Eleving Group (previously doing business as Mogo Finance) has shared its unaudited results for the nine months of 2021, “conclusively determining the company’s course to the best financial year in its history.”
As mentioned in a blog post published by the Mintos team, 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 blog post also noted that 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.”
As noted in the announcement:
“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.”
Their 9-month key performance indicators have now “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, the firm 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.”
The company added:
“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.”
They’re grateful to their investors’ community across Europe, “who showed trust in the company and our vision.” The company further noted that 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.”
Modestas Sudnius, CEO of Eleving Group, stated:
“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.”
As mentioned in the update, Eleving Group was established 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,” the update noted.
Please note: the announcement above has been provided to AS Mintos Marketplace (Mintos) by Eleving Group, a cooperation partner of Mintos that offers investment opportunities on mintos.com.
