The share issue of Euroloan Group PLC on Privanet Group PLC’s crowdfunding platform Around was oversubscribed a week early, setting a new FinTech crowdfunding record with a total of EUR 5.6 million. The focus is now on growing the business, says Euroloan Group CEO Hickson.
Euroloan Group PLC issued new shares on Privanet Group PLC’s crowdfunding platform Around. The statutory maximum limit of EUR 4.995 million for the issue was reached on Thursday, June 8, eight days early. The subscription was at termination at 5,599,031 EUR, i.e. 377% of the minimum target of EUR 1.5 million and 112% of the statutory maximum.
“The subscribed amount is a new record for crowdfunding in Finland and a clear indication that investors agree with the direction we are heading. We were positively surprised by the overwhelming demand for our shares both from existing and new investors, so the Board called for early closure of the issue after the maximum amount was reached”, said Mr Tommi Lindfors, Chairman of Euroloan Group. “This is a part of our longer-term drive to secure sufficient equity to realize our strategic growth targets, and clearly a great success.”
Group CEO James Hickson continues: “The additional equity enables us to accelerate the deployment of our new EUR 120 million funding facility announced in May. We are now in a strong position to expand the business, grow internationally and make investments that drive long term profitability”.
Euroloan will publish a business review for H1/2017 on July 18 in a new format, as decided by the Group Board.
About Euroloan Group
Euroloan Group PLC is a rapidly growing international group, specialized in highly automated financial services and financial technology (FinTech). The Group has offices in Helsinki (HQ), Luxembourg, Stockholm and Warsaw and the team includes 80 professionals of 20 different nationalities.
The Group operates in a mobile online environment offering credit limits, loans, money transfers, webshop payment services, invoice payments and collection services as a real-time e-business to retail customers. For webshops and sales points, Euroloan offers pay-per-invoice and sales finance solutions that are easy, free of charge, and work under the merchants’ own brands. Euroloan originates high-quality consumer receivables with continuous monitoring and servicing.
All services are truly instant and automated and include origination and debt servicing functions that traditionally have been manual, such as identification, scoring, underwriting, payments, back-office, credit monitoring and debt collection. This is made possible by Euroloan’s proprietary cloud-based banking software and secured by its ISO27001:2013-certified information security management system.
For more information, please contact: Jonas Lindholm Euroloan Group Plc Tel +358 10 217 1003 Email: [email protected]