 40 billion retail receivables and 35 billion – corporate receivables.

While the individual receivables market may be considered as relatively saturated (nearly one third of the NPL portfolio (11.8 billion out of approx. 40 billion zloty) was put on sale in 2017), only 2 billion worth of nominal value from the corporate receivables portfolio, which reaches 35 billion zloty, were sold. According to the sellers, the market is suffering from a serious deficit of competences with respect to business portfolio valuation and service, which results in reduced attractiveness and lower prices. For banks, this means difficulties in obtaining partners to conduct the largest, most complex transactions. The increasing loan activity in recent years, stricter capital requirements for financial institutions and the gradual consolidation of the banking sector should bring a systematic growth in this market sector, even by 50% annually.

The part of mortgage and institutional (corporate and SME) portfolios that is sold is constantly increasing. Our findings demonstrate that the sales in this area are moving from the portfolio format to the so-called Single Names or Special Situations, i.e. single corporate debts to large companies. The service often includes taking over and restructuring the enterprise or the debt, finding an investor or conducting (or participating in) bankruptcy proceedings. It also quite often involves the liquidation of assets, large investment, commercial or industrial properties.

Apart from that, increased supply results from:

  • the consolidation trend in the banking sector,
  • demanding requirements concerning the balance of financial institutions,
  • search for funds to service the increasing loan activity,
  • the changing structure of receivables offered.

The competition on the Polish market is large and highly specialised, so international players are forced to act in partnership with local enforcement agencies or to perform acquisitions. This is why their activity will rather foster further development and consolidation of the sector, which should be seen as an opportunity for reverse expansion with use of our know-how in synergy with the international experience of investors.

About us

Pragma Inkaso was established in 2002. It has been providing support and services for B2B receivables since then. Our company has also provided financing for entrepreneurs in form of factoring, loans or discounting invoices since the start of its operations. Our wide experience in security valuation, obtained in the course of our activity, encouraged us to enter a new market segment – corporate bank receivables. In 2014, the company established the first securitisation fund and started purchasing from banks. Currently, we are the investor and service provider of 4 fund and we manage a total portfolio of assets worth over 1 billion zloty.

What distinguishes us from other NPL service providers?



We have well-established know-how in valuation of mortgage securities, which is based on our own experiences and those of local networks of real estate brokers who specialise in commercial property.
Law firm

Law firm

We have our own law firm that handles only cases from commercial transactions.
Network of business partners

Network of business partners

We have our own network of partners throughout Poland (real estate brokers, debt enforcement officers, receivers, and detectives), which allows us to manage a large volume of cases in a smooth and effective way.


We have been servicing only corporate NPL for 15 years. We are experienced in valuating and investing in this type of portfolios. In the last 4 years we participated in the valuation process of virtually every corporate portfolio put on sale.

Meet us


  • Starting co-operation with respect to servicing the corporate receivables portfolio for one of the largest European players on the NPL market


  • in June, the funds serviced by Pragma acquired two portfolios of mortgage receivables for PLN 30 million, investing the total amount of cash allocated to acquisitions


  • establishing two securitisation funds Bonus 2 and 3 with a budget of PLN 55 million in co-operation with TFI Money Makers


  • In April 2014, Pragma1 acquired the first portfolio from a bank (unsecured SME receivables). Since that time, investment expenditures on new portfolios have exceeded PLN 100 million


  • Establishing the first securitisation fund with TFI BDM, Pragma Inkaso. By 2015 it had invested nearly PLN 25 million of own funds, being 100% owner.


  • Pragma Inkaso took over the factoring company GF Premium listed on the stock exchange (currently Pragma Faktoring), paying over PLN 40 million for 66% of its stocks. The acquisition was financed from the issuance of bonds and stocks.


  • On May 11, 2010, Pragma left the NC market and debuted on the Warsaw Stock Exchange.


  • The company debuted on the NewConnect market. The issuance of stocks brought nearly PLN 7 million. The funds were allocated mainly to the acquisition of mature receivables.


  • Pragma Inkaso was established. Initially, the company only performed debt enforcement based on customers’ orders.

Capital group

The Pragma Inkaso SA Group was established in 2002. Since then, it has been focusing on activities in the corporate debt enforcement and business financing areas. Basing on the experience of the Group, Pragma Inkaso SA specialises in acquiring and servicing corporate, SME and mortgage portfolios and receivables. Pragma Inkaso is listed on the Warsaw Stock Exchange.

Grupa Pragma


Debt acquisition / restructuring


Magdalena Nogieć

+48 665 040 899

Pragma Inkaso SA | ul. Czarnohucka 3 | 42-600 Tarnowskie Góry

National Court Register KRS 0000294983 | Taxpayer’s Identification Number NIP: 645 22 74 302 | REGON: 277810566

Phone.: +48 32 45 00 100 | Fax: +48 32 45 00 199 | E-mail:

District Court in Gliwice, 10th Business Division of the National Court Register

Initial capital: PLN 3 680 000, paid in full.

Bank account number: 17 1020 2368 0000 2802 0232 6601 PLN

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