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AS "mogo" concludes a loan portfolio transfer agreement
To strengthen AS “mogo” liquidity and capital position, AS “mogo” has concluded a leasing portfolio sale with a nominal amount of 3.8 million euros. As part of the transaction, AS “mogo” is expected to receive a total remuneration of up to 4.5 million euros.
This instant portfolio monetization provides sufficient liquidity to decrease the debt of AS “mogo” and thus enhances the capitalization of the Company.
Member of the Board of AS “mogo” Krisjanis Znotins: “The partial portfolio sale to a licensed local bank’s subsidiary is a great testimony to the Company’s ability to generate a high-quality portfolio and provide a greatly demanded product to our customers. The transaction will not impact our customers and will further expand the Company’s service and development center activities. Such a deal in times of high uncertainty enables the Company to position itself strongly for a dominant position in the used car finance market.”
About AS “mogo”
AS “mogo” offers classical finance lease, lends against vehicles already owned by clients (a type of service known as leaseback) and provides installment loans, all of which are available by filling out an application on either the Company website, mobile website, over the phone, enquiring with one of more than 270 affiliated car dealerships, or at Company’s service center. AS “mogo” has more than 15 thousand active customers in Latvia. Mogo Finance S.A. group companies operate successfully not only in Latvia but also in Estonia, Lithuania, Georgia, Armenia, Poland, Bulgaria, Romania, Moldova, Belarus, Albania, Uzbekistan, Kazakhstan, North Macedonia, Kenya, Uganda and Bosnia and Herzegovina with more plans to expand business in other countries. Read more: www.mogofinance.com
Regional Chief Financial Officer
Phone: +371 66900904