Mash Group Oyj
Euroloan mandates consortium for EUR 30 million transaction
Euroloan Group PLC, a rapidly growing international group, specialized in highly automated financial services and financial technology (FinTech), has mandated a consortium of four international financial service providers to raise capital to meet Euroloan's rapid growth targets and to strengthen the Group's capital structure ahead of Basel III and CRD IV capital requirements. The operators are based in Helsinki, Stockholm and London.
Helsinki, Finland, 2014-11-12 08:00 CET (GLOBE NEWSWIRE) --
Samuli Korpinen, the CEO of Euroloan Consumer Finance PLC comments: “We have experienced a tremendous growth rate in our lending volumes during 2014 and the pace is expected to continue in 2015. The strong growth encourages us to plan ahead, because the process of planning and executing an optimal funding structure takes time”.
The package includes a combination of Common Equity Tier I, Additional Tier I, Tier II and senior unsecured bonds to a total of EUR 30 million. The total capital requirement of the Group is about EUR 100 million in these capital classes during the next 2-3 years. Tommi Lindfors, the Executive Chairman of Euroloan Group PLC states: “A strong capital base gives us room to grow through deposits from the public without leveraging our business too heavily. Maintaining high capital ratios on our balance sheet is especially important in the coming 2-3 year period”.
The Group expects its wholly owned subsidiary Euroloan Finance AB to become a Credit Institution (Kreditmarknadsbolag) licensed to receive deposits from the public. Euroloan Finance AB has applied to the Swedish Financial Supervisory Authority for the license and the final parts of the application are expected to be processed in the near future. An approved license means that the Swedish Deposit Guarantee Fund covers deposits up to 100.000 euros per customer.
Euroloan Group PLC is the parent company of the rapidly growing international FinTech (Financial Technology) Euroloan group, headquartered in Helsinki, Finland with offices in Stockholm, Sweden and Warsaw, Poland. Euroloan has developed the most efficient business models and systems in the market, and is one of the leading service providers in key European markets. The Group provides customers with real-time credit, enabled by a fully automated cloud service. Euroloan has consolidated its market position and increased its market share continuously from the time the company was established in 2007. More information is available at www.euroloan.com.
Jonas Lindholm, CEO
Euroloan Group PLC
Tel +358 10 217 1003