Eleving Group, a multi-brand fintech company operating in the vehicle and consumer financing business, said it raised EUR 10 million to expand its business in Romania. The funding has been raised from ACP Credit and is made available to Mogo Romania, a subsidiary of Eleving Group.

According to the CEO of Eleving Group, Modestas Sudnius, this is a significant milestone, as outside the Mintos marketplace, this is the company’s first external funding partner onboarded in Romania.

“Eleving Group has been present in Romania since 2016, and it has become one of the Group’s largest and most successful markets, not only with good historical financial results but also with a large number of returning customers each year. The attracted funding will help us unlock the doors for further financing opportunities,” said Modestas Sudnius.

“In addition, this funding will help us to take a step further in our growth ambitions and position ourselves better in the market in the long run,” he added.

According to the agreement, the funds raised will be used to refinance Mintos’ liabilities and grow Mogo Romania’s portfolio. For the local team, the transaction represents a new opportunity for accelerated development, the company said. 

Eleving Group, founded in 2012 under the name Mogo Finance, currently operates in 16 global markets on three continents, offering financial services in the mobility and consumer segments. It includes the mobility brands Mogo, Primero, Renti, and OX Drive, and the vehicle finance segment accounts for 70% of its operations. In contrast, the consumer finance segment, with Kredo, Sebo, Tigo, and ExpressCredit business, accounts for around 30% of the portfolio.

Mogo Romania has been operating since 2017, financing individuals and authorized individuals for new or used car acquisition. Until now, Mogo has funded over 12,000 customers.

irina.marica@romania-insider.com

(Photo source: the company)