Mogo Armenia

What Mogo Armenia does

Mogo Armenia ("Մdelays" ՈՒdelays ՍՊԸ / MOGO UCO LLC) is a non-bank credit organization licensed by the Central Bank of Armenia, founded in 2017 as the Armenian subsidiary of Luxembourg-based Eleving Group (founded 2012, operating in 12 countries across three continents). The company provides secured and unsecured consumer lending products to Armenian residents aged 18-70, with a portfolio spanning auto loans (up to 20 million AMD, 24-120 month terms), vehicle-collateral (leaseback) loans up to 100% of car value, unsecured consumer loans (Hesht, up to 1 million AMD), quick mini loans (100,000-300,000 AMD), and the MOGO Green EV financing product offering up to 90% LTV over 7 years for electric vehicles.

The core technology is a proprietary automated credit-scoring and decisioning engine that ingests ACRA Credit Reporting CJSC bureau data, applicant income and existing obligations to compute DTI ratios and credit limits, enabling the company's headline 30-minute approval and same-day disbursement SLA. Distribution combines 9 physical branches across Yerevan (5), Gyumri, Vanadzor, and Kapan, a 24/7 online application channel at mogo.am, and the MyMogo self-service customer portal, with repayment accepted via EasyPay and TelCell terminals nationwide and Ardshinbank transfers. Cumulative loan originations since inception total approximately 26 billion AMD against a charter capital of 2.67 billion AMD as of March 2023.

Revenue is generated primarily through net interest spread between cost of funds and lending rates across the loan book, with pricing varying by product, creditworthiness, and term. The company targets individual consumers seeking fast access to vehicle-backed or unsecured credit that is difficult to obtain from universal banks, with no guarantor or down-payment requirements for many products. Go-to-market is direct-to-consumer with both online and branch channels, supplemented by embedded partnerships with Avto1.am (used-car marketplace), carVertical (vehicle history), and active participation in industry events such as Armenian Auto Show 2.0.

Name

Mogo Armenia

Legal name

"ՄՈԳՈ" ՈՒՎԿ ՍՊԸ (MOGO UCO LLC)

Website

https://mogo.am

Company type

Private

Founded year

2017

Operating status

Operating

Short description

Mogo Armenia is a non-bank credit organization and subsidiary of Eleving Group providing auto, vehicle-collateral, unsecured, and EV consumer loans to Armenian residents via 9 branches and an online platform, with same-day disbursement and proprietary automated credit scoring.

Ownership category

akta.pro rank

Product category

Consumer Lending / Auto Finance

akta.pro primary industry

New & Used Auto Purchase Loans (FSAKADAA)

Keywords

• Consumer lending
• Auto loans
• Vehicle financing
• Secured lending
• Personal loans

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Origination and Interest Income: Mogo earns revenue from interest charged on loans extended to customers. The company provides auto loans, car equity loans, unsecured consumer loans, and EV financing. Revenue is generated from the spread between cost of funds and lending rates charged to borrowers.
2. Vehicle Financing Products: Financing for vehicle purchases (auto loans) and vehicle-backed credit lines represent the core product revenue stream. Products include auto credit, car collateral loans, and EV financing.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Mogo Armenia is a non-banking credit organization (UCO) that provides vehicle financing and consumer loans to Armenian residents aged 18-70. Its product set comprises auto loans (up to 20,000,000 AMD, 24-120 months), car equity/collateral loans (leaseback, up to 100% of vehicle value), unsecured consumer loans (up to 1,000,000 AMD), quick mini loans (100,000-300,000 AMD), and MOGO Green EV financing (up to 20,000,000 AMD, up to 84 months). Loans are approved in 30 minutes and disbursed the same day without guarantor requirements, delivered via 9 branches and an online application portal.

Product overview

Mogo Armenia operates as a universal credit organization (UCO) under Eleving Group offering a portfolio of secured and unsecured lending products. The core offering includes auto loans (car financing for vehicle purchases), vehicle collateral loans (using existing cars as security while retaining vehicle use), consumer loans (secured and mini versions), and MOGO Green for electric vehicle financing. All products are accessible through a unified platform with same-day processing and a network of 9 physical branches. The MyMogo digital portal enables customers to apply, check status, and receive offers.

Differentiator

Problem solved

Functional benefit

Products and services

• Hesht (Հեշտ) — Easy Unsecured Consumer Loan
• Arag Vark Mini (Արագ Վարկ Մինի) — Quick Mini Loan
• Avtokredit (Ավտովարկ) — Auto Loan

Quantifiable outcome

• Loan approval in 30 minutes
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability2 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core, supporting and minor.

• Avto1.amcoreGTM or Marketing Partner · 1 January 2025Used car marketplace partner. Mogo refers customers seeking vehicles to Avto1.am and provides financing for cars purchased through this partner. Customers can browse and purchase used vehicles via the Avto1.am platform with Mogo financing.
• carVerticalsupportingGTM or Marketing PartnerVehicle history report provider. Mogo offers customers pre-purchase vehicle history checks via carVertical to ensure informed buying decisions. Embedded in Mogo's car purchase journey.
• EasyPay and TelCellsupportingGTM or Marketing PartnerPayment terminal partners enabling Mogo loan repayment at hundreds of locations across Armenia. Customers repay loans at EasyPay and TelCell terminals countrywide.
• ArdshinbanksupportingGTM or Marketing PartnerBanking partner for fund transfers. Mogo account: 2470103601360080 at Ardshinbank CJSC. Used for loan disbursements and repayments.
• SmartJumpminorStrategic or Co-development PartnerCSR/ESG partner for environmental initiatives. Collaborated on tree-planting with Yerevan Municipality's green NGO.

Scale indicators5 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Ardshinbank: Major Armenian universal bank offering consumer and auto loans. Already a banking partner of Mogo (loan disbursement/repayment channel), making it both a direct competitor and operational counterpart in the same Armenian consumer credit market.
• Ameriabank: One of the largest Armenian banks with a substantial consumer and auto lending portfolio. Directly competes with Mogo Armenia in the same auto-loan and consumer-credit categories, though with slower underwriting speed and broader product scope including mortgages and corporate banking.
• ACBA Bank: Armenian cooperative bank with significant retail and consumer lending operations. Competes with Mogo in unsecured consumer credit and auto loan segments for Armenian retail borrowers.
• Express Credit: Armenian microfinance organization focused on small-ticket consumer lending. Comparable to Mogo's Quick Mini and Hesht unsecured consumer products, serving similar retail borrowers with small, fast-approval loans.
• Converse Bank: Armenian bank offering retail consumer loans and auto financing products. Comparable target customer base of Armenian residents needing vehicle financing, competing directly on price and term flexibility.
• Finbridge Armenia: Armenian non-bank lending and microfinance company. Direct competitor to Mogo Armenia in unsecured consumer lending, with comparable customer segment, fast-disbursement positioning, and non-bank regulatory status.
• Mogo Georgia: Sister Mogo entity operating in Georgia under the same Eleving Group parent. Closest functional peer to Mogo Armenia given shared product set (auto loans, car equity loans, consumer loans), brand, technology platform, and regional Caucasus market dynamics.
• Fast Credit Armenia: Armenian consumer credit provider focused on short-term unsecured lending to individuals. Directly comparable business model to Mogo's unsecured consumer book, with similar speed-of-disbursement positioning.

Regional players

• Credo Bank (Georgia): Georgian microfinance-oriented bank with consumer and small-business lending focus. Comparable as a regional Caucasus auto/consumer lender serving a similar demographic, though operating in a different national market.

Broad incumbents

• Eleving Group: The Luxembourg-based parent company of Mogo Armenia, operating across 12 countries in auto financing and consumer lending. Most directly comparable peer as the strategic and operational parent; its consolidated financials reflect the scale and risk profile underlying Mogo Armenia's local operations.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mogoarmenia

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Mogo Armenia