Sun Finance, a fintech Group from Latvia, passes the €1 billion mark in total loans issued first time since its inception in early 2017. The fast-growing international online and mobile lending platform reached the milestone after a little over four years of operation.
Since its foundation in January 2017, the Group has continuously increased its issued loan volume year on year. In 2017, the Group disbursed €35m in loans, yet in 2018 the volume had already tripled to €130m. The Group continued its strong performance in 2019, recording an increase of 2.2x in disbursed funds compared with 2018, issuing €290m worth of loans. In 2020, Sun Finance passed the €300m mark despite the challenges presented by the COVID-19 outbreak. The Group continued its growth in the first half of 2021, issuing €220m worth of loans and reaching the impressive €1bn milestone of total loans issued in July.
Toms Jurjevs, Sun Finance’s founder and CEO: “We are very pleased with the achieved results and grateful to our 6 million clients across the globe for putting their trust in our services. We have managed to create a strong team comprised of experienced professionals who always strive to achieve more and surpass themselves while being proud ambassadors of Sun Finance and the rapidly growing European fintech scene.”
Along with the growing volumes of loans issued, the Group continued to demonstrate strong financial performance. In 2020, despite the COVID-19 pandemic, the company’s consolidated revenue stood at €120m according to the recently published annual report—an increase of 20% compared with 2019, in which the Group’s revenue reached €100m. Based on the first half unaudited results, the company estimates that it will end 2021 with revenues exceeding €200m.
Toms Jurjevs: “Despite the challenges presented by the COVID-19 outbreak, we have been able to maintain stable growth across all our markets. This may be mainly attributed to our industry- leading data science and technological solutions. These have allowed us to tweak our offering quickly and successfully whenever the market situation changed in any of our markets.” This is the second significant achievement by Sun Finance in a relatively short timeframe. In March, the prestigious UK based business outlet Financial Times named the Group as the second fastest growing company in Europe. The rating includes 1000 fastest growing companies in Europe which have recorded the largest increase in revenues mostly through organic growth. Sun Finance grew about 619x during this period, second only to the UK’s Bulb Energy.
About Sun Finance
Sun Finance, headquartered in Riga, Latvia, was established in 2017 by the current management—founder Toms Jurjevs and co-founder Emīls Latkovskis. The company operates in seven countries across three continents. Sun Finance serves as an online and mobile lending platform and has more than 6 million registered customers. The company is led by a team of seasoned professionals with 10+ years of experience in management roles in Fintech, Finance, and IT.