Sun Finance, IuteCredit, and Mogo among Financial Times fastest-growing companies in Europe

05.03.2021

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Three lending companies on Mintos – Sun Finance, Iute Credit, Mogo – have been added to the Financial Times ranking that lists the Top 1000 fastest growing European companies. 

In order to enter the rating, a company’s revenue in the first year of operation had to be above €100 000. Revenue growth had to be mainly organic with at least €1.5 million generated in 2018 (or currency value equivalent according to the average of the actual fiscal year), and the company’s headquarters had to be located in Europe. Also, the company had to be listed on a stock exchange, and its share price could not have fallen 50% or more since 2018. Companies that met these criteria were eligible for the FT 1000 list.

Sun Finance – 2nd place

 

Sun Finance took second place out of all 1 000 companies on the list. The lending company shares that this is the first time in history a company from Latvia reached a position in the Top 50 range. Over the last four years, Sun Finance’s revenue increased approximately 619 times over (+61 838%).

Toms Jurjevs, Founder and CEO of Sun Finance, comments: “We are extremely pleased to be recognized at such a high level, especially given the size of the European business landscape and thousands of innovative and successful companies across various industries. Since the company’s inception, we have always thought on a global scale, as evidenced by the rapid growth from 3 employees to a team of over 750 people across 7 countries and a revenue of over € 100 million in our fourth year of operations. Being noticed on the international business stage is a result of always being flexible and adjusting our growth strategy while keeping collaboration and teamwork at the top of our priorities.”

IuteCredit – 172nd place

 

At the end of 2020, IuteCredit had more than 200 000 customers with long-term loans in four countries and achieved a revenue of €56 million and a net profit of €5 million.

According to Tarmo Sild, CEO of IuteCredit Europe, the position in the ranking is a recognition of the fast-growing personal finance company. “Our primary focus is to offer our customers exceptional personal finance experiences. Fully digital solutions with the possibility to seek additional face-to-face, voice-to-voice interaction with our staff have big business potential. As we have proven capability, and have operated profitably even in times of crises, we now aim to become the fastest growing business in all European countries where we operate,” Sild said.

The lending company sees opportunities for growth both organically and by acquisitions. “We expect IuteCredit to benefit from our digitized value streams, adding payment services and customer self-service solutions. But we also see opportunities in the acquisition market and are ramping up our business in Bulgaria again,” Sild explained.

Mogo – 896th place

 

In 2020, Mogo Finance reached a revenue of €99.2 million, 24% more than the previous year, according to the company’s unaudited financial results. Mogo Finance Group’s EBITDA in 2020 was €45.8 million.

Mogo Finance Group CEO Modestas Sudnius commented: “We are proud to be repeatedly listed on Financial Times ranking and even more, to be announced as one of the few companies listed two years in a row. Mogo Finance Group`s development and growth are consistent and sustainable, which is reaffirmed also by the 2020 financial results – the year of the pandemic when Covid-19 brought the economy to a near standstill. The sustainability of Mogo’s business model and the operational transparency is highly appreciated also by our international investor community. Mogo issued bonds in the amount of €30 million, successfully completing the largest bond issue in recent years by a private company on the Nasdaq Riga Stock Exchange.”

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