The funding has been raised from ACP Credit, Central Europe’s leading provider of financing solutions for middle-market businesses, and is made available to Mogo Romania, a subsidiary of Eleving Group.
As stated by the CEO of Eleving Group, Modestas Sudnius, this is a significant milestone, as outside the Mintos marketplace, this is the company’s first external funding partner onboarded in Romania.
“Eleving Group has been present in Romania since 2016, and it has become one of the Group’s largest and most successful markets, not only with good historical financial results but also with a large number of returning customers each year. The attracted funding will help us unlock the doors for further financing opportunities, proving that Mogo Romania has passed the governance, transparency, AML, and legal criteria important for any reliable international partner operating in the capital markets (…),” stated Modestas Sudnius.
Mogo Romania has been operating since 2017, financig private individuals and PFAs (authorized private individuals) for the purchase of new or used vehicles. The company has provided financing to more than 12,000 clients.
“We can observe sustained and growing demand for car loans in the geographies we operate. On top of that, our successful experience with Eleving Group has resulted in the confidence that the company understands the business and can effectively tap the potential of the Romanian car financing market (…),” according to Ciprian Nicolae, Managing Partner of ACP Credit.
For the local team, the transaction represents a new opportunity for accelerated development.
“The financing marks an important step for Mogo Romania and an incentive for our accelerated growth in the local market. We aim to remain a reliable partner for our customers while also prioritizing sustainability and digitization standards, important in our strategy to streamline and consolidate our internal processes”, pointed out Marilena Tetici, Chief Financial Officer and Deputy General Director of Mogo Romania.