Eleving Group, formerly known as Mogo Finance group, has shown strong financial results in the first quarter of 2021. The group’s companies earned €33.6 million in revenue from 14 countries, which is a 45% year-over-year increase according to the company’s unaudited financial results. Eleving group has continuously demonstrated strong performance for a third consecutive quarter, since the initial impact of the Covid-19 pandemic. Revenue growth was achieved thanks to high quality portfolios in both the historical vehicle business and consumer finance business.
The group’s financial indicators in the first quarter of 2021
Consistent and steadily improving performance across the group’s vehicle finance markets in tandem with its consumer finance business were the key drivers behind the strong financial results. Revenues continued to improve, reaching €33.6 million, while EBITDA grew by 65% to €14.5 million, driven by a sustained focus on the most profitable markets and an optimal organisational structure. Net profit before forex increased to €3.4 million, thanks to revenue growth and prudent loan portfolio quality control.
“During the first quarter of 2021, we managed to achieve significant operational and corporate milestones. I am pleased that, despite the challenging economic climate, we continued to manage the development of a premium car financing solution with a local bank in Latvia, and motorcycle-taxi financing in Kenya. Further development of these solutions is part of our future strategy. Also, we will continue to digitise our processes across the group, with a focus on improving our automated debt collection engine and optimizing our web platform.“
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 €650 million in loans and has a net loan portfolio of over €200 million as of the end of 2020.
Some of the equity investors of Eleving Group and Mintos overlap.