Three-year-old Riga-based fintech firm posts enviable €100mn turnover

Three-year-old Riga-based fintech firm posts enviable €100mn turnover
By bne IntelliNews October 25, 2020

A Riga-based fintech company, Sun Finance, has reported a record-high turnover of €101.5mn for 2019, an increase of almost three times compared with its 2018 results, according to the firm’s audited financial results. The group's net profit last year was €7.1mn.

Toms Jurjevs, founder and CEO of Sun Finance Group, said that the firm has worked “hard” throughout, strengthening its position in existing markets, as well as further diversifying its geographical profile. 

“Driven by this strategy, we grew the amount of issued loans in the more mature businesses — Poland, Latvia, Denmark, Kazakhstan and Mexico. At the same time, our business development team focused on launching our new countries, which allowed us to successfully start operating in Sweden and Vietnam in the middle of last year,” the CEO said.

“Despite the worldwide spread of COVID-19, we have continued to work on development of the group, both in terms of product and further geographical expansion. We also expect this to be another strong year for Sun Finance Group in terms of financial results,” Jurjevs said.

To finance its development, Sun Finance Group completed its first bond issue last year, attracting additional investments in the amount of €10mn, while this October the Group registered a second bond issue of up to €15mn in NASDAQ CSD, planned to further diversify the funding profile.

The group said it made tax payments of more than €3.7mn into Latvia's budget in 2019. Founded in 2017, Sun Finance Group has issued more than €750mn in loans and operates in seven countries on three continents, with headquarters located in Riga. Sun Finance employs around 730 people, 148 of whom work at the headquarters in Riga.