March 18, 2020

Mogo Finance enters FT 1000 list of Europe’s fastest growing companies

Mogo Finance, a global used car finance provider, has entered the Financial Times 1000 list of Europe’s fastest growing companies[1]. Compiled with Statista, a research agency, the top includes European companies that achieved the highest compound annual growth rate in revenue between 2015 and 2018.  

This is the fourth annual FT 1000 list of Europe’s fastest growing companies, and the first year Mogo Finance has made the list, earning the 906th place.

The ranking includes a total of 27 Baltic companies, including seven Latvian, eight Estonian, and 12 Lithuanian firms. Compared with the other Baltic companies, Mogo Finance demonstrated the highest turnover in the top’s base (2015) year. For companies demonstrating the best performance in 2015, it was much harder to retain their spot in the ranking, given that the contenders’ performance was assessed over the period of 2015 through 2018 (included). If assessed by turnover in 2015, Mogo Finance would break into the TOP 30 companies featured on the list.

“Making it into this prestigious top is an exciting achievement and gives us a lot of motivation to strive for even better results in the future. We are one of the seven Latvia-based companies having been ranked on the list. What sets us apart is the fact that, unlike other businesses which in the top’s base year were (2015) just starting to show growth, our turnover already then exceeded €15m. So, in absolute terms, we are one of the top’s leaders by growth. And Mogo group’s current performance indicators give us a lot of confidence to look forward to 2020 as historically the best year for the company’s growth so far,” says the Mogo Finance CEO Modestas Sudnius.

Many of the FT 1000 companies represent the technology sector, with the TOP 3 including firms operating in the technology or financial technology sectors.

The 1000 fastest growing European companies represent 34 European countries, including the Baltics.  Companies were assessed on a number of criteria, with the most important requirement being the pace of growth in revenue between 2015 and 2018. 

As reported, Mogo Finance, a used car finance provider,  continued its rapid growth in 2019, concluding the year with the consolidated turnover of €76.7m and a profit of €6.2m. Compared with 2018, the company’s turnover in 2019 had grown by 41 per cent, with the profit having increased by 35 per cent.

About Mogo Finance

Mogo Finance was established in 2012. Based on its geographical footprint, it is the largest used car finance provider in the world. It currently operates in 17 countries across Europe, Central Asia, and Africa, including Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Moldova, Albania, Belarus, Armenia, Uzbekistan, Kazakhstan, North Macedonia, Bosnia and Herzegovina, Kenya, and Uganda. Mogo Finance is headquartered in Riga, Latvia and employs over 1000 employees. Last year, the company moved to a new office at Riga Skanstes City.

Bonds of the Latvia-registered Mogo JSC totalling €30 million are listed on Nasdaq Riga. The Mogo Finance group bonds in the amount of €100 million are listed on the regulated market of the Frankfurt Stock Exchange.

[1] FT1000.