"What once was a one-brand company focused on car finance now has become a global multi-brand group with several lines of business and multiple brands across its vehicle and consumer financing products. A corporate brand change was a logical step in the evolution of the company, capturing the company's revised focus on sustainability and an ESG mindset. These changes were necessary to continue the Group's international growth, accompanied by a revised mission in all elements of the brand," explains Modestas Sudnius, CEO of Eleving Group.
Since its formation in 2012, the company has evolved from a Latvia-based start-up into an international group offering a wide range of financial solutions in 14 countries around the world. Eleving Group aims to make an impact and relevance beyond day-to-day operations for all stakeholders involved. Therefore new brand name derives from the verb "to elevate", reflecting the company's efforts to provide financial inclusion to diverse communities around the world by creating access to innovative and sustainable financial solutions.
The Group's financial indicators in the first quarter of 2021
The consistent and steadily improving performance across the Group's vehicle finance markets in tandem with the consumer finance business were the key drivers behind the strong financial results. The Group's revenues continued to improve, reaching €33.6 million, while EBITDA grew by 65% to €14.5 million, which was driven by a sustained focus on the most profitable markets and more optimal organisational structure. Net profit before forex increased to €3.4 million, which was driven by revenue growth and prudent loan portfolio quality control.
About Eleving Group
Eleving Group comprises a number of international and fast-growing financial technology companies with a global presence. The Group operates in the vehicle and consumer finance segments in 3 continents, providing financial inclusion and disruptively changing financial services industries in its countries of operation. To date, the Group has issued over €650 million in loans and runs a net loan portfolio of over €200 million. Founded in 2012 as Mogo in Latvia, the Group has revolutionised the way people purchase cars. Having expanded all across the Baltics within its first year in business, the Group continued expansion in the following years, servicing a total of 14 active markets as of the end of 2020.
With its headquarters based in Latvia, the Group now operates in the Baltics, Central, Eastern and South-Eastern Europe, the Caucasus, Central Asia, and Eastern Africa.
For two consecutive years since 2020, the Group has appeared on the Financial Times list of Europe's 1000 fastest growing companies.
Read more: www.mogofinance.com
Further information:
Agita Baltbarde
The Group's Chief Corporate Affairs and Investor Relations Officer
E-mail: agita.baltbarde@mogofinance.com
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