Eleving Group has appointed a supervisory board as it continues the process of evaluating a potential IPO. The functions of the Supervisory Board will henceforth be executed by Lev Dolgatsjov, Derek Urben, and Marcis Grinis. 

According to the company’s announcement, the responsibilities of the new governance structure will include contributing to the company’s future strategy, overseeing a potential IPO or external equity raise, advising management on business decisions, and further enhancing the quality of corporate governance. 

Lev Dolgatsjov is an Estonian investment community and start-up ecosystem activist. Outside the new role, he is a Managing Partner of an investment company, Meemaeger Capital, and a Founding Partner of Syda Ventures. Previously, he has served as a Board Member and President of the Estonian Business Angels Network (EstBAN) and as a Member of the Board of Directors of the European Business Angels Network (EBAN). On top of that, he has advised and mentored numerous start-up projects and businesses.  

“I am deeply honored to join the Supervisory Board of Eleving Group. As a bond investor, I have always admired the company’s commitment to innovation and growth. Its excellence has consistently stood out in the industry. As I step into this role, I am excited about the opportunities and challenges that lie ahead,” adds Lev Dolgatsjov. 

Derek Urben is an investor from the U.S. who previously spent five years at Left Lane Capital, a USD 2 bln growth equity fund. At Left Lane Capital, he led over a dozen investments representing more than USD 200 mln for the firm, including Moove, Freetrade, Jackpocket, Salad, and others across the fintech, software, and consumer internet categories. Before Left Lane Capital, he was the CFO of a trading technology software business. Today, he is the founder of a new private investment firm focusing on activism in emerging markets. He currently serves on the board of Moove, a global mobility fintech, and Salad, a distributed AI computing company. 

“I am thrilled to join the Eleving Group’s journey as it enters an important chapter of its life. Eleving Group is becoming an important solution to a problem facing almost all emerging markets: the lack of local credit to fund much-needed purchases and business creation. The banks have shown limited engagement in these markets, and it leaves a huge opportunity for Eleving Group to offer its products to underserved customers. The team has already built an incredible business over the last ten years, and we are excited to see what the next decade has in store,” comments Derek Urben.   

The third member, Marcis Grinis, has extensive experience in investment, technology, and finance areas. He is a co-founder of the digital marketing technology company Roibox and currently serves there as the COO, improving PPC management through automated data analysis and location targeting. Marcis is also a co-founder of Eleving Group and played a crucial role in its growth and strategy development from the outset. Furthermore, he is an investor in the self-service technology company Tapbox and a co-founder of a fintech business in the Balkan region, where he managed its strategic direction and operations. 

“As we look to the future, the strategic objectives of the newly created Supervisory Board will include strengthening the Company’s corporate governance and oversight, achieving organic growth, and actively exploring merger and acquisition opportunities. Additionally, we aim to expand our product offerings to accelerate our growth trajectory. We believe these initiatives will position us strongly for sustained success and drive value for our shareholders,” explains Marcis Grinis. 

About Eleving Group 

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, 57% of the group’s portfolio is located in Europe, 30% in Africa, and 13% in the rest of the world. 

The Group’s historical customer base exceeds 660,000 customers worldwide, while the total volume of loans issued goes beyond EUR 1.7 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 2718 employees. For two consecutive years, the Group was listed among Europe’s 1000 fastest-growing companies, as published by the Financial Times in 2020 and 2021. 

The group closed Q1 of 2024 with strong financial results—its adjusted EBITDA reached EUR 22.0 mln, revenues EUR 51.8 mln, and adjusted net profit before FX EUR 7.8 mln. Eleving Group’s net portfolio landed at EUR 330.5 million.