The Sun Finance team/Sun Finance
Latvian online lender Sun Finance smashes €1bn loan target
As well as strong lending, Sun Finance also expects its revenues to exceed €200m for the first time in 2021.
Nearly a year and a half of lockdowns later, and online lending is showing no signs of slowing down just yet.
Sun Finance, a Latvia-based online lender, has just passed the €1bn dished out in loans mark since its launch in 2017.
Year on year, the alternative lender has continuously increased its loan volume. In 2017, the fintech dished out €35m in loans, in 2018 the volume had tripled to €130m, 2019 saw €290m worth of loans lent out, while in 2020 it lent out more than €300m.
Thanks to a strong start to 2021, Sun Finance issued €220m in the first six months alone, surpassing the €1bn total earlier this month.
“Despite the challenges presented by the COVID-19 outbreak, we have been able to maintain stable growth across all our markets,” Toms Jurjevs, Sun Finance’s founder and CEO, said.
“This may be mainly attributed to our industry-leading data science and technological solutions. These have allowed us to tweak our offering quickly and successfully whenever the market situation changed in any of our markets.”
Along with a bulging loan book, Sun Finance also saw its revenue increase by 20 per cent to €120m in 2020, up from €100m in 2019.
Based on its performance this year so far, the lender expects to see its revenue exceed €200m in 2021.
Earlier this year, Sun Finance made its way onto the Financial Times’FT 1000 list of Europe’s fastest-growing companies.
The alternative lender came in second place on the prestigious list, second only to Bulb Energy, with Sun Finance boasting an impressive compound annual growth rate (CAGR) of over 750 per cent.