Multitude increases stake in Sortter and becomes majority owner

Multitude announced yesterday that it has signed an agreement to acquire a majority stake in the Finnish financial services comparison platform Sortter Oy. Multitude previously held a 19.97% minority stake in the company, which it acquired in 2023. Sortter's growth track record has been impressive in the last few years, and the business also turned profitable last year. Multitude had an option to increase its stake after three years of ownership, and thus growing the ownership didn't come as a surprise. As Sortter is a profitable company, the increased stake will cause some upward pressure on our earnings estimates. Multitude presents its Q1 results today, and we will try to gain more information during the day.

Sortter has had an impressive growth track record

Sortter is a Finnish fintech company established in 2018 that specializes in consumer and SME financing comparison services. Growth has been fast and in 2025, Sortter generated revenues of 17.2 MEUR (2024: 10.4 MEUR) and a net profit of 1.6 MEUR (2024: -1.2 MEUR). Following the transaction, Sortter will continue to run independently under its established brand and management team. Sortter's business model generates asset-light fee income, which aligns well with Multitude's strategic shift towards more capital-efficient revenue streams. Given that Multitude's 2025 net operating income was 215 MEUR and net profit 26.6 MEUR, Sortter will represent a moderate but meaningful addition to the Group's financials.

The announcement didn't disclose the exact ownership Multitude will have going forward (only mentioned majority stake). Moreover, the purchase price wasn't disclosed, which limits the the analysis of the deal at this stage.

* Source: Finder

Logical strategic step

The acquisition fits well into the third pillar of Multitude's growth strategy, where the company looks for targets to enter completely new business areas that it can add to its growth platform. Multitude has held a minority stake in Sortter since 2023, allowing the company to become well-acquainted with Sortter's operations. We believe this lowers the risk level of the deal.

We also believe that the majority stake will more clearly highlight the value of Sortter as it has had quite a minor role earlier in the Group figures, when the share of earnings was just recognized in the Income from associates line in the income statement. Regardless, the improvement in Sortter's earnings would have begun contributing more significantly to Multitude's results this year.