As 2024 is ending, Hive Finance Group is proud to share an executive summary of our year's journey. With over €70 million in loans funded and over 15,000 investors onboarded since inception, this year has marked significant milestones for our rapidly growing multinational organisation. Our commitment to delivering sustainable growth remains stronger than ever. Below, we provide an in-depth look at our achievements, challenges, and strategic plans for the future.
Hive5 Performance
We have achieved remarkable growth in 2024, showcasing significant improvements across all key financial metrics compared to 2023. We’re excited to share hive5's pre-audited performance KPIs, reflecting these outstanding results. Hive5 pre-audited nine-month metrics of 2024 include:
- Total invested amount: 32,429,619 EUR (compared to 28,193,762 EUR in 2023).
- Active investors: 6,312 (compared to 7,175 in 2023. With three months remaining, we are confident that the total number of active investors in 2024 will exceed last year’s figure).
- Interest paid: 781,903 EUR (compared to 480,591 EUR in 2023).
- Default rate: 0% (We are proud to announce that no loan on our platform is overdue. In the rare event of a delay, we immediately repay all invested funds and earned interest).
Group-Level Performance
Hive Finance Group's 2024 nine-month pre-audited performance underscores the incredible progress we've made compared to 2023:
- Sales: 33,146,481 EUR (a more than 2 times increase from 16,507,121 EUR in 2023).
- EBITDA: 2,341,624 EUR (up over 14 times from 158,662 EUR in 2023).
- Profit Before Tax (PBT): 1,272,438 EUR (a turnaround from a 235,004 EUR loss in 2023).
- Equity: Positive at 275,471 EUR, marking a significant milestone as shareholder investments have been fully regained.
- Cash: 836,678 EUR (up from 233,439 EUR in 2023).
- Team Size: 36 full-time employees, (compared to 26 in 2023).
"These year's results highlight the hard work of our entire team. We've reached important financial milestones while laying a solid foundation for long-term sustainability. Additionally, we are excited to announce plans for our first year of dividends. We plan to reinvest a significant part of it into business expansion and improve our liquidity buffer," says Hive finance CEO Ričardas Vandzinskas.
Country-Level Overview
Ekspres Pożyczka (Poland)
Our flagship operation in Poland continues to lead in performance, even within a highly competitive and regulated market. Key 2024 nine-month metrics include:
- Sales: 30,139,531 EUR
- EBITDA: 2,522,693 EUR
- PBT: 2,146,565 EUR
- Cash: 261,298 EUR
- Default Rate: 7.2% (improved from 7.9% in 2023).
The continuously improving loan portfolio quality underscores the importance of strong risk management, which has been key to maintaining profitability.
FinJet (Spain)
As our second successful market entry, FinJet has shown remarkable growth while maintaining a healthy portfolio. In 2024, the team achieved break-even by August, an impressive milestone for a young operation.
- Sales: 3,006,950 EUR
- EBITDA: 391,293 EUR
- Cash: 314,535 EUR
- Default rate: 28.5%. As a young company, operating for only 8 months, it is not unusual to have a higher default rate, however, the FinJet team has a clear plan and strategy to reduce it to 18% as soon as possible, with the goal of maintaining it below 15% next year.
Credilink (Romania)
Our third market entry, Credilink, is preparing for an exciting launch once licensing is complete. The groundwork, including a skilled team and a robust business model, is already in place. The target is to achieve break-even by the end of 2025 and introduce new products tailored to Romanian consumers.
Strategic Plans for 2025 and Beyond
Looking ahead, Hive Finance Group is focused on growth and innovation across all operations:
- Ekspres Pożyczka: Launching a second brand and expanding offerings with new products for Polish consumers. The goal is to rank among the top five microloan providers in Poland.
- FinJet: Tripling growth and solidifying profitability in Spain, ensuring it becomes a key driver of group success.
- Credilink: Officially launching operations, scaling rapidly in one of the EU's fastest-growing markets, and introducing innovative financial products.
- New markets: we are laying the groundwork for expansion into additional markets, supported by our proven operational model. When we decide which country to enter next, we will definitely inform you.
Why Do Audited Statements Take Longer?
We understand that investors have eagerly awaited the audited financial statements for 2023 and the first months of 2024. The above fantastic results and performance prove us to be a successful multinational group of companies; the success also has brought us into a much more complex league at the multi-country operational level. The more complex multinational operational structure requires extensive work on cross-border tax compliance, particularly preparing transfer pricing documentation for our group companies.
"We are partnering with a global tax and audit services leader, Deloitte, which will complete this task. Deloitte, founded in 1845, is a leading global professional services network operating across over 150 countries. Thus, we are confident Deloitte's work will meet the highest standards and receive approval from tax authorities across multiple jurisdictions. The remaining steps are minor, and we expect the auditors will soon finalise the reports." explains R. Vandzinskas.
We thank our investors for their patience and understanding as we navigate these necessary and complex steps.
Challenges, Lessons, and Gratitude
While 2024 has been a year of remarkable achievements, it was not without its challenges. For instance, our marketplace migration earlier this year taught us valuable lessons about system optimisation and investor communication. We deeply thank our loyal investors who stood by us and understood our intent to improve and grow. These experiences have made us more resilient and focused on delivering better outcomes.
To Sum Up
As we prepare to conclude 2024, Hive Finance Group celebrates another year of accelerated growth, operational excellence, and unwavering commitment to its investors. Undoubtedly, the upcoming audits will solidify our foundation, and our strategic plans for 2025 promise continued success.
Thank you for your trust and partnership.
