ESTO Group, a provider of “innovative” payments and shopping solutions in the Baltics, announced that it has entered a strategic partnership with Multitude Bank p.l.c.
The company has provided the following operational and financial information.
Multitude Bank has “committed €14m into a bond program to support ESTO’s growth in Europe.” This contributes positively “to improving the digital commerce landscape in Europe by enabling ESTO to offer financing solutions for consumers on its platform, which in turn allows retailers to achieve their growth objectives.”
Multitude Bank, formerly Ferratum Bank, “has been operational for ten years.”
With the evolution of the Multitude Group as a growth platform for FinTech businesses, the Bank has “broadened its offering from serving retail consumers to also serving business customers, thus providing the opportunity for external players to benefit from its banking services.”
Antti Kumpulainen, CEO of Multitude Bank, said:
“We are excited to join forces with ESTO and, together exponentially, add value to merchants and consumers. For us, it brings an opportunity to diversify our investments through our Bank and showcases a prime example of how the growth platform works in facilitating FinTech success, also outside of the Group. We are very proud to work with such a fast-growing and well-positioned company, and we look forward to a fruitful collaboration.”
Mikk Metsa, CEO of ESTO Group, remarked:
“In 2022, ESTO has exceeded all expectations as we have already reached our growth objectives set for the year. Since the founding of ESTO, we have facilitated over €300m in transactions for hundreds of thousands of European consumers and merchants. In cooperation with Multitude Bank, we continue to be a strong and reliable partner for our retailers, allowing them to maximize their success and sales through our commerce platform.”
As noted by its management, ESTO Group is “a payment technology company with a creditors license from Estonian Financial Supervision Authority.”
ESTO’s mission is “to enable merchants to sell and consumers to buy online in an easy, automated and safe way.” ESTO provides “a fully automated and tech-driven point of sale purchase financing and payments solution for its network of merchant partnerships in Estonia, Lithuania, and Latvia.”
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.”
