Our mission

To serve diverse communities overlooked by banks and to promote an inclusive economy through innovative, and easy-to-use financial products.

Our mission

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%

Eleving Group product lines

The Group's business comprises several products and services that fill the funding gap and create new opportunities for people who previously did not have access to finance or private transportation. The Group's primary products can be split into four categories:

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

Eleving Group's Product universe

LatviaLithuaniaEstoniaArmeniaRomaniaGeorgiaUzbekistanUgandaKenyaMoldova
Well accessible and affordable mobility product for customers in underserved market segments
LatviaEstonia
Flexible Premium car leasing for people interested in the high-quality vehicles
MoldovaNorth MacedoniaAlbaniaBotswanaNamibiaZambiaLesotho
Accessible financing through traditional consumer loan products
Latvia
Tesla based car-sharing in Latvia (Riga)
LatviaLithuania
A rent-to-buy product with ultimate flexibility
KenyaUganda
Car and motorcycle loans for self-employed who use mobility as a source of income
FinancingServices
Mobility and inclustion
Who are our customers
The typical client of Eleving Group mobility products is a working-class person who frequently uses a vehicle for daily commuting and as an instrument to make a living for himself and his family. It is a person looking for a convenient and easy-to-understand financial product with fast onboarding and simple use. Our mobility clients prefer to drive pre-owned premium-class vehicles since such vehicles perform better, depreciate less and have cheaper maintenance costs due to a well-developed aftermarket. For most customers, a car is not a nice-to-have item but a necessity to travel to work or generate income. The Group also serves small and medium enterprises that need quick financial solutions to solve mobility issues in their businesses. Most of Eleving Group’s Vehicle Finance customers are males aged 21 to 59.
Our consumer segment clients encompass diverse individuals seeking tailored financial solutions to meet specific needs and goals. They often address urgent cash flow needs, mainly related to unexpected expenses. Our products provide flexible terms and competitive rates, empowering clients to achieve their aspirations with personalized support. Usually, these are customers underserved by traditional banks due to the low-ticket size, inefficient underwriting process, complicated and inefficient loan application process, and long turnaround times for such loans. Consumer financing customers are equally divided by gender and fall within the age range of 21 to 59.
Who are our customers

Our Way Way Up

2012

- Founding of Mogo in Riga, Latvia

2013

- Launch of business in Lithuania and Estonia
- Milestone reached of EUR 1 mln loans issued per month

2014

- EUR 20 mln bonds issued in the NASDAQ OMX Baltic Market
- Milestone reached of 10 000+ customers
- Launch of business in Georgia

2015

- Mogo attracts EUR 23 mln mezzanine growth capital
- First loan listed on the Mintos marketplace

2016

- Launch of business in Romania
- Net loan portfolio reached the EUR 50+ mln level

2017

- Launch of business in Armenia and Moldova
- Milestone reached of 50 000+ customers

2018

- Introduction and launch of the regional HUB concept
- Launch of business in Belarus and Uzbekistan
- Mogo Finance issues EUR 50 mln corporate bond on Frankfurt Stock Exchange
- Milestone reached of EUR 25 mln annual EBITDA
- Eurobond tapped reaching a total level of EUR 75 mln on Frankfurt Stock Exchange
- Net loan portfolio reached EUR 100+ mln

2019

- Milestone reached of 100 000+ customers
- First car portals launched in Lithuania and Latvia
- Launch of business in Kenya and Uganda
- Fitch Rating B- received
- Eurobond tapped reaching a total level of EUR 100 mln on Frankfurt Stock Exchange
- Primero near-prime car loan joint venture launched in collaboration with EU bank in Latvia
- Milestone reached of EUR 30 mln annual EBITDA

2020

- Acquisition of 3 consumer lending businesses in Moldova, North Macedonia and Albania
- Mogo Finance is recognized by the Financial Times as one of the 1 000 Fastest Growing European companies
- Milestone reached with the historically highest EUR 45 mln EBITDA
- Milestone reached of 200 000+ customers
- Loan portfolio reached EUR 200+ mln

2021

- Mogo Latvia bonds issued in the amount of EUR 30 mln on the Nasdaq Baltic Stock Exchange
- Mogo Finance rebranded to Eleving Group
- Mogo Finance is recognized by Financial Times second consecutive time as one of the 1 000 Fastest Growing European companies
First Eleving Group`s non-financial statements published
- Fitch Ratings affirmed Eleving Group`s Long-Term Issuer Default Rating at "B-"; Outlook Stable
- Eleving Group corporate bonds issued in the amount of EUR 150 mln on the Frankfurt Stock Exchange
- Eleving Group subordinated bonds issued in the amount of EUR 25 mln on the Nasdaq Baltic Stock Exchange
- Milestone of 2 000+ employees reached

2022

- Milestone of the total amount of loans issued since inception reaching one billion euros achieved

2023

- Eleving Group received 1st place in Nasdaq Baltic Awards in the category of Best Investor Relations on the First North Bond List.
- Integration of EC Finance Group into the Eleving Group business portfolio.

2024

- Fitch rating upgrade from "B-" to "B", with a stable outlook.