Eleving Group

Founded in Latvia in 2012, Eleving Group, which operated as Mogo Finance until 2021, has established itself as a significant player in the global financial technology sector. The company is a publicly traded entity, with an IPO on the Nasdaq Riga and Frankfurt Stock Exchanges in 2024. Its business model centers on providing financial services in markets often underserved by traditional lenders, thereby promoting financial inclusion. The Group's operations span 16 countries across Europe, Africa, and other regions, managed from headquarters in the Baltics (Latvia, Lithuania, Estonia) and a corporate governance structure in Luxembourg.

Eleving Group's revenue is generated through a diversified, multi-brand portfolio of lending products for individuals and SMEs. The business is structured into two primary lines: vehicle finance and consumer finance. Vehicle financing, its larger segment, accounts for approximately two-thirds of its portfolio and includes products like vehicle leasing, leasebacks, rentals, and subscription-based services under its leading brand, Mogo. The remaining third consists of consumer finance products such as installment loans, credit lines, and long-term unsecured loans, with Kredo and Tigo as flagship brands. For the full year 2024, the company reported revenues of €217.0 million, with consumer lending contributing €95.6 million, traditional vehicle financing €73.5 million, and flexible/subscription products €47.9 million.

The company serves a broad customer base, having issued nearly €2.0 billion in loans to over 1.4 million customers throughout its history. It targets markets with high growth potential, with its portfolio geographically distributed across Europe (54%), Africa (33%), and the rest of the world (13%). Eleving Group leverages a proprietary technology platform to manage its lending operations, which integrates with external databases for functions like credit history checks and vehicle registries, enabling scalability. To manage foreign currency risks in its international operations, the company uses strategies like issuing loans linked to the EUR or USD, or securing funding in local currencies.

Keywords: financial technology, consumer finance, vehicle finance, leaseback, unsecured loans, secured lending, emerging markets, financial inclusion, multi-brand portfolio, public company, Baltic fintech, international lending, Mogo, Kredo, Tigo, mobility solutions, SME lending, subscription finance, credit services, loan portfolio