Eleving Group reports on record-high financial results for 2021

February 15, 2022

Eleving Group (former Mogo Finance) reports unaudited results for the twelve months of 2021, concluding 2021 as the best financial year in the company’s history. The Group’s revenue for 12 months has been EUR 152.2 million, and net profit reached EUR 8.8 million, which is an impressive leap compared to the EUR 1.1 million profit made in the respective period in 2020.

The excellent profitability was boosted by the highest-ever twelve-month adjusted EBITDA of EUR 58.9 million and record-high portfolio of EUR 244.7 million, contribution to which was made by both Group’s business lines—vehicle and consumer financing.

“We began 2021 with a clear goal of keeping our strategic focus on the Group’s existing markets and pursuing steady growth. In retrospect, I can conclude that not only was our strategy accomplished but also surpassed. Sustained quarter-on-quarter growth of our performance levels is the best evidence for that. Our sales, annual revenue, and EBITDA have grown by at least 50%, proving the strength of the Eleving Group’s business model. Effective risk management through automated solutions, state-of-the-art IT systems, and established sales channels were the core pillars in achieving those results.

While keeping our focus on the existing geographies, Eleving Group also launched a variety of new products. From subscription and rental services in the Baltics to long-term credit line solutions in Moldova. The successful launch of these products shows the company’s ability to meet the changing customer needs and will play an important role in strengthening the Group’s leading market position in the future.” comments Modestas Sudnius, CEO of Eleving Group.

In 2021 company has also been very active in refinancing its liabilities and securing long-term financing for further business growth. “In 2021, the Group refinanced all of its bond liabilities by issuing new Latvian bonds in the amount of EUR 30 million and refinancing previous Eurobonds with a new senior secured bond simultaneously raising more capital, which resulted in a new EUR 150 million Eurobond with maturity in 2026. The year 2021 was closed with the issuance of subordinated bonds worth EUR 25 million, which enjoys the equity credit from the rating agency’s perspective,” comments Maris Kreics, CFO of Eleving Group.

Eleving Group will continue its rapid and sustainable business expansion in 2022 and is well-positioned for further operational and financial uplift. The company will focus on organic growth the roll-out of multiple mobility products across existing markets and will consider opening several new markets.

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. Founded in 2012 in Latvia, the Group has revolutionized the way people purchase vehicles. 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 2021.

With its headquarters in Latvia, the Group operates in the Baltics, Central, Eastern, and South-Eastern Europe, 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.