Millions of individuals and legal entities in the EU and especially in Bulgaria have no access to bank lending for one or more reasons, even though 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 at more than BGN 61 mln.
We have clear objectives that we want to achieve as soon as possible: to offer the best non-bank mortgage and business lending in Bulgaria; to finance traders from all over Europe; to provide the best spreads and execution of more and more financial instruments; to hire 150+ new professionals in our offices in Plovdiv, Sofia, London, Warsaw, Madrid and soon Vilnius. The strategic partnership with our Japanese investors enables us to achieve these goals faster and to set new, even more ambitious ones — 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.
Located between Plovdiv and Sofia, Lenno is a financial institution registered for the first time in 2013 with the Bulgarian National Bank, which provides mainly alternative to banks’ mortgage and business loans, and since 2015 – financing for traders. With over BGN 19 million in originated loans, the company ranks among the leaders in the niche of collateralized non-bank lending and an absolute innovator in financing for traders.
An interesting fact is that Lenno JSC is the issuer with most outstanding bonds in Bulgaria – ten, totalling EUR 10.7 million, which places the company on 19th place in Bulgaria for the total nominal value of the issued corporate bonds.
The company also makes its first acquisition at the end of 2017 when Lenno JSC acquires 100% of the shares of an investment intermediary licensed by the Financial Supervision Commission, which it subsequently renames to Lenno Global Advisory JSC. After a long restructuring, as of January 31, 2019 the company holds clients' assets of over BGN 55 million, is a member of the Bulgarian Stock Exchange and the Central Depository, and offers CFD trading through a modern trading platform across the EU.
The board of Directors reveals that by the end of 2019 it plans on raising new BGN 10 mln.,at over BGN 300 mln. valuation which are to be used to enter new markets, to hire even more professionals and to develop new technologies and products, turning the company into a global Fintech.