Millions of natural and legal persons in the EU, especially in Bulgaria don’t have access to bank lending for one or another reason, although they can provide collateral. The Fintech company Lenno, which was general sponsor of the Investor Finance Forum 2018, successfully raises new BGN 2 mln. so they could continue to provide new and innovative financial services and solutions to this and other problems. This is the first outside investment for the company and the deal values the company for more than BGN 61 mln.
We have clear goals, which we aim at achieving as soon as possible: to offer the best non-banking mortgage and business lending in Bulgaria, to finance traders from all over Europe, to secure the tightest spreads and best execution on even more financial instruments, to hire 150+ new professionals in our offices in Plovdiv, Sofia, London, Warsaw, Madrid and soon in Vilnius. The strategic partnership with our investors from Japan gives us the opportunity to cut the time for achieving these goals and to set up new ones, that will be even more ambitious — comments George Tonkov, Chairman of the Board of Directors.
He explains that the investor has been a strategic partner of the company for a long time.
Based between Plovdiv and Sofia, Lenno JSC is a financial institution registered in the BNB for the first time in 2013, which provides mainly alternative to the mortgage and business loans, and from 2015 financing for traders too. With over BGN 19 mln. granted loans, the company ranks among the leaders in the niche of the secured non-banking lending and is a pioneer in the financing for traders on the financial markets.
An interesting fact is that Lenno JSC is the issuer with most active bond emissions in Bulgaria – ten with the total value of EUR 10.7 mln. which places the company in the 19th place in Bulgaria for total nominal value of corporate bonds issued.
The company makes its first acquisition at the end of 2017, when Lenno JSC buys 100% of the shares of the licensed by the FSC investment intermediary, which renames subsequently to Lenno Global Advisory JSC. After long restructuring, as of 31.01.2019 the company keeps client assets for more than BGN 55 mln., is a member of the BSE and the Central Depositary and offers contracts for differences trading in all of the EU through an advanced online platform.
The board of Directors reveals that by the end of 2019 it plans on raising new BGN 10 mln., with company valuation of more than BGN 300 mln. which are to be used to enter new markets, to hire even more professionals as well as to develop new technologies and products, turning the company into a global fintech.