Mogo Armenia, member of Eleving Group – an international fintech company – celebrates 5 years of its activity.

Entering the Armenian market in 2017, Mogo offered its customers a car loan service from the secondary market, different from all other offers existing in the market at that time, thus bringing a new service to the Armenian financial market.

Thanks to its professional and knowledgeable team, during these years Mogo Armenia managed to take a leading position in the car loan market, offering simple, fast and convenient solutions. For Mogo, every customer is an important asset, and the company does its best to identify customers’ requirements and offer appropriate financial solutions. In this regard, Mogo stands out by its flexibility and experience to quickly respond to existing requirements.

During these 5 years, Eleving Group has invested more than AMD 3.5 billion in Mogo Armenia. Continuously improving the quality of its services, Mogo offers the top products of Eleving Group. From 2022 it has also introduced the new Primero loan (a new product launched for car lovers with a stable income, who cannot use car loan services offered by banks due to lack of down payment or other reasons).

Eleving Group was founded in Latvia in 2012. Today it is a powerful international fintech organization operating in 13 countries on three continents, offering innovative and ambitious projects for these markets.

Hakob Manukyan, General Director of Mogo Armenia, noted that as a member of Eleving Group, Mogo introduces innovations, principles and methods of fintech sector in Armenia.

“The innovative technological solutions offered by the Eleving Group, enable Mogo to provide the fastest car loan options, with the use of the leading automated system of evaluation of creditworthiness. The latter significantly optimizes the decision-making process, giving customers an opportunity to receive the necessary funds in a short period of time,” Hakob Manukyan said.

Edgars Kokins, member of Mogo Armenia Board, noted that Armenia has always been and remains a very important and promising market for the Group.

“We think that it has great potential for development as a company. The Group strongly believes in the dynamic development of Mogo Armenia, based on principles of responsible financing and contributing to the financial well-being and success of customers,” Edgars Kokins emphasized.

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In 2020 and 2021 the Financial Times recognized Eleving Group as one of the fastest growing companies and included it in the list of Europe’s Top 1 000 Fastest Growing Companies.

The group has a leading team of more than 2,600 professionals. According to 9M2022 report, Eleving Group’s revenue reached EUR 136 million, EBITDA – EUR 53.5 million, assets amounted to EUR 382 million and capital – EUR 76.2 million.