Three-year-old fintech company Sun Finance reports 100m euro turnover

Take note – story published 3 years and 8 months ago

Financial technology company Sun Finance has reported a record-breaking year for 2019, recording turnover of EUR 101.5 million, an increase of almost three times compared with 2018 results, according to audited financial results. The group's net profit last year was EUR 7.1 million.

“Last year we worked hard to strengthen our position in the existing markets, as well as to further diversify the geographical profile of the Group. 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,” said Toms Jurjevs, founder and CEO of Sun Finance Group on the results.

“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 EUR 10 million, while this October the Group registered a second bond issue of up to EUR 15 million in NASDAQ CSD, planned to further diversify the funding profile.

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

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