Eleving Group

What Eleving Group does

Eleving Group is a Latvia-based international financial technology company operating a multi-brand consumer lending portfolio across 17 countries. Founded in 2012 and headquartered in Riga, the company completed an IPO in 2024 and is listed on the Frankfurt and Riga stock exchanges (ticker: nasdaq:ELEVR). It provides accessible digital lending products to consumers, primarily through its Mogo sub-brands, spanning used-car financing, personal loans, and smartphone financing in both European and African emerging markets. The group's revenue scaled from EUR 5.46 million in 2014 to over EUR 216.57 million in 2024, a roughly 40x increase over a decade, and the company employs 1,001–5,000 staff.

The core business model is consumer credit origination — Eleving generates revenue through interest and fees on loan portfolios. Distribution is bifurcated between direct digital channels (self-serve online loan origination, e.g., Mogo Romania) and partnership-led distribution, exemplified by Mogo Uganda's smartphone financing product launched in April 2025, which leverages co-marketing arrangements with Transsion Holdings (device manufacturer) and Airtel Uganda (telecom). The group accesses capital markets through debt issuance, including a EUR 275 million oversubscribed senior secured bond in October 2025, supplementing equity and institutional credit lines such as the EUR 10 million facility from ACP Credit for Romanian operations. Customer-facing loan servicing is partially automated via a third-party AI platform (Chaseit.ai) that handles over 20,000 calls per day.

Operationally, Eleving pursues financial inclusion in markets underserved by traditional banks, focusing on short-tenure, small-ticket consumer credit. Its product launches in 2025 — Uganda smartphone loans (100,000+ devices financed in 200 days) and Romania personal loans (EUR 9 million issued, targeting EUR 30 million in 2026) — illustrate an expansion playbook of launching adjacent products off existing customer bases and through device/telecom partnerships. The group was ranked 57th in the Financial Times' Europe Long-Term Growth Champions 2025 and first in the fintech, financial services, and insurance sub-category, signaling durable multi-year compounding.

Name

Eleving Group

Legal name

Eleving Group

Website

https://eleving.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Eleving Group is a Latvia-based fintech operating across 17 countries that provides consumer lending — used-car financing, personal loans, and smartphone loans — through its Mogo sub-brands, targeting underbanked consumers in Europe and Africa via digital and partnership channels.

Ownership category

akta.pro rank

Product category

Consumer Lending

NAICS

Sales Financing (52222)

akta.pro primary industry

Large Purchase & Lifestyle Personal Loans (Unsecured Installment) (FSAKAAAG)

akta.pro secondary industries

E-commerce & Digital Checkout Installment Financing (FSAKAFAC), Consumer Electronics & Appliance Financing (FSAKAFAL)

Keywords

• Consumer lending
• Vehicle financing
• Personal loans
• Smartphone financing
• Fintech solutions

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Loan Financing: The company generates revenue primarily through providing loans, including used-car financing, smartphone loans, and personal loans. Revenue grew from EUR 5.46 million in 2014 to over EUR 216.57 million in 2024.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels2 records

Core offering

Eleving Group is an international fintech company that provides consumer lending products, including used-car financing, personal loans, and smartphone financing, primarily through its Mogo subsidiary brands across 17 countries. The company earns revenue mainly through interest income on its loan portfolio, with revenue growing from EUR 5.46 million in 2014 to over EUR 216.57 million in 2024.

Product overview

Eleving Group is a Latvian financial technology company operating as a multi-brand portfolio across 17 countries. The group provides consumer lending solutions primarily through its Mogo sub-brands, including used-car financing, smartphone financing, and personal loans. The company completed an IPO in 2024 and is listed on Frankfurt and Riga stock exchanges, with recent expansion into new loan products and markets.

Differentiator

Problem solved

Functional benefit

Brands

• Mogo Romania: Consumer lending brand offering used-car financing, personal loans, and smartphone financing in Romania.
• Mogo Uganda

Products and services

• Mogo Romania Used-Car Financing Used-car loan product offered by Mogo Romania (a wholly-owned subsidiary of Eleving Group) to Romanian consumers through digital application channels. This was Mogo Romania's core lending product for nine years prior to the personal loans expansion.
• Mogo Romania Personal Loans Quick-access digital personal loan product offered by Mogo Romania to Romanian consumers seeking flexible online financial solutions beyond vehicle financing. Available online through digital channels.
• Mogo Uganda Smartphone Loans Smartphone financing loan product offered by Mogo Uganda (a wholly-owned subsidiary of Eleving Group) to Ugandan consumers. Distributed through partnerships with Transsion Holdings and Airtel Uganda, the product enables consumers to acquire smartphones via financing rather than upfront payment, addressing financial inclusion in emerging markets.

Quantifiable outcome

• Revenue grew from EUR 5.46 million (2014) to EUR 216.57 million (2024)
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Partnerships

Three partnerships are on record, tiered core and supporting.

• Transsion HoldingscoreStrategic or Co-development Partner · 1 April 2025Partnership with Transsion Holdings (smartphone manufacturer) to provide financing for their devices in Uganda. This partnership enabled Mogo Uganda to finance over 100,000 smartphones within 200 days of launching in April 2025.
• Airtel UgandacoreStrategic or Co-development Partner · 1 April 2025Partnership with Airtel Uganda (telecom provider) to distribute smartphone financing. Combined with Transsion partnership to enable rapid smartphone loan growth.
• Chaseit.aisupportingTechnology or IntegrationChaseit.ai provides AI-powered loan servicing platform to Eleving Group. The platform handles over 20,000 calls daily with plans to scale to 30,000 calls per day, automating high-volume call center interactions for the fintech.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• M-Kopa: Pan-African asset financing platform providing pay-as-you-go financing for smartphones, solar systems, and other essential goods to underbanked consumers — directly comparable to Mogo Uganda's smartphone-financing model and Eleving's emerging-market consumer lending strategy.
• Branch International: Mobile-first consumer lender operating across Africa and other emerging markets, originating small-ticket loans to underbanked consumers via smartphone apps — closely mirrors Eleving's emerging-market consumer and smartphone loan playbook.
• Tala: Digital consumer lending platform serving underbanked customers in emerging markets (notably Africa, the Philippines, India) using mobile data for underwriting — overlapping with Eleving's emerging-market personal and consumer loan thesis.
• FairMoney: Nigeria-headquartered digital lender offering consumer loans and smartphone financing across Africa, with telco and device-manufacturer distribution partnerships — directly comparable to Eleving's Mogo Uganda smartphone-financing model.
• Creditstar: European online consumer and small-ticket lender active across multiple EU and CIS markets — comparable to Eleving's multi-country European consumer lending footprint under the Mogo brand.
• Zopa: UK digital consumer lender offering personal loans and credit products through a fully digital journey — closely aligned with Mogo Romania's newly launched personal-loan product and digital origination model.

Broad incumbents

• SoFi: US-listed diversified consumer fintech offering personal loans, vehicle financing, and adjacent products — relevant incumbent comparator given Eleving's multi-product consumer lending expansion and public-market profile.
• LendingClub: US online consumer lending marketplace offering personal loans and banking products — broad incumbent in digital consumer credit, useful as a comparable for Eleving's consumer lending franchise at scale.
• Nexi: European fintech/payments incumbent listed on the Milan Stock Exchange with consumer finance and lending adjacencies — a relevant public-market European fintech comparable for Eleving's listed status and pan-European footprint.

Regional players

• Creditas: Latin America's largest consumer asset-backed lender, with a strong vehicle-secured lending book — comparable to Eleving's used-car financing heritage in Romania and other European markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/elevinggroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eleving Group