Fintech PR
ESTO Holdings (ESTO Group) announces results for Q3 and 9 months of 2024 underlined by 28% revenue growth
TALLINN, Estonia, Oct. 24, 2024 /PRNewswire/ — ESTO Group, headquartered in Tallinn, Estonia, providing a range of e-commerce and consumer financing services in the Baltics, has ended Q3 2024 with a strong note recording €8.1m (+27.8% YoY) in revenue and a quarterly profit of €2.2m (+192.7% YoY) with a solid net profit margin of 27%. The results are driven by implemented operational efficiencies, robust cost management, and strong partnerships throughout the ESTO e-commerce ecosystem.
- By the end of September, ESTO Group’s consolidated assets stood at €79.3m. Over the quarter, the asset volume increased by 5% to €3.8m. The Equity-to-Assets ratio stands at 25.66%, up 2.2pp from the previous quarter and up 5.3pp from last year’s September.
- Third-quarter results show ESTO Group exceeded its full-year 2023 net profit by €2.2m (+78%), bringing the company well in line with the 2024 financial plan. As ESTO heads into the high season in Q4, we are excited to continue building an e-commerce ecosystem and strengthen our value proposition to customers across the Baltics, further solidifying our market position.
- ESTO’s customers and loan book quality has remained robust and enhanced through continuous improvement in risk models and the ability to identify and quickly adapt to market conditions and trends. In Q3, the company grew the loan portfolio by €1.8m (+3% QoQ), hardening its strong position in the Estonian market as the biggest non-bank credit provider. Latvian and Lithuanian loan book performance converges to the level of Estonia, with a confidence that more profitable growth will be achieved from the pan-Baltic approach of ESTO Group.
- ESTO Group has already repaid one-third of the existing €16 million bond maturing in November 2024, well ahead of schedule. The company actively engages with investors and has seen a strong response during the ongoing roadshow and book-building process, reflecting the high demand for the new issuance. Additionally, ESTO has signed a term sheet and completed due diligence for a significant credit facility with a major capital markets player, pursuing constant strengthening of its balance sheet and liabilities structure.
Full report: ESTO GROUP Unaudited Financial Results 2024 9M.
Mikk Metsa, Founder and CEO of ESTO, commented:
“2024 Q3 has been a milestone quarter for ESTO, achieving record-high performance across all our core business and financial metrics. We have generated the highest quarterly revenue, EBITDA, and net profit to date and expanded our loan book to its largest size ever. Our past nine-month results represent the best nine-month cumulative performance in the company’s history, setting us up for a strong finish as we head into the year-end peak season.
Our sustained momentum and solid financial results are further strengthened by our continued success in capital markets, where we have maintained liquidity and successfully refinanced key maturities—a notable accomplishment considering the current challenges in the Baltic debt markets.
With profitable growth across Estonia, Latvia, and Lithuania, we are confident that our strategy and disciplined execution will keep us on the path to delivering record-breaking results for the full year.”
About ESTO:
ESTO is a dynamic, forward-thinking company that aims to revolutionize the shopping experience by simplifying the complex shopping ecosystem. Leveraging its multi-year expertise and position as Estonia’s leading non-bank consumer credit institute, ESTO is positioned to reshape the e-commerce landscape in the Baltics and beyond. With a strong emphasis on technology and customer loyalty, ESTO aims to provide a seamless, tailored, and omnichannel shopping experience for both consumers and retailers.
View original content:https://www.prnewswire.co.uk/news-releases/esto-holdings-esto-group-announces-results-for-q3-and-9-months-of-2024-underlined-by-28-revenue-growth-302284761.html
Fintech PR
FinMont Announces Strategic Partnership with Leading Payment Provider, The Payments Group
BERLIN, Oct. 24, 2024 /PRNewswire/ — FinMont, a global payment orchestration platform, today announced a strategic partnership with The Payments Group (TPG), a leading payment solution provider. This collaboration aims to enhance FinMont’s payment ecosystem by integrating TPG’s innovative cash and evoucher payment solutions, offering more flexibility and improved payment capabilities for FinMont’s global network of travel industry merchants.
The founders of German airline, Hahn Air, launched FinMont to offer the travel industry a unique solution that, unlike other options available, streamlines not only B2C payments but also B2B payments. Combining both payments into a single view will help decision-makers identify and fix inefficiencies in their current payment processes.
The Payments Group was established by a team of payment industry veterans and has revolutionised cash payments for e-commerce. Its CashtoCode service simplifies the process of making secure cash payments for online merchants and their customers. This service is recognised for its speed, simplicity, and accessibility, ensuring that cash payments remain a viable and inclusive option in the digital economy.
With this new partnership, FinMont will integrate TPG’s cash payment and e-voucher solutions into its global payment ecosystem. This move will provide FinMont’s international travel merchants with more diverse payment options, ensuring they can cater to a broader customer base while reducing payment processing complexities.
Suby Valluri, CEO of FinMont commented on the partnership, saying, “We are excited to join forces with The Payments Group to offer our merchants even more flexibility in payment solutions. Cash payments continue to play a crucial role in many parts of the world, and by integrating CashtoCode, we can help travel merchants reach more customers, reduce friction in payment processes, and ultimately drive growth.”
Jens Bader, The Payments Group CEO and founder, added, “Our partnership with FinMont enables us to bring our innovative cash and evoucher payment solutions to a wider range of travel merchants. We give merchants all the resources they need to succeed in the competitive world of ecommerce and start taking payments as quickly as possible. Working together with FinMont, we aim to streamline and enhance the entire end-to-end payment process.”
About FinMont
FinMont is an end-to-end omnichannel travel payment management platform.
The founders of German airline, Hahn Air, launched FinMont to offer the travel industry a unique solution that, unlike other options available, streamlines not only B2C payments but also B2B payments. Combining both payments into a single view will help decision-makers identify and fix inefficiencies in their current payment processes. The firm’s mission is to help travel merchants use payments as a strategic tool to stand out from their competitors.
About The Payments Group
The Payments Group is a German stock-listed holding company that operates four Fintech providers and a venture capital arm based in Frankfurt. Its subsidiaries include Funanga AG (Germany), TWBS Ltd (Malta), Calida Financial Ltd (Malta) and Surfer Rosa Ltd (Isle of Man). The Payments Group Holding (TPG) is a fast-growing, vertically integrated e-Money business. It provides proprietary closed and open loop (branded and white-labelled) prepaid payment services to hundreds of online merchants worldwide. Its highly distinct yet complimentary subsidiary companies combine to position TPG as the future market leader in embedded finance and prepaid solutions. TPG employs more than 50 people worldwide. TPG customers can use more than 550,000 point of sale cash payment stations and a global online prepaid card network to process cash and cashless online payments.
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View original content:https://www.prnewswire.co.uk/news-releases/finmont-announces-strategic-partnership-with-leading-payment-provider-the-payments-group-302285777.html
Fintech PR
2024 Zhangjiajie International Tourism Innovation Week shows vitality of China’s tourism industry
BEIJING, Oct. 24, 2024 /PRNewswire/ — From October 18th to 20th, the 2024 Zhangjiajie International Tourism Innovation Week, hosted by SMART and themed ‘Integration and Expanding Frontiers’, was held in Zhangjiajie, Hunan Province.
The 2024 Zhangjiajie International Tourism Innovation Week aims to expand international and domestic tourism exchanges and cooperation, showcase the charm and vitality of China’s tourism industry, facilitate the transformation and upgrading of Zhangjiajie’s tourism, and accelerate its high-quality development.
Over the course of three days, the event featured one main dialogue, 23 parallel dialogues, a food festival, and a culinary competition, were held concurrently.
Top industry professionals, entrepreneurs, investors, and policymakers from the global tourism industry participated in various events such as dialogues at the main venue, closed-door meetings, and parallel sessions, and focusing on topics including talent development, rural revitalization and innovative development of health and wellness vacations, aesthetic education and research for children, tourism and urban marketing innovation, and the homestay industry.
Notably, the International Tourism Innovation Week introduced an innovative approach by locating some of its venues outdoors, utilizing the natural landscape as a backdrop and scenic spots as venues.
Simultaneously, sessions were hosted at nine different locations, including Neodalle Zhangjiajie Wulingyuan, Zhangjiajie Tianmen Cave, Zhangjiajie National Forest Park, Glamour Xiangxi, Zhangjiajie Baofeng Lake Landscape Area, Zhangjiajie Grand Canyon Glass Bridge, Zhangjiajie Seven Star Mountain Landscape Area, Zhangjiajie Yellow dragon Cave Landscape Area and Zhangjiajie 72 Unusual Houses Scenic Spot.
“Our goal is to create the largest, most forward-thinking, and widely covered cultural and creative industry event in the province, and even the country,” said the relevant responsible person from the event organizer. It is said that this International Tourism Innovation Week represents a rare opportunity for the transformation and development of Zhangjiajie’s tourism industry.
The conference invited more than 200 domestic and foreign guests, attracted more than 3,000 on-site professional visitors, and created a phenomenon platform for the exchange and cooperation of global professional tourism talents, highlighting the strong driving force of this event based in Zhangjiajie, radiating the whole country and affecting the world.
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View original content:https://www.prnewswire.co.uk/news-releases/2024-zhangjiajie-international-tourism-innovation-week-shows-vitality-of-chinas-tourism-industry-302285750.html
Fintech PR
NayaOne to Accelerate Enterprise Adoption of Generative AI in Financial Services using NVIDIA AI
LONDON, Oct. 24, 2024 /PRNewswire/ — NayaOne, a leader in digital transformation platforms for enterprises, today announced it is driving the rapid adoption of generative AI within the financial services industry leveraging the NayaOne Digital Sandbox and NVIDIA’s accelerated computing platform, including NVIDIA NIM microservices, a part of the NVIDIA AI Enterprise software platform.
Through this work, enterprises will be able to accelerate the testing, development, and deployment of generative AI solutions, driving accelerated time to value and accelerating time to market in areas such as fraud, customer experience and enterprise efficiency use cases.
Empowering Financial Institutions with Accelerated AI Adoption
Generative AI has emerged as a game-changer for financial services, enabling enterprises to analyse large data sets, generate synthetic data for risk-free experimentation, and enhance decision-making capabilities. With NVIDIA AI Enterprise and NVIDIA NIM microservices integrated into the NayaOne Digital Sandbox, enterprises can now experiment with AI models at scale, significantly reducing time to market with risk free experimentation.
“The demand for AI-driven solutions in financial services is accelerating, and our collaboration with NVIDIA allows institutions to harness the power of generative AI in a controlled, secure environment,” said Karan Jain, CEO at NayaOne. “We are creating an ecosystem where financial institutions can prototype faster, more effectively leading to real business transformation and growth initiatives.”
Reducing Risk and Accelerating Time to Market
Enterprises can now test new AI solutions in NayaOne’s Digital Sandbox with NVIDIA’s software and hardware products. In this secure environment, the Sandbox also allows enterprises to experiment with NVIDIA NIM Microservices on premise and with their cloud service provider, reducing integration risks. Financial institutions will be able to run multiple proofs-of-concept simultaneously, utilising their data and evaluate the effectiveness of AI solutions at scale before full deployment.
A New Era of Innovation for Financial Services
Combining NayaOne’s extensive network and NVIDIA’s product suite offers a seamless pathway for financial institutions to stay ahead of the curve. Enterprises across the financial services ecosystem will now have access through NayaOne to NVIDIA’s high-performance computing power to accelerate model training and deployment.
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View original content:https://www.prnewswire.co.uk/news-releases/nayaone-to-accelerate-enterprise-adoption-of-generative-ai-in-financial-services-using-nvidia-ai-302285565.html
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