Even though the summer vacation season is in full swing, it is a very busy time for our company. Today, we present audited consolidated financial reports for 2022 and Q1 of 2023 of Hive Finance and its subsidiary companies: hive5 (Hive5 marketplace d.o.o.) and Ekspres Pozyczka (Argentum Capital Sp. z o.o.). In such a short period, the companies have made significant progress and achieved noteworthy milestones, setting the stage for future growth and success.
Hive Finance
Hive Finance was established in 2022, and we are thrilled to announce that the group achieved a significant milestone by reaching consolidated EBITDA break-even point in the first quarter of 2023. This remarkable accomplishment was followed by the first profitable quarter of our Polish loan originator Ekspres Pozyczka. During this period, Hive Finance consolidated revenue soared to 568,000 EUR, a testament to our dedication and hard work. Additionally, our EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) surged to 36,500 EUR, further showcasing our business strategies and operational management effectiveness. "These accomplishments demonstrate the group's ability to navigate challenges effectively and capitalise on growth opportunities,"- says the CEO of Hive Finance Ričardas Vandzinskas.
At Hive Finance Group, we aim to deliver profitable investment opportunities to our valued clients, along with the highest standard of service and cutting-edge investment tools. We deeply value transparency, accessibility, and convenience; these principles will continue to be at the core of our operations.
Key numbers of Hive Finance of 2022:
- Revenue: 135 000 EUR
- EBITDA: -763 000 EUR
- Net profit (loss): -756 000 EUR
Key numbers of Hive Finance of Q1 of 2023:
- Revenue: 568 700 EUR
- EBITDA: 36 500 EUR
- Net profit (loss): -47 600 EUR
Hive5
Although the first investment was made just in August last year, hive5 has demonstrated professionalism and an unwavering commitment to all investors. "Despite the past year's challenges, including geopolitical conflicts, inflation, and rising interest rates, hive5 has remained steadfast in its commitment to providing liquidity and stability to the financial market. We are delighted to announce that since our launch in 2022, we have become the fastest-growing marketplace for investing in loans, attracting diverse clients from the biggest European countries and reputable corporations," says Ričardas Vandzinskas, CEO of hive5. As of the conclusion of 2022, the platform's cumulative portfolio stood at almost 2 million EUR, a testament to its rapid growth and widespread acceptance in the market. Since the beginning of 2023, the number of our investors has doubled, and the average deposit has also grown (from 400+ investors at the end of 2023 to 700+ investors at the end of March). We are delighted that increasingly high-net-worth investors trust our platform to invest big amounts of money. In the first three months of 2023, we experienced an astonishing surge, achieving a cumulative portfolio of 5,229,000 EUR. However, it is just the beginning of our journey.
Hive5 has ambitious plans to expand its loan offerings, with a vision to exceed an accumulated portfolio of 30 million EUR by the end of 2023; the company is actively enhancing its product with new functionalities and investment management tools.
Key numbers of hive5 of 2022:
- Cumulative Portfolio: 1 953 000 EUR
- Active investors: 431
- Investment portfolio outstanding: 1 234 000 EUR
- Average annual investment return: 15,8%
Key numbers of hive5 of Q1 of 2023:
- Cumulative Portfolio: 5 229 000 EUR
- Active investors: 724
- Investment portfolio outstanding: 2 107 000 EUR
- Average annual investment return: 15,6%
Ekspres Pozyczka
The consumer loan provider in Poland has seamlessly merged finance and technology expertise to create a mobile-friendly micro-lending organisation. Ekspres Pozyczka has implemented accurate risk management practices, which led to successfully issuing loans and receiving payments.
Within its first year of operations, Ekspres Pozyczka accomplished several remarkable milestones. It achieved 1 807 000 EUR of granted loans, processed 43 917 loan applications, and approved 4 869 loans. This initial success reflects the strong market demand and the organisation's ability to cater to borrowers' needs effectively.
Additionally, some inspiring news arrived in March 2023. "I am delighted to announce that in March 2023, Ekspres Pozyczka completed an extensive procedure, including the presentation of our business plan, team, activities, KYC, AML, and other necessary business procedures when our company obtained a MIP (Small Payment Institution) license under KNF. Now we eagerly wait for regulatory authorities' feedback to proceed with the planned launch of credit cards," says Wojciech Homan, the CEO of Ekspres Pozyczka.
Notably, Ekspres Pozyczka achieved an impressive milestone in January, reaching the break-even point and generating profits. This accomplishment is particularly remarkable, considering that loan issuance had started just six months ago. The rapid transformation into a profitable company proves that the chosen business strategy leads to successful development and growth.
Key numbers of Ekspres Pozyczka of 2022:
- The volume of granted loans: 1 807 000 EUR
- Loans granted: 4 869
- Net impairment: 44 000 EUR
- Default rate: 5,2%
Key numbers of Ekspres Pozyczka of Q1 of 2023:
- The volume of granted loans: 4 441 000 EUR
- Loans granted: 11 037
- Net impairment: 109 000 EUR
- Default rate: 5,6%
To Sum Up
Hive finance, hive5 and Ekspres Pozyczka's financial statements reveal exceptional growth and achievement in the face of challenges. Hive5's fast growth as a P2P investment platform and Ekspres Pozyczka's successful transformation into a profitable consumer micro-lending organisation testify to their strong market presence and strategic approaches. The companies continue to drive innovation, expand their portfolios, and provide valuable services in the financial landscape.
Hive finance, UAB Annual Report for 2022 – pdf 
