Annual results 2021: Finora Capital doubled its loan portfolio

In 2021, Finora Capital increased its loan portfolio to almost 15 million euros by the end of the year, which is more than double the growth compared to 2020. Interest income increased by more than a third, to 408 thousand euros, during the same period, reaching 1.6 million euros. The company expanded its operations in both Estonia and Lithuania.

The rapid growth of Finora Capital is due to the increase in the volume of business loans and factoring, and the leasing portfolio built during the year, which grew to 3 million euros by the end of 2021. More than 90% of Finora Capital’s customers are corporate customers, mainly small and medium-sized enterprises, which are offered the largest range of financial products in this market (outside universal banks).

In 2021, more than half of Finora Capital’s financing went through institutional financiers offering lower interest rates, such as Invega, the European Investment Fund and Advanced Global Capital. Cooperation with such funds makes it possible to keep the growth of interest expenses lower than the growth of the loan portfolio and confirms Finora Capital’s credibility as a lender.

„In addition to growing its business, Finora ‘s focus in 2021 was on thorough preparations for becoming a bank. At the end of April this year, the European Central Bank issued a banking license to our Lithuanian subsidiary Finora kreditas, which will allow Finora to start accepting deposits across Europe soon, ”commented Andrus Alber, Chairman of the Board of Finora Capital, at the presentation of the company’s annual report.

“In the Baltic countries, where the riskiness of loan portfolios is one of the lowest in Europe, but the refusal rate is higher than the EU average, small and medium-sized enterprises face a difficult challenge in finding financing. We believe that Finora Bank has a clear opportunity and potential here, being a flexible, innovative and active partner for entrepreneurs, ”Alber added when explaining Finora’s  plans for the future.


The full report is available here: