Mogo Finance Group generates €33.6m in quarterly revenues and announces corporate brand change
Mogo Finance Group, an international fintech, shows strong financial results in the first quarter of 2021. The Group’s companies earned €33.6 million in revenue in 14 countries, which is a 45% year-over-year increase according to the company’s unaudited financial results. The Group continued to demonstrate strong performance for the third consecutive quarter following the initial Covid-19 shock. Revenue growth was achieved thanks to high quality portfolios in both the vehicle business and consumer finance business.
Also, Mogo Finance Group announces its corporate name change, becoming Eleving Group.
“What once was a one-brand company focused on car finance now has become a global multi-brand group with several lines of business and multiple brands across its vehicle and consumer financing products. A corporate brand change was a logical step in the evolution of the company, capturing the company`s revised focus on sustainability and an ESG mindset. These changes were necessary to continue the Group`s international growth, accompanied by a revised mission in all elements of the brand,” explains Modestas Sudnius, CEO of Eleving Group.
Since its formation in 2012, the company has evolved from a Latvia-based start-up into an international group offering a wide range of financial solutions in 14 countries around the world. Eleving Group aims to make an impact and relevance beyond day-to-day operations for all the stakeholders involved. Therefore new brand name derives from the verb “to elevate”, reflecting the company`s efforts to provide financial inclusion to diverse communities around the world by creating access to innovative and sustainable financial solutions.
Eleving Group informs that Mogo remains a product brand represented in all vehicle finance markets on the Eleving Group`s portfolio.
The consistent and steadily improving performance across the Group`s vehicle finance markets in tandem with the consumer finance business were the key drivers behind the strong financial results. The Group`s revenues continued to improve, reaching €33.6 million, while EBITDA grew by 65% to €14.5 million, which was driven by a sustained focus on the most profitable markets and more optimal organisational structure. Net profit before forex increased to €3.4 million, which was driven by revenue growth and prudent loan portfolio quality control.
Modestas Sudnius: “During the first quarter of 2021, we managed to achieve significant operational and corporate milestones. I am pleased that, despite the challenging economic climate, we managed to continue developing a premium car financing solution together with a local bank in Latvia and motorcycle taxi financing in Kenya. Further development of these solutions is part of our future strategy. Also, we will continue to digitise our processes across the Group, with a focus on improving our automated debt collection engine and optimising our web platform.“
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. To date, the Group has issued over €650 million in loans and runs a net loan portfolio of over €200 million. Founded in 2012 as Mogo in Latvia, the Group has revolutionised 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 based in Latvia, the Group now operates in the Baltics, Central, Eastern and South-Eastern Europe, the 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.
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