Latvian financial services company AS DelfinGroup has developed a new concept for the pawnshop branches of Banknote brand to encourage people not to throw goods out, but to strive for a longer time of use and reuse of them. The first branch of the new concept has been opened in the Domina shopping centre in Riga.

The new concept branch is a multifunctional circulation point for various goods and services, where people can both buy and sell various pre-owned goods. The goods brought will be inspected and, if necessary, restored before being handed over for sale throughout the extensive Banknote pawnshop branch network and online store.

Ivars Lamberts, Commercial Director of AS DelfinGroup and Member of the Board responsible for the branches of the Banknote pawnshop network: “One of the goals of our company is to help people develop an understanding of resource efficiency, including promoting the reuse of used items in a variety of audiences. The current linear economic approach has contributed to the disproportionate consumption of resources: goods have been produced, used for some time and then discarded. There is a growing emphasis in Europe and the world as a whole on the need to use resources sparingly based on the principles of circular economy. Companies are also encouraged to think more about producing things that can be used for as long as possible, including by changing owners over time. One of the features of the circular economy is the wider use of renewable resources, and therefore one of the essential design elements in the new concept branch is the diverse use of wood products in the interior of the store.”

The design, finish and layout of the new concept is completely different from the usual Banknote stores, and customers can buy used high-end proven smart devices such as smartphones, tablets, laptops, photo equipment and smartwatches, as well as bring and sell any belongings that belong to them, that are in good working condition. It is also possible to receive various financial services in the store, such as applying for a consumer loan or making lease purchases.

All goods transferred in branches can also be purchased in the Banknote online store, which connects all the regions of Latvia and has already become the largest sales channel for pawnshops in Latvia. In 2020, we have sold a total of more than 155 thousand used goods in the Banknote pawnshop network. The most popular pre-owned goods in the online store are jewellery (29%), smartphones (18%), games and game consoles (14%), as well as tools for repair and construction (9%). The rapid growth of the sale of pre-owned goods on the internet confirms that the attitude and trust of the customers towards the sale of pre-owned goods is changing quite fast. If people are sure that the used goods have been inspected by experts and the conditions for their return and warranty are clear, they are ready to buy the used goods without having to inspect them in person.

On 23 March, AS DelfinGroup announced plans to perform the initial public offering (IPO) of shares in the Nasdaq Riga stock exchange in 2021. To find out more about this event, those interested are welcome to sign up for news on the company's website: https://www.delfingroup.lv/invest

About DelfinGroup

AS DelfinGroup is a licensed financial industry company founded in 2009 and representing the brands Banknote, VIZIA and Rīgas pilsētas lombards. The company employs 270 professionals across 92 branches in 38 cities across Latvia. The Group’s taxes calculated for the year 2020 total EUR 3.42 million. AS DelfinGroup is a member of the Alternitive financial services association of Latvia, a member of the Chamber of Commerce and Industry of Latvia, and has earned the State Revenue Service Cooperation Programme’s Gold status. The group’s core services are sale of used goods through its branches as well as online, alongside pawn loans, consumer loans, and loans specifically tailored to the people at retirement age. DelfinGroup bonds are quoted on the Nasdaq Riga First North Bond List.

Further enquiries:
Kristaps Bergmanis,
AS DelfinGroup management board member
Tel.: +371 29144168
E-mail: [email protected]