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
LONDON and FRANKFURT, Germany, Oct. 24, 2024 /PRNewswire/ — SEPA Cyber Tech Group Holding Ltd., a prominent London-based tech developer and venture capitalist, has renamed part of its organisation related to financial technology to FinHub.
The newly renamed division proudly announces the launch of its groundbreaking eponymous financial super platform. Designed to meet the evolving needs of banks, FinTechs, and anyone who wants to utilize or participate in the financial industry.
FinHub promises to redefine the landscape of financial services with its innovative and self-serviceable business model. The platform offers a multitude of financial software and services. It’s developed to serve four market needs:
- Technology and BaaS
- Inter-Banking License and BaaS
- Embedded Finance
- Business Banking
This transformation from SEPA Cyber Technologies to FinHub signals a strategic expansion of the company’s capabilities, creating a hub that caters to every facet of the financial ecosystem. The new platform integrates cutting-edge technology with banking licenses fused with intuitive interfaces to self-administrate, allowing users to customise and manage their financial products and services fully and easily.
“FinHub’s comprehensive platform empowers financial institutions and non-financial players alike by offering an end-to-end, easy-to-navigate suite of tools and services,” said Konstantinos Birtachas, CEO of FinHub. “Whether you’re a large bank, a startup fintech, or a non-financial institution wanting to join the financial industry, we have built a solution that adapts to your needs.”
The platform’s self-serviceable model allows users to independently configure and deploy solutions such as payments, core banking, compliance tools, issuing, acquiring, and more. This flexibility enables clients to quickly respond to market trends, improve operational efficiency, and enhance product suits.
Sristhi Assudani, COO Global at FinHub, emphasized the platform’s potential to drive innovation across sectors: “This launch marks a significant milestone in our company’s evolution. With the FinHub super platform, we are not just offering a product—we are providing a framework that allows for seamless collaboration and participation in the financial industry. It’s built to scale, empowering our clients to grow at their own pace.”
For more information, please visit https://finhub.cloud/ or contact [email protected].
About FinHub
FinHub, formerly known as SEPA Cyber Technologies as part of SEPA Cyber Tech Group Holdings Ltd., is a leading innovative financial technology and services provider. Focused on delivering robust, scalable, and secure solutions, FinHub serves a wide range of clients across the financial sector, enabling them to transform their operations and adapt to a rapidly changing industry.
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View original content:https://www.prnewswire.co.uk/news-releases/finhub-launches-revolutionary-financial-platform-302285896.html
LUND, Sweden, Oct. 24, 2024 /PRNewswire/ — Finshark, one of the Nordics’ leading providers of online banking payments, real-time payouts, and financial insights, has taken a significant step forward in its mission to offer the most secure and trusted payment option on the market. In pursuit of this goal, Finshark has chosen Lucinity’s advanced AI-powered platform to transform its financial crime investigations and streamline compliance operations.
Finshark, loved for its customer-first approach and easy-to-use payment experience, was looking for a scalable and automated system to accommodate their increasing transaction volumes and compliance needs. It was essential to find a solution that could not only support their expansion but also offer robust controls to ensure regulatory adherence across new markets.
After a thorough evaluation, Finshark selected Lucinity’s unified platform to centralize all financial crime-related cases into a single, consistent system. Lucinity’s platform includes powerful tools such as the Case Manager, which integrates data from multiple sources; Customer 360°, offering a dynamic and holistic view of client interactions; and Luci, a generative AI copilot that analyzes data and provides actionable insights, automating end-to-end workflows.
By implementing Lucinity’s enterprise-ready and user-friendly platform, Finshark is well-positioned to scale efficiently, reduce manual compliance processes, and focus on delivering innovative payment solutions to their customers. This move enables Finshark to enhance its operational efficiency, ensuring it remains a trusted and reliable provider in the fast-growing fintech market.
“There’s no doubt that Lucinity’s platform is leading the way in the industry. With our fresh approach to tackling financial crime, we are building something truly remarkable – yet to be seen in open banking,” said Sverker Tornhagen, Head of FCP at Finshark.
Udi Nessimyan, President and Chief Revenue Officer at Lucinity, added, “We’re thrilled to see Finshark choose Lucinity to power their compliance efforts. For fintechs experiencing rapid growth, having the right tools in place allows them to focus on scaling their business while maintaining a secure and compliant environment.”
With Lucinity’s AI-driven solutions in place, Finshark is ready to unlock new levels of efficiency, lower operational costs, and scale its operations, all while maintaining the highest standards of security and regulatory compliance. This marks a significant milestone for Finshark’s future growth and its commitment to safeguarding customers’ financial transactions.
View original content:https://www.prnewswire.co.uk/news-releases/finshark-enhances-financial-crime-prevention-with-lucinitys-ai-powered-platform-302285894.html
DUBAI, UAE, Oct. 24, 2024 /PRNewswire/ — KuCoin, a global leader in the cryptocurrency market, proudly participated in Blockchain Life 2024, one of the industry’s premier events, held in Dubai as Stage Sponsor and Gold Sponsor. This event brought together a diverse group of enthusiasts, professionals, investors, and traders to delve into the ever-evolving world of blockchain and cryptocurrency.
During her keynote speech on “Shaping Crypto Minds with KuCoin: Education Makes Mastery,” Alicia, Managing Director of KuCoin, highlighted the knowledge gaps currently facing the industry. KuCoin is actively addressing these through its various educational initiatives. In the first half of 2024 alone, KuCoin Learn attracted 1.5 million engaged users, while its Learn and Earn program saw participation from over 2.72 million users since its inception. These programs are part of KuCoin’s broader effort to elevate user education and ensure traders and investors have the tools they need for informed participation in the crypto space.
Alicia emphasized the importance of security in her presentation, reiterating KuCoin’s commitment to prioritizing user needs and safeguarding their interests. “At KuCoin, we believe that an educated user is a secure user. Our educational platforms, including KuCoin Learn and KuCoin Campus, are designed to empower our users with knowledge that enhances their trading experiences while emphasizing the critical importance of security,” she stated.
In addition to her keynote, Alicia participated in a panel discussion titled “Crypto Exchanges and Private Investors: Shaping Investment Strategies and Adapting to Market Trends.” The panel explored effective strategies for navigating the crypto industry, focusing on how centralized exchanges (CEXs) can help foster industry growth by aligning with investor needs in changing market conditions.
KuCoin’s presence at Blockchain Life 2024 underscores its ongoing commitment to leadership through education in the cryptocurrency sector. It prepares its users to participate in and excel in the evolving digital economy.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 36 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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View original content:https://www.prnewswire.co.uk/news-releases/kucoin-managing-director-alicia-kao-highlights-crypto-education-at-blockchain-life-2024-302285855.html
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