Eleving Group (ex Mogo Finance Group) reports its record-high 6-month financial results for 2021

Eleving Group (formerly Mogo Finance Group) reports its unaudited 6-month results for 2021, showing a sturdy performance in the first half of the year. The record-high results were driven by consistent financial performance, earning € 71.8 million in revenues, and the highest-ever consolidated loan issuance volume. In several markets such as Romania and Kenya, the company demonstrated solid growth by achieving record quarterly loan issuances.

The used car market became increasingly active during the pandemic. The group’s industry know-how allowed the company to swiftly react to the growing demand for safer and more cost-efficient personal mobility. This was driving an increase of an average loan size by 4% and an increase of the number of vehicle loan applications by nearly 13% in comparison with the previous quarter.

The record profitability is characterized by a record-high half-year EBITDA of € 31.1 million that is a 107% increase in comparison with last year’s respective period and product portfolio of € 211.5 million with a quarterly increase of € 11.3 million. Additionally, net profit after forex effect reached € 7.8 million during the first six months of 2021 (compared with a € 3.8 million loss in the first half of 2020). 

Modestas Sudnius, CEO of Eleving Group: “Eleving Group has produced sturdy performance in the first half of 2021, boosted by the group’s strategic focus on its existing markets and leaner organizational structure. The strong performance of the group was driven by a record-high consolidated loan issuance volume. Recovering the used car market segment contributed to increased demand for used vehicle leasing and an increase in average loan tickets due to increasing vehicle prices. During the first six months of 2021, we also focused on our corporate identity and took steps to boost the group’s new brand awareness across the international business community after the rebranding — we launched our new website and strengthened our ESG approach. To pursue our ESG goals, we published the first group-wide non-financial statements and launched several social initiatives. While heading towards the best financial year in the group’s history, Eleving Group will pursue gradual growth in the next quarters, maintaining a keen focus on sustainable business development.”

About Eleving Group

Eleving Group was founded in 2012 in Latvia and joined the Mintos marketplace in 2015, originally offering loans for investment from Latvia. Since then, it has placed loans on the marketplace from 14 countries in the Baltics and Central, Eastern, and South-Eastern Europe. Operating regions also include the Caucasus and Central Asia, as well as Eastern Africa. Up to date, the company has issued over € 710 million in loans and has a net loan portfolio of over € 210 million as of the end of 2020.

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

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