In the first six months of 2023, ESTO AS experienced substantial growth across multiple key performance indicators. The company has provided the following operational and financial information:
ESTO AS generated 64% of the total revenue of 2022 and saw an 8.59% increase in revenue compared to the first quarter of 2023. In addition, the company’s net income continues to grow and is now at €2.6M. During the first half of 2023, the company generated 71% of last year’s profits. The gross merchandise value increased by 21% and the growth from Q1 to Q2 was 5.73%. ESTO’s assets grew from €45M to €49M in Q1 and Q2 2023, recording a 7.8% increase compared to 2022.
During the first half of 2023, ESTO increased the number of issued loans to clients by 17%. Furthermore, the company recently increased interest rates on Mintos to 11%. The company aims to attract more investors seeking lucrative opportunities.
I am happy to report that the business we set up in a small coffee shop in Tallinn, Estonia, has now grown to be a substantial and stable player in the Baltics commerce, payments, and credit market within just 6 years. Our business stands on strong feet and continuously benefits from the years of hard work that was put into building the merchant network in all Baltic countries. The first two quarters of the year usually result in smaller GMV in the market due to the cyclical nature of our business. Despite that, we were still able to show a good profitable growth rate, which is a testament that we are able to continuously grow in a profitable manner. This is the reason why we are welcoming Mintos investors to join with ESTO´s success story whilst offering the best risk-to-reward yields on the Mintos platform.
About ESTO
ESTO was established in 2017 and provides a fully automated and tech-driven point of sale purchase financing and payments solution for its network of merchant partnerships in Baltics. ESTO’s business model is to facilitate payments between the client and merchant in an e-commerce setting by providing real-time payments for the merchant and payment schedules for the client. Among its partners are some of the largest retailers on the Estonian market – Kaup24, ONOFF, Valge Klaar, RDE, Bigbox, Photopoint and many more.
