Multitude's Wholesale Banking unit has entered into a strategic partnership with the Estonian fintech company Hoovi. The company will provide Hoovi with 8 MEUR in debt capital through a structured bond issue. Our estimates expect significant growth in Wholesale Banking’s debt investments in the coming years and thus, the news doesn’t cause a need for immediate estimate revisions.

Hoovi is an Estonian fintech company specializing in embedded credit and hire purchase solutions for merchants and SMEs. Hoovi enables merchants to increase their sales and improve financing to customers by directly integrating financing options into business transactions.

Financing other fintech is deeply embedded in the strategy of Multitude’s Wholesale Banking business unit. Thus, a transaction like this didn’t come as a surprise. Multitude’s Wholesale Banking was established as a separate independent business unit at the beginning of 2024. Since then, the business unit has experienced significant growth while also being profitable (measured by earnings before taxes).