Excerpt from Independent Auditor's Report
‘’We have audited the consolidated financial statements of Bondora Group AS and its subsidiaries (the group), which comprise the consolidated balance sheet as of 31 December 2023, the consolidated income statement, the consolidated cash flow statement, and the consolidated statement of changes in equity for the year that ended, as well as the notes to the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the aforementioned consolidated financial statements fairly present, in all material respects, the group's consolidated financial position as of 31 December 2023, and its consolidated financial performance and consolidated cash flows for the year that ended in accordance with International Financial Reporting Standards as adopted by the European Union.’’
Financial performance of the Bondora Group for 2023
At Bondora Group, our mission is to help people enjoy the life they want without worrying about their finances. We offer modern, easy-to-use, secure solutions that enable everyone to save, invest, and spend their money as they choose and need. Our goal is to be a reliable partner in all financial matters. Bondora’s services are 100% online, making them easy to use and accessible. This allows them to overcome their financial obstacles with ease and security.
We have over 16 years of experience offering our services in international financial markets. At the time of issuing our latest financial report, our credit services are available in Estonia, Finland, the Netherlands, and Latvia. The majority of the loans originated in Finland.
We work daily to diversify our product portfolio and make all our products available to an increasingly wider range of people. Our target is to have 1 million active customers in the next few years. Despite the turbulent years in the international and local fintech landscape, Bondora continues to meet growth targets. With seven consecutive years of revenue growth and consistent profitability, we’re satisfied and confident with our current sustainable growth trajectory.
Results for 2023:
Bondora Group increased both revenue and net profit in 2023, improving sales in our core markets.
Key highlights of 2023:
- Revenue grew up to €44.4M
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Net profit was €3.4M
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Loans totalled €202.5M, of which €139M was issued in Finland and €40.2M issued in Estonia.
EBITDA – earnings before interest, tax depreciation and amortization
Return on equity (ROE) = net profit or loss for the period / total equity
Return on assets (ROA) = net profit or loss for the period / total assets
Our revenue mainly consists of loan origination and administration fees and revenue from the sale of additional products. In 2023, we issued in Estonia and Finland loans in total of €179M in total. During the year, we continued with the loan origination operations in the Netherlands, gained profitability on the market and entered the Latvian market. The period’s loan origination fees amounted to €7.0M, loan administration fees totaled €23.1M, and revenue from the sale of additional products was €13.3M.
Expansion of the customer base and growth in service provision increased our operating expenses in 2023. We strengthened our team in different departments to be able to continuously expand and enter new markets. Our team grew by 28 people in 2023. The period’s average number of staff converted to full-time equivalent was 166. Despite additional expenses, we ended the financial year with a net profit of €3.4M.
Bondora Group’s 2023 year-end balance of cash and cash equivalents was €11.5M. This provides us with sufficient liquidity to carry out our expansion plans in 2024. The start of 2024 looks particularly promising, as we’ve already noticed growth in the first quarter. In 2024, we will continue expanding to new markets. While our expansion strategy includes launching in new markets, we’re also exploring opportunities to develop new products that will better serve the needs of our customers, and we continue to work on acquiring a banking license.
For more information, please download Bondora Group’s Annual Reports below for free.