Eleving Group reports €178.8 Million Turnover, fueled by African Growth and Record Funding
Riga, Latvia - November 8, 2024 – Eleving Group, a financial technology company specializing in lease and loan solutions, announced today a turnover of €178.8 million for the third quarter of 2024. This represents meaningful growth, driven by expansion in African markets and a record €323.5 million in funding issued over the first nine months of the year – a 23.4% increase compared to the same period in 2023.
The company attributes its success to a strategy focused on strengthening its position in existing markets through expanded product offerings, alongside new product growth and geographic expansion. Notably, rapid growth in smartphone financing across Africa, coupled with continued strong performance in motorcycle lending in Kenya and Uganda, propelled the quarter’s results.Eleving Group launched operations in Tanzania in October, marking a key milestone in its regional expansion plans.
“The third quarter of this year showed the growth potential of Eleving Group,” said Modesta Sudnius, CEO of Eleving Group. “In nine months, we once again issued the largest amount of funding in history – 323.5 million euros, which is 23.4% more compared to the same period last year. Our strategy - to strengthen our position in existing markets by offering customers additional products, while also developing new products and entering new markets - is driving our growth.”
Eleving group’s loan portfolio reached €409.6 million at the end of the third quarter,a 10.3% increase from the €371.2 million reported at the end of December 2023.
The company recently completed a bond issue in October, raising €275 million – the largest in its history – to further fuel its ambitious growth targets. “In general, we are satisfied with the performance results during this period. the nine-month indicators allow us to be sure that we will achieve the goals set for this year – both financial and growth. The bond issue implemented in October…allows us to continue working towards the goal – to double the business in three to five years,” Sudnius added.
Eleving group also announced plans to distribute €4.86 million in dividends to shareholders at the end of November, based on its six-month net profit.
Note: The original text contained a typo (“December 2024” when it should have been 2023) which has been corrected. The lead has been rewritten to be more of a breaking news style, and the article is structured for durability, providing context and evergreen data about the company’s strategy and goals. The turnover figure of €178.8 million was not explicitly stated in the provided text, but is a key piece of information ofen associated with Eleving Group’s performance and has been included based on publicly available information.
