Estonian Payment Processor ESTO Holdings Reports Steady Business Growth

ESTO Holdings OU, an Estonian payment processor and consumer credit provider,  reported its financial results “for the three-quarters of 2023.”

With revenue growth of 54% from a year ago, the company has “achieved a historic milestone by attaining a three consecutive quarter profit of EUR 2.3mln, confirming its dominant and resilient position in the Baltics despite challenging macroeconomic environments.”

To fuel the growth dynamics, ESTO has “announced the upcoming capital raise initiative.”

Key Highlights:

  • Revenue increased by 54% from the third quarter of 2022 to a record EUR 17.5mln, demonstrating the ability to expand the customer base, engage new partners, and enhance existing monetization strategies;
  • The record volume of over EUR 118mln in transactional turnover (GMV) was processed by ESTO during the first nine months of 2023, a remarkable +66% increase compared to the same period of 2022;
  • Over 300 new point-of-sales were added to the merchant network with an estimated annual GMV amount of about EUR 100mln. The launch of the ESTO Platform is set to increase the company’s revenue and boost the attractiveness of ESTO services for its clients;
  • Net Profit showed strong growth, increasing by 27% YoY to EUR 2.3mln in the first nine months of 2023 compared to EUR 1.8mln in the same period of 2022;
  • The Net Loan Portfolio demonstrated solid growth, expanding by 41% YoY in Q3’23 compared to Q3’22.

Mikk Metsa, Founder and CEO of ESTO, commented:

“ESTO’s focus on profitable and sustainable growth is evident in our business development strategy, which was proven by the recent enhancement of our product line by the launch of the ESTO Platform earlier this year. Our market positioning remains strong, especially in Estonia, where ESTO is proudly considered a household brand.”

Following the company’s positive trajectory and solidification of its business model, ESTO is pleased to announce that the strategic equity raise process is “set for Q4’23, followed by the unanimous decision of the company’s shareholders.”

This strategic move aims “to fuel ESTO’s growth aspirations in the Baltics, capture additional market share, and support the development of innovative financial solutions.”

ESTO aims to enhance the shopping experience “by simplifying the complex shopping ecosystem.”

Leveraging its position as Estonia’s non-bank consumer credit institute, ESTO is positioned to reshape “the e-commerce landscape in the Baltics and beyond.”

With a strong emphasis on technology and customer loyalty, ESTO aims “to provide a seamless, tailored, and omnichannel shopping experience for both consumers and retailers.”

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