After two decades of expanding from Poland to Romania, Italy, Spain, and with France the most recent step, Kruk says the European phase is winding down. "For now, we would consider the European phase of our expansion complete," Krupa said. The company is now fast-tracking an entry into the UK and US as longer-term opportunities identified in its strategy through 2029.
The backdrop has shifted: European lenders are offloading troubled consumer loans earlier, which improves portfolio quality but raises upfront prices. Kruk has found it harder to match the pace of purchases it achieved in prior years.
Kruk is weighing two routes in both markets: buying portfolios directly and snapping up profitable rivals when the economics line up. The initial step could be to acquire sour unsecured consumer-loan portfolios and outsource servicing locally before building on-the-ground operations. Krupa said, "We won't wait until the end of our strategy horizon," adding, "We are looking very closely at these markets and talking to a number of companies that are already there but don't have sufficient capital to buy portfolios." He's open to acquisitions, including a larger US deal if it makes sense. The aim is to concentrate on big markets that allow technology and data to be leveraged across millions of cases. As Krupa put it, "We don't want to spread ourselves too thin across smaller countries."
Debt collectors expand when they expect more bad debt to buy. Market Briefs covers credit cycles free every weekday.
Judged by market capitalization alongside projected recoveries still to be collected, Kruk stands as the largest publicly listed debt collector in Europe, with a focus on unsecured consumer loans that helps keep leverage low. In recent years, it has typically put about 2 billion to 3 billion zloty annually into new portfolios (with 2 billion zloty equal to $512 million), while recoveries from existing portfolios have climbed to nearly 4 billion zloty a year. Bringing the UK into the mix could lift yearly spending to a range of 3 billion to 4 billion zloty, and once the US business matures, that figure could reach as high as 10 billion zloty.
A company chart shows spending on new portfolios has cooled over time, with 2026 figures reported as of the first half. Not every expansion move has been smooth: court delays in Spain triggered writedowns and a temporary retreat from purchases, and the firm has exited or pared back in smaller markets such as the Czech Republic and Slovakia. Competitors like Hoist Finance AB and PRA Group Inc. may sprint ahead at times, but Krupa leans on endurance.
A devotee of endurance events, he has 17 marathons and seven Ironman triathlons under his belt.
Investors have been skittish, with the stock down 25% this year in the WIG20. Krupa acknowledged the cooler deal flow: "Maybe the last quarters, when we bought fewer portfolios than the market expected, also caused some concern among investors," he said. "But we are not stopping." Kruk generates nearly 1 billion zloty a year and at present pays out roughly 35% to 40% of earnings. Krupa sees two paths: "There are two scenarios.
Kruk began as a legal publishing outfit and moved into purchasing delinquent loans shortly before Poland joined the EU, prompted by a client seeking assistance with collections. Krupa and his wife have since created an art foundation and a gallery in Wroclaw, where he founded the business. The timing for going abroad is not random: Polish firms are expanding more into places like Germany and France as the country's economy, the EU's sixth-largest, has become a $1 trillion regional heavyweight.
Where these firms go next tells you where stress is building. Join Market Briefs free and read the signal.
