Eleving Group reports record-high financial results of 9M 2021

The announcement text below was provided to AS Mintos Marketplace (Mintos) by Eleving Group, a cooperation partner of Mintos that offers investment opportunities on mintos.com.

Eleving Group (former Mogo Finance) reports unaudited results for the nine months of 2021, conclusively determining the company’s course to the best financial year in its history. The group’s revenue for nine months has been €112.6 million and net profit reached €9.2 million, which is an impressive leap compared to the €2.5 million losses made in the respective period in the last year.

The excellent profitability was boosted by the highest-ever nine-month adjusted EBITDA of €45.7 million and record-high portfolio of €229 million, contribution to which was made by both group’s business lines — vehicle and consumer financing.

By keeping the strategic focus on the Group’s existing markets and continuing to pursue steady growth, Eleving Group has reached multiple substantial milestones in the third quarter of 2021. Our nine-month key performance indicators have already exceeded the results of the entire 2020, and so far, we are turning in the best financial performance in the Group’s history. In the third quarter of 2021, we also reached historic milestones for the company – issued loans in the amount of €900 million since inception and financed more than quarter-of-a-million vehicles, also Group’s team surpassed the 2 000 employees` mark. We have managed to strengthen our position across all Eleving markets. We continue to demonstrate strong quarter-on-quarter growth in Kenya and Uganda, where we are focusing on motorcycle taxi financing. Also, we have achieved the highest issuances since the beginning of the pandemic across multiple vehicle financing markets in the Baltics and Eastern Europe.

Eleving Group also saw a landmark Eurobond issuance in the amount of €150 million, with the bonds listed on the Frankfurt Stock Exchange. We are grateful to our investors’ community across Europe, who showed trust in the company and our vision. The money raised will allow us to refinance our current obligations and secure stable financing for the company in the foreseeable future. Not only was this a milestone for Eleving Group but also for the Baltic capital markets since it has been one of the largest bond issuances of all time by a private company headquartered in the Baltics.

“In the third quarter of 2021, we continued to implement our ESG strategy. We have designed green vehicle — electric and hybrid — financing products, which were introduced in Lithuania and Romania, with new markets to follow soon. Additionally, we have embarked on a course of offsetting the Group’s carbon footprint and kicked-off a process for developing long-term ESG goals.”

Modestas Sudnius, CEO of Eleving Group

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 € 220 million.

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

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