VILNIUS, Lithuania (12, August, 2024) – Finora Bank, a Lithuanian-based specialized bank catering to micro, small, and medium enterprises (MSMEs), has successfully raised €5.6 million in a funding round. This significant capital injection, consisting of both equity and debt, will bolster the bank’s capital base and support its ambitious growth and service expansion plans.
Finora Bank Chairman of the Supervisory Board, Veikko Maripuu, starts, “This investment marks a pivotal moment for Finora Bank. It underscores the trust and confidence in our strategic vision and provides the financial foundation needed to drive change and expansion.”
Finora Bank CEO, Šarūnas Ruzgys, says, “This investment underscores the continued confidence in Finora Bank’s growth trajectory and builds a strong foundation for future growth. This scaling effort significantly enhances Finora Bank’s ability to provide robust financial solutions and support to businesses in the region. The investment will be largely applied to expanding operations, enhancing service offerings, and implementing innovations in financial services for MSMEs.”
Finora Bank Chief Investor Relations Officer, Dovydas Asanavičius, comments, “The €5.6 million funding includes direct equity and equity-level tier 1 bonds. This reflects strong investor confidence and secures we have the necessary capital to continue Finora’s growth journey. We have built the rocket, and now we have secured the fuel for the flight.”
Finora Bank is part of Finora Group, which has over 30 pan-European investors. Finora Bank has financed over €170 million to micro and SMEs across Estonia and Lithuania. The bank operates primarily as a specialized bank, offering a comprehensive range of financing services tailored to the needs of MSMEs. With a strong focus on Estonia and Lithuania, the bank aims to enhance its services and capture a larger market share, addressing the comprehensive needs of its customers.