NEO Finance AB audited financial statements for 2024
Please find attached the annual report for the year 2024 of NEO Finance AB (hereafter – the Company) – audited financial statements, the management report, the statement by the persons responsible and the independent auditor’s report.
- Revenue increased by 29 percent from 4,696 thousand euros in 2023 to 6,071 thousand euros in 2024.
- The cost of sales increased by 31 percent, from 2,339 thousand euros to 3,055 thousand euros.
- Operating expenses increased by 26 percent, from 1,986 thousand euros to 2,503 thousand euros.
- EBITDA increased by 31 percent, from 785 thousand euros to 1,024 thousand euros.
- Profit before taxes reached 513 thousand euros, compared to a profit before taxation of 371 thousand euros in 2023.
- Net profit from 2023 increased by 86 percent, from 261 thousand euros to 486 thousand euros.
| 2024 | 2023 | ∆, % | |
| Revenue, EUR | 6 071 742 | 4 696 825 | 29% |
| Income from P2P lending, EUR | 3 685 365 | 3 034 889 | 21% |
| Income from e-money issuance and management, EUR | 1 802 641 | 1 349 404 | 34% |
| Income from investment activity, EUR | 583 735 | 312 532 | 87% |
| Cost of sales, EUR | (3 055 225) | (2 339 654) | 31% |
| Gross profit, EUR | 3 016 517 | 2 357 171 | 28% |
| General and administrative, other operating and interest expenses, EUR | (2 503 737) | (1 986 371) | 26% |
| EBITDA, EUR | 1 024 757 | 784 957 | 31% |
| Pre-tax profit, EUR | 512 780 | 370 800 | 38% |
| Net profit, EUR | 485 711 | 260 858 | 86% |
Paskolų Klubas (Peer to peer lending)
In 2024, the active loan portfolio of “Paskolų klubas” grew by EUR 11.8 million, reaching EUR 82.5 million at the end of the year. This steady portfolio growth reflects the platform’s ability to maintain a strong position in Lithuania’s peer-to-peer (P2P) lending market, despite facing challenges in new loan issuance volumes. Since intermediation fees earned by the Company are distributed over the entire loan term and collected through monthly borrower payments, a significant portion of sales revenue is deferred to future periods. As of the end of 2024, the total future receivable intermediation fee stood at EUR 12.65 million, compared to EUR 11.37 million in 2023, reflecting an 11.37% year-over-year growth. It is important to note that this is an asset for the Company that is not reflected in the financial statements.
In 2024, Paskolų klubas issued EUR 42.5 million in new loans, compared to EUR 44 million in 2023, representing a slight 3% decrease, which is below our expectations. Recognizing this, our strategic goal for 2025 is to significantly increase loan issuance volumes to meet the demand from investors on the platform. Nevertheless, we are pleased to highlight that we continue to deliver stable returns for our investors, with the average return on investment (ROI) remaining around 12%, offering exclusive investment opportunities in the Lithuanian consumer credit market.
Jolanta Rudė
Head of Peer-to-peer Lending
Neopay (e-money)
In 2024, Neopay continued to strengthen its position as one of the leading payment service providers in the Baltic region and beyond, focusing on technological innovation, international expansion, and enhanced customer experience. Throughout the year, we implemented a wide range of new solutions and features that brought tangible benefits to both merchants and end-users. Among the key achievements, Neopay introduced advanced tools to improve transaction visibility and success rates, including bank conversion rate tracking, enabling merchants to monitor user behavior across multiple payment attempts. We also enhanced our Account Information Service (AISP), expanding access to consolidated account data in the Baltics, Finland, and Czechia, thus helping users better manage their finances across different providers. A notable milestone was the launch of 12Play, a tailored solution for online casino platforms, streamlining player onboarding and improving security through integrations like Smart ID and Mobile ID.
Additionally, by enabling payer name receival for PIS transactions and introducing decoupled flow for oneclick payments, we further improved transparency, security, and user convenience. Neopay also significantly broadened its banking integrations and partnerships in 2024. We expanded our Payer Code Identification Service (PCSP), established a strategic partnership with global payments leader Adyen, and deepened collaboration with BNP Paribas, enabling us to offer an even wider array of payment solutions, including Apple Pay, Google Pay, and card processing, while improving transaction speed and security. Our entry into the Polish market marked a key step in our regional growth strategy. Through direct connections to Polish banks, virtual IBAN issuance, and partnerships like BLIK and BNP Paribas, Neopay now offers fully integrated PLN payment solutions, already onboarding significant Polish clients.
Eugenijus Toleikis
Chief Commercial Officer
Finomark (crowdfunding)
The year 2024 was a transformative period for FinoMark. Over the course of the year, the team focused on optimizing platform efficiency and enhancing the experience of both investors and borrowers. These efforts contributed to strong performance and FinoMark’s recordbreaking achievements.
Throughout the year, we enhanced platform security and investment options by increasing BuyBack protection to EUR 1,500, introducing penalties for collateral delays, and refining credit assessments.
In August, we launched short-term loans, expanded collateral options, and began developing a secondary market for greater liquidity. Additionally, we automated payment processing, improved borrower monitoring, and enhanced investor insights with clearer portfolio data and structured investment documents. FinoMark initiated a collaboration with BNI (Business Network International), which has enhanced visibility within the business community. This partnership allows us to attract high-quality borrowers while providing investors with access to a diverse range of vetted investment opportunities. Additionally, membership fees for BNI are now financed directly to the organization’s designated account, ensuring seamless transactions and reinforcing commitment to facilitating business growth through strategic partnerships.
The fourth quarter of 2024 was the most successful in FinoMark’s history. Loan issuance surged by 187.5%, reaching EUR 1.997M, and portfolio expanded by 11.09%, surpassing EUR 5.5M. The quarter also marked the lowest default rate), reinforcing its position as a low risk crowdfunding platform.
Gražvydas Balčas
CEO of FinoMark
The full report of NEO Finance AB (legal entity code: 303225546; registered address: Ukmerges st. 126, Vilnius, Lithuania) for the 2024, with confirmation by the responsible persons, are available for review in the attached document.