Latvian fintech Sun Finance issues €50M bonds
Riga-based fintech company Sun Finance has launched its largest bond issue to date worth €50 million. It will offer the bonds to investors in the form of a private placement, with a minimum investment of €100,000, Tech.eu reports.
- Founded in 2017 by Emils Latkovskis and Toms Jurjevs, Sun Finance is an online and mobile lending platform focused on customer journey, risk technologies, and data science. The company operates in seven countries and has over 9 million registered users.
- Sun Finance’s bonds allow a minimum investment of €100,000. The company offers an exchange opportunity to the existing bondholders who own the bonds with expiration on 30 September 2022. This helps to extend their cooperation with Sun Finance.
“This is the fourth time we have issued bonds to finance Sun Finance’s rapid growth. We have always managed to substantially increase the issue size. Our investors have placed trust in the business development strategy we have chosen. We will use the raised funds to expand our product portfolio and penetrate new markets,”Toms Jurjevs, founder and CEO of Sun Finance, comments.
- Similarly to the previous two bond issues, the company is planning to list the new bonds on the Nasdaq First North market.
- The fresh funds will enable to finance the company’s further growth, as well as to refinance the second bond issue.