Earn up to 3% cashback with qualifying Eleving Group loan investments

Eleving Group has launched a new cashback campaign for loans issued in Romania (Mogo I.F.N S.A), Moldova (Mogo Loans LTD and O.C.N. “Sebo Credit” SRL), Armenia (“MOGO” Universal Credit Organization LLC), North Macedonia (Financial Company TIGO FINANCE DOOEL Skopje), and Albania (KREDO FINANCE SHPK).

For a limited time only, you can earn a cashback of: 

  • 1% for loans with a maturity of up to 12 months;
  • 2% for loans with a maturity of between 12 and 24 months;
  • 3% for loans with a maturity of above 24 months.

This offer is valid from 16 May to 15 June 2022.

To qualify for the cashback bonus, you’ll need to enroll in the campaign and invest a minimum of €50 (cumulative) into qualifying Eleving Group loans.

In total, there’s over €18.6 million worth of qualifying loans available on Mintos with interest rates of 6-16.5%.1

Only investments made on the Mintos Primary Market via manual investments or custom automated strategies qualify. When investing manually, you can find a full list of available loans by filtering for Eleving Group and Romania, Moldova, or Armenia. And for custom automated strategies, you can search the legal entity names: Mogo I.F.N S.A, Mogo Loans LTD, O.C.N. “Sebo Credit” SRL, MOGO” Universal Credit Organization LLC, Financial Company TIGO FINANCE DOOEL Skopje, and KREDO FINANCE SHPK.

Investments made before enrolling or made via Diversified, Conservative, or High-yield strategies are not eligible. The cashback will be credited to your Mintos account within 7 business days after making the investment. See full terms

Mogo Romania loans are listed on Mintos in EUR. The original currency in which the loans were issued is the Romanian leu. Mogo Moldova loans are also listed on Mintos in EUR; however, the original currency is the Moldovan leu. In addition, Mogo Armenia loans are listed on Mintos in EUR, but the original currency is the Armenian dram.

About Mogo Romania, Armenia, and Moldova

According to Eleving Group, “as of the end of March 2022, Mogo Romania (Mogo (I.F.N S.A)) reached a net portfolio of more than €25 million while keeping the portfolio’s quality stable and steadily increasing the company’s client base (+5% in Q1 2022). Previously, Mogo Romania launched an electrical and hybrid vehicle financing product and implemented an electronic signature solution for customers.

Meanwhile, Mogo Armenia (“MOGO” Universal Credit Organization LLC), in Q1 of 2022, reached a net portfolio of more than €13.9 million compared to €11.4 million in the respective reporting period a year ago. Additionally, the company has increased its client base by 3.5% in Q1 2022. In February, Eleving Group started its business operations in Armenia with the Primero brand, a premium car lease product.”

Eleving Group also states that “Mogo Moldova (Mogo Loans LTD) is also showing rapid growth. The net portfolio of the company increased to €14.2 million (compared to €11.1 million a year ago). The company has maintained a stable customer base, improving its key business results through shifting clients to longer maturity and bigger ticket size products.

And in the meantime, the Sebo brand has strengthened its market share in Moldova and has now become an integral part of consumer financing in the country. In Q1 2022, Sebo has maintained its net portfolio at the level of Q1 2021 –  €22.4 million, and the number of active clients now stands at 57 000. One of the most significant achievements of the first quarter is the launch of a long-term credit line product for the Moldova market.”

About Mogo North Macedonia (Tigo) and Albania (Kredo)

According to Eleving Group, “the last quarter has been outstanding for countries represented in the consumer finance segment. In Q1 2022, the Tigo brand has shown strong net portfolio figures, reaching 12.5 million compared to 5.7 million in the first three months last year with an active client base of almost 47 000 clients. In Q1 2022, Tigo started to offer credit line products for local customers.

The net portfolio has also scaled substantially for Kredo, reaching 21.8 million in Q1 2022 compared to 9.1 million in Q1 2021. The active client base for Kredo now stands at almost 40 000 clients. The company has launched a business loan product for private entrepreneurs and has started cooperation with Western Union which has become a loan distribution channel for the clients.”

About Eleving Group

According to Eleving Group, “it has developed two distinct and self-sufficient business lines: vehicle finance and consumer finance. The Group offers vehicle finance in the following markets — Latvia, Lithuania, Estonia, Georgia, Romania, Moldova, Armenia, Uganda, Kenya, and Uzbekistan, and consumer financing in Albania, Moldova, and North Macedonia. The vehicle finance segment in respective countries is represented by the Mogo brand, as well as Renti (Latvia, Lithuania), Renti Plus (Latvia), and the Primero brand (Latvia, Moldova). The consumer business line is represented by the Kredo brand in Albania, Tigo in North Macedonia, and Sebo in Moldova.”

Eleving Group states that “during Q1 2022, the Group demonstrated strong results across all markets and business lines with its adjusted EBITDA result, reaching €17.1 million compared to €13.4 million in Q1 2021 – while net profit before FX and discontinued operations in three months reached €5.9 million (compared to €2.8 million in the respective period a year ago). It was an exceptional quarter for Group’s most developed markets— the Baltic States and the Caucasus, and consumer finance businesses in Albania and North Macedonia. In addition, rapid growth was still observed in Kenya and Uganda, where Eleving Group has become an indispensable partner for unbanked customers seeking mobility solutions to increase their income.”

Some of the equity investors of Eleving Group and Mintos overlap.

Eleving Group provides a group guarantee for all Mogo loans on Mintos.

72%2 of outstanding investments on Mintos are current for Eleving Group loans from Romania (Mogo I.F.N S.A), Moldova (Mogo Loans LTD and O.C.N. “Sebo Credit” SRL), Armenia (“MOGO” Universal Credit Organization LLC), North Macedonia (Financial Company TIGO FINANCE DOOEL Skopje), and Albania (KREDO FINANCE SHPK). 

The companies have no payments that have been pending longer than the normal settlement period of 8 days. For changes in the pending payments status, see Loan statistics.2

1 As of 16 May 2022

2 As of 31 May 2022


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