Riga, Latvia, 29 December 2021. Eleving Group (formerly known as Mogo Finance S.A.), a Latvian head-quartered leading provider of financial solutions in Central Europe, CIS & East Africa, has issued subordinated bonds in the amount of EUR 25 million with a maturity of ten years (ISIN: XS2427362491).

The subordinated bonds were issued with an annual interest rate of 12.00% and term until 2031. The proceeds will be used to refinance existing shareholder loans and for further business growth.

Considering that the terms of the subordinated bonds are in line with Fitch’s 'Corporate Hybrids Treatment and Notching Criteria (12 Nov 2020), Fitch gives 100% equity credit to the issued subordinated bonds. As a result, Eleving Group’s leverage (gross debt to tangible equity) ratio remains broadly unchanged and all other Fitch’s qualitative and quantitative assessment factors of Eleving Group’s credit profile remain equally unaffected.

The new bonds are expected to be included on the Alternative Market of the Nasdaq Baltic First North within 6 months upon settlement.

Aalto Capital (Germany) acted as global coordinator and financial advisor to Eleving Group, Signet Bank AS (Latvia) as sales agent.

Maris Kreics, Group CFO of Eleving Group commented:

"We are very grateful for the trust investors expressed once again in subscribing to our first-time subordinated bonds that will enjoy full equity credit both from our existing Eurobonds as well as rating agency’s perspective. This marks another very important milestone in 2021 as well as in our company’s history."

About Eleving Group

Eleving Group comprises a number of international and fast-growing financial technology companies with a global presence. The Group operates in the vehicle and consumer finance segments in 3 continents, providing financial inclusion and disruptively changing financial services industries in its countries of operation. To date, the Group has issued almost €1 billion in loans and runs a net loan portfolio of over €240 million. Founded in 2012 as Mogo in Latvia, the Group has revolutionized the way people purchase cars. Having expanded across the Baltics within its first year in business, the Group continued expansion in the following years, servicing a total of 14 active markets.

With its headquarters in Latvia, the Group operates in the Baltics, Central, Eastern, and South-Eastern Europe, Caucasus, Central Asia, and Eastern Africa.

For two consecutive years since 2020, the Group has appeared on the Financial Times list of Europe's 1000 fastest growing companies.

Further information:

Agita Baltbarde

Group Chief Corporate Affairs and Investor Relations Officer

+371 29 133 073