sur Eleving Group S.A. (isin : XS1831877755)
Eleving Group Secures EUR 4.75 Million Loan for Growth in Uganda
Eleving Group, a fintech company based in the Baltics, has secured a EUR 4.75 million loan from Absa Bank to support its expansion in Uganda. This loan, denominated in Ugandan shillings, will fund the company's growth over the next 36 months and help mitigate foreign exchange risks.
Modestas Sudnius, CEO of Eleving Group, highlighted that the agreement strengthens their partnership with Absa Bank. Uganda represents a significant market for Eleving, contributing 8% to the company’s total net loan portfolio. In the first half of 2024, Ugandan operations generated EUR 9.6 million in revenue.
As part of its strategic focus, Eleving plans to enhance its vehicle financing, particularly in the electric motorcycle segment, having already financed 750 units since May.
R. H.
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