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 4.1 million euros. As part of the transaction, AS “mogo” is expected to receive a total remuneration of up to 5.5 million euros from which AS “mogo” on the date of publication of this announcement has already received 4.1 million euros.
The realization of the portfolio strengthens liquidity and allows reducing the liabilities of AS “mogo”, at the same time increasing the company's capitalization
Member of the Board of AS “mogo” Krisjanis Znotins: “The partial portfolio sale to a licensed local bank’s subsidiary, which is also a related company of AS “mogo”, is an excellent confirmation of the company's ability to attract a stable and reliable customer base by offering a convenient and in-demand product. The transaction will not impact our customers and will further strengthen the company’s outsource services line of business. This transaction allows the company to strengthen its positions in the used car financing market.
About AS “mogo”
AS “mogo” is a part of the international financial technology group Mogo Finance. Mogo in Latvia offers leasing, reverse leasing and car rental services in the most convenient way for customers - online, by phone and with more than 280 partners. Mogo in Latvia serves more than 13 thousand customers, managing a product portfolio of 26 million euros.
Mogo Finance Group operates in the global financial technology industry, innovatively developing the automotive and consumer finance industry and ensuring the availability of financing in 14 countries around the world. Founded in 2012 with its headquarters in Latvia, Mogo Finance Group conducts business in the Baltics and Europe, the Caucasus and Central Asia, and East Africa.
Read more: www.mogofinance.com
Neringa Plauskiene
Regional Chief Financial Officer
Phone: +371 66900904
Email: neringa.plauskiene@mogo-easterneurope.com
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