Mogo Finance: Change in the Management Team

Riga, Latvia, 15 January 2019. Mogo Finance and its group companies (the “Group”), specialized in used car financing, announce changes in the Management Team as part of the envisaged corporate progress. Following the successful expansion of its geographical footprint, the Group is now further focusing on operational excellence.

With effect from 14 January 2019, Edgars Egle stepped down from his position as CEO of Mogo Finance and handed over responsibility to Modestas Sudnius as his successor, who had been Co-CEO since 1 November 2018. Edgars Egle will accompany the change until the end of March as a Member of the Board.
The Board of Directors would like to thank Edgards Egle for his valuable contribution to the development of the company and wishes him all the best for his future career and private life. Under his leadership, Mogo Finance grew its business from initially five to 13 countries in Europe and became the top of mind brand in used car financing.

The appointment of the HUB 1 Regional Manager and former Lithuanian Country Manager Modestas Sudnius marks a further step towards continuing Mogo Finance’s successful track record. The Board of Directors is convinced that Modestas Sudnius with his extensive experience amongst others in establishing operations in Lithuania in 2013 will be valuable contribution to the further development of the operational excellence of Mogo Finance. Within four years’ time Modestas Sudnius steered Lithuanian operations to become a leading profitable used car finance company and further on successfully managed HUB 1 which consists of Latvia, Lithuania, Estonia, Georgia and Armenia.

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Notes to Editors:

Mogo Finance is one of largest and fastest growing secured used car financing companies in Europe. Recognizing the niche in used car financing underserved by traditional lenders, Mogo Finance has expanded its operations to 13 countries issuing over EUR 320 million up to date and running a net loan portfolio over EUR 130 million. Mogo offers secured loans up to EUR 15,000 with maximum tenor of 84 months making used car financing process convenient, both for its customers and partners. Wide geographical presence makes Mogo unique over its rivals and diversifies revenue streams.
Mogo Finance operates through its own branch network, more than 1,500 partner locations and strong online presence. Physical footprint makes Mogo Finance top of mind brand in used car financing. Established in 2012, headquartered in Riga, Latvia and operates in: Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Moldova, Albania, Belarus, Armenia, Ukraine and Uzbekistan.
www.mogofinance.com

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