AS “mogo” Latvia operations group (including AS “mogo” and AS “Renti”) generated a net profit of 1.6 million EUR in the first six months of 2023 (29% increase compared to the first 6 months of 2022) even under unfavourable economic conditions in the global market. Positive results were driven by revised and enhanced customer service and fleet administration processes. A significant increase was also affected by stabile client payment discipline for issued loans and long-term rental agreements, as well as profit generated from sale of active portfolios. 

In July 2023, AS “Renti”, a subsidiary of AS "mogo", concluded the sale of the car subscription product "Renti plus". As part of the agreement, AS “Renti” has sold more than 100 vehicles from the “Renti plus” fleet as well as its active customer portfolio. With the closing of the deal, AS “mogo” will continue to develop its financing services in the retail and SME segments, with a primary focus on streamlining existing products.

In the remaining months of 2023 AS “mogo” Latvia operations group will continue focusing on the strategies that contribute to both - increasing the shareholder value as well as achieving its mission – making personal mobility easily accessible to all residents of Latvia while being united in love for the car.

About AS “mogo”

AS “mogo” is a part of the international financial technology company Eleving Group (former Mogo Finance). Mogo in Latvia offers leasing, leaseback, and car rental services in the most convenient way for customers - online, by phone, and with more than 220 partners. Mogo in Latvia serves more than 8 thousand customers, managing a product portfolio of more than 37 million euros.

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 on 3 continents, providing financial inclusion and disruptively changing financial services industries in its countries of operation. Founded in 2012 in Latvia and has expanded all across the Baltics within its first year in business, the Group continued expansion in the following years, servicing a total of 16 active markets as of today.

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

Read more: www.eleving.com

Neringa Plauskiene

Eleving Group

Regional Chief Financial Officer

Phone: +371 66900904

Email: neringa.plauskiene@eleving.com