ESTO Holdings (the Group), an Estonian payment processor and consumer credit provider, reported its unaudited financial results for Q3 2023. The company provided the following operational and financial information: ESTO has seen profits totaling €2.3 million for 3 consecutive quarters this year. The company secured close to €9 million in new funding during Q3 2023 and over €18.5 million since the beginning of the year.
- Revenue increased 54% from Q3 2022 to a record €17.5 million.
- Over €118 million in transactional turnover (gross merchandise volume) was processed by ESTO during the first nine months of 2023, a 66% increase compared to the same period in 2022.
- Over 300 new point-of-sales were added to the merchant network, with an estimated annual gross merchandise volume of about €100 million.
- The net profit increased by 27% year-over-year to €2.3 million in the first nine months of 2023, compared to €1.8 million in the same period of 2022.
- The net loan portfolio expanded by 41% year-over-year in Q3 2023 compared to Q3 2022.
ESTO announced the equity raise process is set for Q4 2023, followed by the unanimous decision of the company’s shareholders. This move aims to fuel ESTO’s growth in the Baltics, capture additional market share, and support the development of financial solutions.
ESTO was established in 2017 and provides a fully automated and tech-driven point-of-sale purchase financing and payments solution for its network of merchant partnerships in the Baltics. ESTO’s business model is to facilitate payments between the client and merchant in an e-commerce setting by providing real-time payments for the merchant and payment schedules for the client. Among its partners are some of the largest retailers in the Estonian market – Kaup24, ONOFF, Valge Klaar, RDE, Bigbox, Photopoint, and many more.
ESTO Group owns ESTO AS, ESTO LV AS, and ESTO UAB.