Estonian startup Hoovi raises €8M

Estonian fintech company Hoovi has received €8M from Finnish Multitude International Bank. The investment was made in the form of a structured bond issue, which will increase Hoovi's capitalization.

Hoovi is an Estonian fintech company providing financial products for small and medium-sized businesses. Services include leasing, factoring, "buy now, pay later" solutions, credit line, car loans, factoring of lease agreements, refinancing, bridging loans, secured loans. The company was founded by Karl Märka and Mikk Laos in 2018 in Tallinn, Estonia.

According to Karl Märka, Hoovi's co-founder and CEO, the investment will enable the company to grow faster in commercial leasing and integrated financing. Thanks to this, the company will be able to realize its plans - it intends to take 30% of the market and increase its loan portfolio to €15.5M by the end of 2025, as well as increase turnover growth by at least 80%.