News
Fitch upgrades Eleving Group to ‘B’ with a stable outlook
Fitch Ratings has upgraded Eleving Group’s Long-Term Issuer Default Rating (IDR) from ‘B-‘ to ‘B’ with a stable outlook. Also, the Group’s senior secured debt rating was upgraded to ‘B’ with a Recovery Rating ‘RR4’.
Eleving Group appoints an international Supervisory Board
Eleving Group has appointed a supervisory board as it continues the process of evaluating a potential IPO. The functions of the Supervisory Board will henceforth be executed by Lev Dolgatsjov, Derek Urben, and Marcis Grinis.
U.S. International Development Finance Corporation and Eleving Group sign a letter of intent for a USD 10 mln loan
The seven-year loan will be made available for the Group’s subsidiary, Mogo Auto Limited (Mogo Kenya), to expand its electric vehicle financing portfolio and increase sustainable mobility alternatives for self-employed and SMEs in Kenya.
Eleving Group demonstrates strong performance and announces plans for future external equity raise
In the first quarter of 2024, the Group has recorded EUR 22.0 mln in adjusted EBITDA and EUR 51.8 mln in revenues.
Audited results for twelve months ended 31 December 2023
Eleving Group closed 2023 with the best-ever business performance. Revenues, including fee and commission income, for the corresponding period reached EUR 189.3 mln, recording an increase of EUR 13.7 mln, compared to 2022. Meanwhile, the net portfolio grew by EUR 27.3 mln and landed at EUR 320.3 mln.
Eleving Group plans to explore external equity-raising options for financing future growth – IPO is a high-priority consideration
Eleving Group has mandated LHV Pank (Estonia) to act as the Lead Arranger for a potential initial public offering (IPO).