Since its start in 2007, Lendo has had a strong growth foremost as the Scandinavian market leader of marketplaces for loan products towards consumers and small and medium enterprises. Part of the growth strategy has been to expand to new European countries and Lendo has therefore expanded operations to Finland, Spain, Portugal and Italy in recent years.
Lendo now plans to shift its strategic focus to grow and strengthen its market positions in Denmark, Norway and Sweden.
Andrew Kvålseth, EVP Chief Investment Officer in Schibsted and Board Chair in Lendo, supports this strategic change: “This shift in strategic focus will enable Lendo to accelerate its market leading position in the Scandinavian markets, and to strengthen its profit growth which we see as value creating in the current market environment.”
Lendo consequently plans to cease operations in Spain, Portugal, Italy and Finland which had combined EBITDA investment losses of approx. NOK 50 million in 2022. Challenging macroeconomic conditions with rising inflation and higher interest rates have caused uncertainty about the financial outlook in the global economy, including Lendo’s expansion markets. This change happens in parallel with the ongoing strategic review of Lendo.
Contacts:
Atle Lessum, Head of Schibsted Group Communications, +47 415 05 645, atle.lessum@schibsted.com
Johanna Björnbäck, Communication Manager in Lendo,+46 72 855 22 95, johanna.bjornback@schibsted.com
Jann-Boje Meinecke, VP, Head of Investor Relations, +47 941 00 835, jbm@schibsted.com
