Latvian fintech company DelfinGroup continued to show growth in retail and loan issuance in the first quarter of 2024.

 

Sales of pre-owned, slightly pre-owned and new goods grew by 8% to 3.7 million euros in the first quarter of the year.

 

"The circular economy is the future trend that the whole world is moving towards, seeking to balance production and consumption needs, and promoting the sustainable use of resources. As society's habits change, demand for pre-owned goods continues to grow in Latvia, with becoming a conscious and smart choice among consumers. In addition, people have a variety of ways to get involved in the circular economy, both by buying pre-owned goods and by reselling items that they no longer use in their own households. We have now established the largest online circular retail store in Latvia, as well as provided the appropriate infrastructure to almost 90 Banknote branches for in-person transactions. In addition, to further facilitate the re-sale of pre-owned, slightly pre-owned goods, we also offer remote purchase service," explains Didzis Ādmīdiņš, Chairman of the Management Board of DelfinGroup.

 

Meanwhile, in the pawn lending segment, loans amounting to 6.4 million euros were issued in the first quarter or 13% more than a year earlier. In the first quarter of 2024, consumer loans amounted to 18.7 million euros, which is 2% more than in the same period of last year

 

In total, the company issued loans worth 25.1 million euros in the first quarter of 2024, representing a 5% increase.

 

D. Ādmīdiņš points out that the company, in addition to introducing the principles of the circular economy into society, continues to transform the pawnshop industry by introducing revolutionary services to the market. In the first quarter of this year, the company was the first in Latvia to offer digital pawnshop services, which enable all steps of the process to be carried out remotely, and facilitate access to financial services.

 

DelfinGroup continues to improve the quality of its loan portfolio in the face of steadily growing demand in the consumer lending market. In the first quarter of last year, loans were disbursed at a faster pace in response to the increase in demand, resulting in a faster growth of the loan portfolio. As a result, the loan portfolio of the company reached a record level of 89 million euros at the end of 2023. To ensure balanced and healthy growth, the company plans to grow its loan portfolio gradually this year, while aiming to increase the profitability of the portfolio, and achieve its growth targets.

 

About DelfinGroup
AS DelfinGroup is a licenced fintech company established in 2009 and operates under the brand names Banknote and VIZIA. The company has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), and the sale of pre-owned goods online and at more than 90 branches across Latvia. Since 2014, DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and, since 2021, as a listed company on the Baltic Main List. The company regularly pays dividends to its shareholders. The sustainability of DelfinGroup is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion, and facilitating the circular economy.

 

For further information, please contact:

 

Linda Eltermane,
DelfinGroup Head of PR
Phone: +371 28700457
E-mail: [email protected]