Mogo Finance reports unaudited results for the nine months 2020

Mogo Finance, a leading used car financing company, published its unaudited results for the nine months of 2020. In this period the company has reached a record EBITDA that increased by 8.3% to €24.7 million. In the third quarter, the company has demonstrated full recovery of sales, growing revenue by 16.3% to €64.9 million. By consistently focusing on the most profitable and highest-ROI developed markets, Mogo has also optimized its portfolio.

While the company’s car lending business was the predominant part of its portfolio with 85.6%, there have been strategic acquisitions of consumer lending businesses that already contribute to the results. The share of productive lending through business-linked loans to self-employed customers more than doubled, reaching 19.2% of total Mogo car issuances.

Mogo Finance’s management team has set the Group’s strategic transition milestones – comprehensive portfolio rationalization, focusing on higher yield markets with the greatest potential for profitable growth, as well as the acquisition of three mature consumer lending companies – to enable Mogo Finance to become a leaner, more compact, and more efficient organization focused on smart capital allocation in the near future.

Below you can find Mogo Finance key highlights:

Mogo reports the following operational and strategic highlights

  • Performance in Mogo markets recovered from initial pandemic shock, progress in focus on most profitable markets
  • Issuances and debt collection back to pre-Covid-19 level – portfolio quality recovering
  • Admin expenses unchanged YOY; adjusted for expansion of business – decreasing
  • Integration of acquired consumer lending businesses well on track and contributing to successful results
  • Launch of car portal in 13 markets supporting cross-selling potential of re-possessed car sales and car financing
  • Increasing share of productive lending through business-linked loans to self-employed customers

Financial highlights and progress


  • Interest and similar income up 16.3% to €64.9 million (9M 2019: €55.8 million)
  • EBITDA up 8.3% to highest level ever at €24.7 million (9M 2019: €22.8 million) reflecting leaner structure and cost base as well as focus on most profitable markets; Q3 biggest contributor to 9M EBITDA
  • EBITDA adjusted for mezzanine €1.3 million warrant repayment up 14.0% to €26.0 million
  • Net profit before FX decreased to €2.5 million (9M 2019: €4.5 million) due to net impairment losses on loans and receivables; adjusted for mezzanine warrant repayment decreased to €3.8 million
  • Decrease in total equity by 5.9% to €27.1 million (31 December 2019: €28.8 million) attributable to net loss for the period caused by unrealized FX

Modestas Sudnius, CEO of Mogo Finance, commented: “Mogo Finance has successfully mastered the challenge of the Covid-pandemic during the nine-month period, as underlined by the results in Q3. We have made a smooth transition into the “new normal” by building a more effective, productive, and lean organizational structure and thus showing strong results. Our historically highest EBITDA, to which Q3 contribution was the most significant, proves that our multi-channel fintech approach is winning and sustainable in the long term. We have adapted Mogo Group’s corporate strategy, including the optimized regional HUB structures and a reassessment of the cost base in all markets. Cash surplus generated in months of low issuances has been selectively allocated to the business expansion – bold acquisition of developed consumer loan companies, thus contributing to and strengthening revenues of Mogo Finance. The consumer credit activities also contributed to the consolidation of operations and cost optimization of existing car loan financing. Our focus on Mogo Finance’s portfolio and investments will continue to be on secured car financing as a technology-oriented, data-driven and innovative lender in disruptive development of both business areas.”

The full unaudited report for the nine months ended 30 September 2020 is available here.

Currently, there are 12 countries from the Mogo group’s country portfolio on Mintos, soon to be joined by Kenya. Since the beginning of cooperation with Mintos in 2015, the Mogo group has attracted over €400 million worth of cumulative investments into its issued loans from investors on Mintos.

About Mogo Finance

Mogo Group was founded in 2012 in Latvia and joined the Mintos marketplace in 2015, originally offering loans for investment from Latvia. Since then, Mogo Group’s presence on the marketplace has grown substantially, and the company now places loans on the marketplace from 14 countries in the Baltics and Central, Eastern, and South-Eastern Europe. Operating regions also include the Near East, the Caucasus and Central Asia as well as Eastern Africa. As of the end of September 2020, Mogo Group had a net loan and used car rent portfolio of over € 192 million across its operations.


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