Eleving Group, while exploring IPO opportunities in the Baltics and Frankfurt, has disclosed its financial goals for the coming years. According to the projections, the company plans to nearly double its profit in three years.

Eleving Group closed 2023 with a EUR 29.5 mln net profit before FX. As stated by the Group’s management, the company aims to earn EUR 33 mln net profit before FX in 2024, EUR 44 mln in 2025, and EUR 54 mln in 2026, respectively. 

The net loan portfolio projections show the ambition of accelerating the business and increasing it to EUR 520 mln, which would be up by 62.5% compared to the EUR 320 mln portfolio in 2023. Meanwhile, sales revenues are expected to grow from EUR 189 mln to EUR 315 mln. 

"We have kept our growth trajectory and delivered on our promises in the first half of this year, and we see room for growth in the following years at a pace of 20% annually. As per our strategy, this will mainly be achieved by tapping the opportunities in existing and new geographies in the form of new customer-focused products, including for the SME segment. The scale-up effect will allow us to achieve higher efficiency and profitability as revenue will grow more than costs," explains Modestas Sudnius, the CEO of Eleving Group. 

Read more about the growth projections here: https://www.eleving.com/growth-projections-2024-2026

The company recently introduced a new official dividend policy, according to which dividends are paid twice a year. As stated by M. Sudnius, the long-term dividend payout ratio is expected to be 50%+ as per the dividend policy. For more information about the dividend policy, refer to this link: https://www.eleving.com/dividend-policy-2024

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, 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 660,000 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. For two consecutive years, the Group was listed among Europe’s 1000 fastest-growing companies published by the Financial Times in 2020 and 2021.