Finora Capital
Finora Group is an ECB-licensed European banking group providing SME loans, leasing, factoring, and daily banking in Lithuania and Estonia, complemented by a Banking-as-a-Service software subsidiary serving credit providers and fintechs across Europe.
- Company typePrivate
- Founded2014
- HeadquartersTallinn, Estonia
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Finora Capital does
Finora Group (formerly Finora Capital) is an Estonian-founded, ECB-licensed European banking group operating primarily in Lithuania and Estonia. Through its core subsidiary Finora Bank, the Group provides business loans, leasing, factoring, and state-guaranteed financing to underserved small and medium-sized enterprises, combined with full-service daily banking for business clients following an April 2026 product launch. The Bank is funded by a regulated capital stack that includes equity capital (SHS Finora Group ORD), Additional Tier 1 bonds at 12-15% interest, and subordinated loans, all registered on Nasdaq CSD Lithuania.
A wholly-owned technology subsidiary, Bankish, delivers modular software to credit providers and fintechs across Europe, enabling a Banking-as-a-Service distribution channel that operates on the same regulated infrastructure as the lending business. This dual-engine model combines direct SME lending to build the balance sheet with platform-based distribution to scale the technology footprint.
The Group monetizes primarily through interest income on its lending book (gross interest income grew 122% YoY in 2025), supplemented by platform and service fees from Bankish, state-guaranteed financing arrangements, and recently launched daily banking. Operating with a capital-efficient 1:7-9 equity-to-lending ratio, the Group is led by co-founder Veikko Maripuu, with capital markets and investor relations functions staffed across Estonia and Lithuania.
Finora Capital firmographics
Firmographics- Name
- Finora Capital
- Legal name
- AS Finora Group
- Website
- https://finoracapital.eu
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Finora Group is an ECB-licensed European banking group providing SME loans, leasing, factoring, and daily banking in Lithuania and Estonia, complemented by a Banking-as-a-Service software subsidiary serving credit providers and fintechs across Europe.
- Ownership category
- akta.pro rank
Finora Capital industry classification
Industry- Product category
- SME Banking
- NAICS
- Commercial Banking (522110), Depository Credit Intermediation (5221)
- SIC
- Functions Related To Depository Banking, Nec (6099), State Commercial Banks (6022)
- akta.pro primary industry
- SME Banking Suite (Business Accounts, Invoicing, Payroll Integrations) (FSAGAAAI)
- akta.pro secondary industry
- Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)
Keywords
Where Finora Capital is headquartered
LocationHeadquarters
- HQ city
- Tallinn
- HQ country
- Estonia
- HQ region
- Europe
Offices1 record
Markets served
Finora Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others
Revenue model
- SME Lending Interest Income: Primary revenue stream from direct SME lending including business loans, leasing, and factoring. Interest income grew by 122% year-on-year in 2025.
- Banking-as-a-Service Platform: Technology platform revenue through Bankish, providing modular software to credit providers and fintechs across Europe.
- State-Guaranteed Financing: Provides state-guaranteed financing for SMEs, generating additional interest and fee income.
- Daily Banking Services: Full-service banking offerings for business clients including deposits and daily banking services, providing diversified revenue streams.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Annual | EUR 15.00 Finora Group Additional Tier 1 Bond - 15% Interest Rate |
| Other | Annual | EUR 12.00 Finora Group Additional Tier 1 Bond - 12% Interest Rate |
| Other | Annual | EUR 9 Finora Capital Bond 19-2026 - 9% Interest Rate |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels3 records
Finora Capital product offering
Product offeringCore offering
Finora Group operates an ECB-licensed European banking group that provides SMEs in Lithuania and Estonia with business loans, leasing, factoring, state-guaranteed financing, and daily banking services through its Finora Bank subsidiary. It complements this with the Bankish modular Banking-as-a-Service software platform distributed to credit providers and fintechs across Europe, on a single regulated infrastructure.
Product overview
Finora Capital operates as a European banking group combining lending and technology. The core offering consists of Finora Bank, an ECB-licensed bank providing SME lending (loans, leasing, factoring, state-guaranteed financing) in Lithuania and Estonia. Supporting the banking operations is Bankish, a modular software platform serving credit providers and fintechs across Europe, enabling Banking-as-a-Service capabilities. The dual-engine model combines direct SME lending with platform-based distribution, both operating on a single regulated infrastructure.
Differentiator
Problem solved
Functional benefit
Brands
- Finora Bank: A business-focused bank, licensed by the European Central Bank. Provides loans, leasing, factoring, and state-guaranteed financing for SMEs in Lithuania and Estonia. Core operating company of the Group.
- Bankish
Products and services
- Finora Bank ECB-licensed business-focused bank providing business loans, leasing, factoring, and state-guaranteed financing for SMEs in Lithuania and Estonia. It is the core operating subsidiary of Finora Group.
- Bankish Modular Banking-as-a-Service software platform distributed to credit providers and fintechs across Europe. Operates as a standalone technology business and powers the group's Banking-as-a-Service infrastructure.
- Daily Banking Services for Business Clients Full-service daily banking for business clients, including deposit accounts and transactional banking functionality, expanding Finora Bank's service offering beyond financing.
Quantifiable outcome
- Net loan portfolio more than tripled to €90.2 million in 2025
- +3 more outcomes
Companies that use Finora Capital
Customer profileSegments2 records
Ideal customer profiles2 records
Finora Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Finora Capital partnerships and signals
Strategic signalScale indicators8 records
Recent moves10 records
Expansion highlights6 records
Finora Capital competitors and assessment
Company assessmentDirect peers
- Treezor: French-regulated BaaS provider offering payment accounts, cards, and lending-as-a-service infrastructure to fintechs across Europe. Comparable to Bankish as a regulated-platform-as-a-service competitor targeting the same fintech client base.
- Funding Circle: UK-listed platform originating loans to small businesses across the UK, US, and Europe. Comparable to Finora's SME-lending franchise in target customer and underwriting discipline, though operating without a full banking licence.
- OakNorth Bank: UK-regulated bank specializing in lending to SMEs and property entrepreneurs, with a technology platform (OakNorth Analytical) sold to other lenders. The closest analogue to Finora's dual-engine model combining regulated SME banking with a BaaS/analytics technology business.
- Inbank: Estonian-licensed bank offering consumer loans, SME financing, and deposit products across several European markets. Highly comparable to Finora's regulated Baltic-bank model with multi-country expansion and a hybrid consumer/SME focus.
- Coop Pank: Estonian-licensed bank focused on SME lending and retail banking in the Baltics. Most directly comparable to Finora by geography, customer segment (SMEs and underserved borrowers), and growth profile; both compete for the same niche that traditional banks underserve.
- iwoca: European fintech providing flexible working capital and term loans to underserved SMEs across multiple EU markets. Comparable to Finora's SME lending focus, but operates without a banking licence, relying on partner-bank funding.
- Solaris SE: Berlin-based Banking-as-a-Service provider offering modular infrastructure (accounts, lending, payments) to fintechs and corporates across Europe under a regulated framework. Direct comparable to the Bankish side of Finora's business.
- Bigbank: Estonia-headquartered bank with European operations focused on consumer and SME lending, leasing, and deposits. Comparable to Finora in Baltic origins, lending-led business model, and cross-border expansion, though larger and more consumer-weighted.
Broad incumbents
- LHV Group: One of Estonia's largest banks, providing SME banking, corporate lending, and retail services. A broader incumbent serving the same Baltic SME segment as Finora but with a much larger balance sheet and full-suite offering.
Emerging players
- Stenn International: Fintech providing cross-border working capital and trade finance to SMEs, with European and emerging-market reach. Overlaps with Finora's factoring and working-capital products for underserved SMEs.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Finora Capital social profiles
Digital presenceFinora Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Finora Capital leadership team
Management profileNumber of profiles
Profiles3 records
Finora Capital subsidiaries and ownership
Company hierarchySubsidiaries2 records
Finora Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Finora Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Finora Capital
What does Finora Capital do?
Finora Group operates an ECB-licensed European banking group that provides SMEs in Lithuania and Estonia with business loans, leasing, factoring, state-guaranteed financing, and daily banking services through its Finora Bank subsidiary. It complements this with the Bankish modular Banking-as-a-Service software platform distributed to credit providers and fintechs across Europe, on a single regulated infrastructure.
Is Finora Capital a public or private company?
Finora Capital is a private company. It is classified as unknown and is currently operating.
When was Finora Capital founded?
Finora Capital was founded in 2014. It employs 11 to 50 people.
Where is Finora Capital based?
Finora Capital is headquartered in Tallinn, Estonia, in the Europe region.
How does Finora Capital make money?
Four revenue lines are on record. SME Lending Interest Income is the primary driver. The others are banking-as-a-Service Platform, state-Guaranteed Financing and daily Banking Services.
Who are Finora Capital's main competitors?
Direct peers on record are Treezor, Funding Circle, OakNorth Bank, Inbank, Coop Pank, iwoca, Solaris SE and Bigbank. LHV Group is listed as a broad incumbent. Stenn International is listed as an emerging player.
Does Finora Capital have an API?
No public API is recorded for Finora Capital.
What industry is Finora Capital in?
Finora Capital's product category is SME Banking. Its primary akta.pro industry code is FSAGAAAI, SME Banking Suite (Business Accounts, Invoicing, Payroll Integrations), with a secondary code of FSAGALAE, Embedded Deposit Accounts & Digital Wallet Infrastructure. Its NAICS code is 522110 and its SIC code is 6099.