Eleving Group, the international Riga-based fintech listed on the Frankfurt and Baltic stock exchanges, has raised €275mn through a public bond issue that drew almost twice as much investor demand as the company sought, the company said in a statement.

The proceeds will be used to refinance €150mn in existing bonds and to expand its loan portfolio, the company said.

“We are truly delighted with the strong interest and confidence shown in Eleving Group by both private and institutional investors,” said CEO Modestas Sudnius.

“Institutional investors from Europe, the USA and the Middle East, along with retail investors from the Baltic states and Germany, were prepared to invest an amount nearly twice the capital raised. The fact that demand was almost double the bond volume confirms that investors trust our business model and value our work in the capital markets in recent years. This issue will not only allow us to refinance existing liabilities but also to continue developing our net loan portfolio, enabling us to sustain profitable growth.”

The secured bonds carry an annual interest rate of 9.5%, with a nominal value of €1,000 and maturity set for October 2030. 

Around €60mn of the total was raised via an exchange offer, allowing holders of Eleving’s 2021 bonds to swap into the new issue.

Founded in 2012 and headquartered in Riga, Eleving Group operates in 16 countries across three continents, providing vehicle and consumer financing services to more than 1.4mn clients. The company employs over 3,200 people and, since 2024, has been listed on both the Nasdaq Baltic Main List and Frankfurt’s Prime Standard.