With the largest bank funding raised in the company’s history, Latvian fintech company DelfinGroup has signed a credit line agreement with Multitude Bank p.l.c. for 11 million euros to further develop the company. The agreement has a term of 2 years.

“This is the largest bank funding raised in the history of DelfinGroup and shows the confidence of foreign banks in the Latvian fintech sector and DelfinGroup as one of its leaders. We are pleased that Multitude Bank p.l.c. appreciates the company’s performance and sees us as a solid cooperation partner. DelfinGroup is growing rapidly and the financing raised will allow us to accelerate our growth, helping to move closer to our strategic goals. In the 3rd quarter of this year, the company’s loan portfolio has already reached a record level of 84.6 million euros. The funding raised is another strategic step towards growth, enabling the company to realise its ambitious goals, including reaching a loan portfolio of 100 million euros by 2025,” explains Aldis Umblejs, Member of the Management Board and Chief Finance Officer of DelfinGroup.

A. Umblejs added that the strong business performance of DelfinGroup, which clearly demonstrates the company’s resilience in different economic cycles and its ability to grow, be profitable, enables it to attract foreign bank funding. This approach is pursued because foreign partners appreciate the growth of DelfinGroup, understand the specificities and needs of the company, and offer more favourable funding terms.

It should be underlined that with this strategic step, the company continues to diversify its sources of funding through bond financing, the Mintos investment platform, banks, as well as equity, which allows the company to maintain its flexibility, effectively manage risks, optimise costs and, in the long term, build the confidence of investors and lenders. In early November, the company registered another new 15-million-euro unsecured private bond issue and refinanced bonds of 10 million euros maturing in November this year. The coupon rate of the new bonds is 9% + 3M EURIBOR with a maturity of 3 years.

About DelfinGroup

DelfinGroup is a licenced fintech company established in 2009 and operates under the brand names Banknote and VIZIA. The company has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), and the sale of pre-owned goods online and at more than 90 branches across Latvia. Since 2014, DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and, since 2021, as a listed company on the Baltic Main List. The company regularly pays dividends to its shareholders. The sustainability of DelfinGroup is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion, and facilitating the circular economy.

About Multitude Bank p.l.c 

Multitude Bank p.l.c., a subsidiary of the Multitude SE, is licenced by the Malta Financial Services Authority to provide a range of banking services to its clients. Its EU banking license enables it to provide its services from Malta to other jurisdictions within the EEA, including the acceptance of deposits, which are covered by the Maltese Depositor Compensation Scheme.

Multitude Bank p.l.c. is a public limited company, registered under the laws of Malta with number C56251, with its registered address at ST Business Centre 120, The Strand, Gzira, GZR 1027, Malta. Multitude Bank p.l.c. is licensed as a credit institution by the Malta Financial Services Authority, Notabile Road, BKR 3000, Attard, Malta (http://www.mfsa.com.mt/). Details on how the Bank is regulated by the Malta Financial Services Authority are available upon request.

         For further information, please contact:
         Aldis Umblejs,
         DelfinGroup Chief Financial Officer
         Phone: +371 26189988
         E-mail: IR@delfingroup.lv