Analyst Comment
Multitude's Wholesale Banking provides a 16 MEUR facility to Nordecum
Summary
- Multitude's Wholesale Banking unit has provided a 16 MEUR financing facility to UAB Nordecum, a Lithuanian digital consumer finance company, to refinance existing arrangements and support portfolio growth.
- This facility expands Multitude's cooperation with Placet Group, following a previous 12.5 MEUR credit facility provided in 2025.
- Wholesale Banking, Multitude's fastest-growing unit, focuses on secured debt and payment solutions, with a loan portfolio totaling 257 MEUR at the end of 2025.
- The transaction aligns with existing growth estimates for Wholesale Banking's secured debt portfolio, providing concrete support to these projections.
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Multitude announced that its Wholesale Banking business unit has provided a 16 MEUR financing facility to UAB Nordecum, a Lithuanian digital consumer finance company that is part of Placet Group. The facility will be used to refinance Nordecum's existing arrangements and support continued portfolio growth. The financing was an expansion of the cooperation with Placet Group, following 12.5 MEUR in credit facilities provided in 2025.
Wholesale Banking is Multitude's newest but fastest-growing business unit, focusing on secured debt and payment solutions. The secured debt business provides financing to other non-bank lenders and fintechs against their lending portfolios. At the end of 2025, the segment's loan portfolio and debt investments totaled 257 MEUR. Therefore, we consider the 16 MEUR facility to be a solid addition to the segment's loan portfolio. However, the transaction doesn't cause any estimate changes, as our estimates already expect Wholesale Banking's secured debt portfolio to grow meaningfully in the coming quarters and year. In our view the announced transaction brings concrete support to our estimates.
Multitude is a digital bank that offers lending and online banking services to consumers, small and medium-sized businesses, and other fintechs overlooked by traditional banks. The company was founded in 2005 in Finland and currently operates in 17 countries. The company operates with three business units: Consumer Banking (Ferratum), SME Banking (CapitalBox) and Wholesale Banking (Multitude Bank).
Read more on company pageKey Estimate Figures22.05
| 2025 | 26e | 27e | |
|---|---|---|---|
| Operating income | 214.8 | 223.7 | 239.9 |
| growth-% | -1.9 % | 4.1 % | 7.2 % |
| EBIT (adj.) | 30.8 | 33.5 | 39.8 |
| EBIT-% (adj.) | 14.3 % | 15.0 % | 16.6 % |
| EPS (adj.) | 1.08 | 1.00 | 1.21 |
| Dividend | 0.55 | 0.58 | 0.63 |
| Dividend % | 9.4 % | 10.5 % | 11.4 % |
| P/E (adj.) | 5.4 | 5.6 | 4.6 |
| EV/EBITDA | neg. | neg. | neg. |
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