A Way Way Up

Experienced fintech empowering upward social mobility in diverse communities around the world with innovative and sustainable financial solutions

Group's profile
A Way Way Up
Eleving Group at a glance
Growth
16countries
>1.8bLoans issued since inception
26%Net portfolio CAGR (2016-23)
>1.3mHistoric customer portfolio
10Brands
Financials
EUR 77.5mAdjusted EBITDA (12M 2023)
EUR 342.5mPortfolio (6M 2024)
EUR 189.3mRevenue (12M 2023)
EUR 24.5mNet Profit
>50%Target dividend payout ratio
Eleving Group at a glance

About

Eleving Group has driven innovation in financial technology around the world since its foundation in Latvia in 2012. As of today, the group operates in 16 markets and 3 continents, encouraging financial inclusion and upward social mobility in underserved communities around the globe. Eleving Group has developed a multi-brand portfolio for its vehicle and consumer finance business lines, with around 2/3 of the portfolio comprising secured vehicle loans and mobility products, with Mogo as the leading brand, and around 1/3 of the portfolio including unsecured consumer finance products, with Kredo and Tigo as the segment’s flagship brands. Currently, 55% of the group's portfolio is located in Europe, 32% in Africa, and 13% in the rest of the world.

The Group's historical customer base exceeds 1.3 million customers worldwide, while the total volume of loans issued goes beyond EUR 1.8 billion. With headquarters in Latvia, Lithuania, and Estonia and a governance structure in Luxembourg, the Group ensures efficient and transparent business management, powered at the operational level by over 2800 employees.

Key milestones

Net portfolio, EUR mln
Number of markets
1
8
3
35
4
55
4
64
5
97
7
141
8
194
10
201
12
257
12
293
12
320
16
2012
LV
Mogo founded in Latvia
2013
LTEE
Entering to Estonia and Lithuania
2014
GE
Entering to Georgia
2015
Cooperation with Mintos
2016
RO
Entering to Romania
2017
AMMD
Entering to Armenia and Moldova
2018
UZ
Entering Uzbekistan
2019
KEUG
Entering to Kenya and Uganda

LV
Primero JV and Renti launched
2020
MDMKAL
Acquisition of business in Moldova, North Macedonia and Albania
2021
Mogo Finance becomes Eleving Group
2022
LV
OX Drive launched
2023
BWNAZMLS
Acquisition of business in Botswana, Namibia, Zambia and Lesotho

Eleving Group product lines

Vehicle loan products
Vehicle loan products
Flexible loans
Flexible loans
Subscription-based products
Subscription-based products
Consumer products
Consumer products

Global presence

33%Consumer finance
67%Vehicle finance
55%Continental Europe
32%Africa
13%Rest of the world
Continental Europe
Africa
Rest of the world
LatviaLatviaShare of portfolio3.9% (10.5%*)*incl. Primero
LithuaniaLithuaniaShare of portfolio8.8%
EstoniaEstoniaShare of portfolio3.4%
RomaniaRomaniaShare of portfolio10.9%
MoldovaMoldovaShare of portfolio5.1%
MoldovaMoldovaShare of portfolio5.2%
AlbaniaAlbaniaShare of portfolio11.0%
North MacedoniaNorth MacedoniaShare of portfolio6.9%
KenyaKenyaShare of portfolio14.0%
UgandaUgandaShare of portfolio7.8%
BotswanaBotswanaShare of portfolio4.1%
NamibiaNamibiaShare of portfolio3.5%
ZambiaZambiaShare of portfolio1.8%
LesothoLesothoShare of portfolio0.5%
GeorgiaGeorgiaShare of portfolio5.1%
ArmeniaArmeniaShare of portfolio4.5%
UzbekistanUzbekistanShare of portfolio3.4%

News

October 9, 2024
Investors oversubscribed Eleving Group's IPO by 1.2 times

Professional and retail investors from the Baltic countries and Europe showed a lively interest in Eleving Group's initial public offering (IPO): a total of 4,515 investors subscribed to the company's shares for a total of 33 million euros, as the base volume of the offer was oversubscribed 1.2 times. This was the largest IPO in Latvia organized by a privately held company.

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Investors oversubscribed Eleving Group's IPO by 1.2 times
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