Eleving Group reports on record-high financial results for the six months of 2021

August 9, 2021

Eleving Group (former Mogo Finance) reports unaudited results for the six months of 2021, showing a sturdy performance in the first half of the year. The record-high results were driven by consistent financial performance, earning EUR 71.8 million in revenues, and the highest-ever consolidated loan issuance volume. In several markets such as Romania or Kenya company demonstrated solid growth by achieving record quarterly loan issuances.

The used car market became increasingly active during the pandemic. Group’s industry know-how allowed the company to swiftly react to the growing demand for safer and more cost-efficient personal mobility. That was driving an increase of an average loan size by 4% and increase of number of vehicle loan application by nearly 13% in comparison with previous quarter.

The record profitability is characterized by a record-high half-year EBITDA of EUR 31.1 million that is 107% increase in comparison with last year`s respective period and product portfolio of EUR 211.5 million with quarterly increase of EUR 11.3 million. Additionally net profit after forex effect reached EUR 7.8 million during first six months of 2021 (compared with first half-year of 2020 – it was EUR 3.8 million loss).

„Eleving Group has produced sturdy performance in the first half of 2021, boosted by the Group`s strategic focus on its existing markets and leaner organizational structure. The strong performance of the Group was driven by a record-high consolidated loan issuance volume. Recovering used car market segment contributed to increased demand for used vehicle leasing and increase in average loan ticket due to increasing vehicle prices.

During the first six months of 2021, we also focused on our corporate identity and took steps to boost the Group’s new brand awareness across the international business community after the rebranding — we launched our new website and strengthened our ESG approach. To pursue our ESG goals, we published the first group-wide non-financial statements and launched several social initiatives.

While heading towards the best financial year in the Group’s history, Eleving Group will pursue gradual growth in the next quarters, maintaining a keen focus on sustainable business development, “comments Modestas Sudnius, CEO of Eleving Group.

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 as Mogo in Latvia, the Group has revolutionized 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 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.