Helsinki, 09 November 2022 – Multitude SE (ISIN: FI4000106299, WKN: A1W9NS) (“Multitude” or “the Group”) announces that its subsidiary bank, Multitude Bank p.l.c., has concluded a strategic investment in ESTO Group, a leading provider of innovative payments and shopping solutions in the Baltics. Multitude Bank has invested EUR 6 million into the first tranche of a EUR 14 million bond programme to support ESTO’s growth in Europe. This contributes positively to improving the digital commerce landscape in Europe by enabling ESTO to offer financing solutions for consumers on its platform, which in turn allows retailers to achieve their growth objectives. 

“We are excited to join forces with ESTO and, together exponentially, add value to merchants and consumers. For us, it brings an opportunity to diversify our investments through our Bank and showcases a prime example of how the growth platform works in facilitating FinTech success, also outside of the Group. We are very proud to work with such a fast-growing and well-positioned company, and we look forward to a fruitful collaboration,” said Antti Kumpulainen, CEO of Multitude Bank.  

Multitude Bank, with a full European banking license, is the backbone of Multitude Group and acts as a key service provider to the customers of Multitudes growth platform. This strategic investment in ESTO is an example of how external players can tap into the resources on Multitude Group’s growth platform, including the provision of funding and banking services through Multitude Bank to support faster growth and execution. 

“In 2022, ESTO has exceeded all expectations as we have already reached our growth objectives set for the year. Since the founding of ESTO, we have facilitated over 300 million EUR in transactions for hundreds of thousands of European consumers and merchants. In cooperation with Multitude Bank, we continue to be a strong and reliable partner for our retailers, allowing them to maximise their success and sales through our commerce platform,” said Mikk Metsa, CEO of ESTO Group. 
 

Contacts:  

Lasse Mäkelä (Multitude Group)
Chief Strategy and IR Officer
Lasse.makela@multitude.com  

Antti Kumpulainen (Multitude Bank)
Chief Executive Officer
antti.kumpulainen@multitudebank.com 
 

ENDS 

About Multitude SE (Multitude Group)  

Multitude is a fully regulated growth platform for financial technology. Its ambition is to become the most valued financial ecosystem. This vision is backed by +17 years of solid track record in building and scaling financial technology. Through its full European banking license, profound know-how in technology, regulation, cross-selling, and funding, Multitude enables a range of sustainable banking and financial services to grow and scale. Currently, it has three independent business units on this growth platform: Ferratum as a consumer lender, CapitalBox as a business lender, and SweepBank as a shopping and financing app. Multitude and its independent units employ over 700 people in 19 countries, and they together generated EUR 214 million turnover in 2021. Multitude was founded in 2005 in Finland and is listed in the Prime Standard segment of the Frankfurt Stock Exchange under the symbol ‘FRU.’ www.multitude.com  

About Multitude Bank p.l.c  

Multitude Bank p.l.c., a subsidiary of the Multitude SE, is licenced by the Malta Financial Services Authority to provide a range of banking services to its clients. Its EU banking license enables it to provide its services from Malta to other jurisdictions within the EEA, including the acceptance of deposits, which are covered by the Maltese Depositor Compensation Scheme. 

Multitude Bank p.l.c. is a public limited company, registered under the laws of Malta with number C56251, with its registered address at ST Business Centre 120, The Strand, Gzira, GZR 1027, Malta. Multitude Bank p.l.c. is licensed as a credit institution by the Malta Financial Services Authority, Notabile Road, BKR 3000, Attard, Malta (http://www.mfsa.com.mt/). Details on how the Bank is regulated by the Malta Financial Services Authority are available upon request. 

About ESTO 

ESTO is a leading provider of innovative payments and shopping solutions in the Baltics. With hundreds of thousands of consumers and businesses internationally, ESTO is committed to provide a fast and easy way for businesses to sell and consumers to shop.