From GlobeNewswire: 2024-05-16 01:30:00

Multitude SE shows strong growth in Q1 2024, with EBIT up by 31% to EUR 11.6 million. Revenue increased by 18.3% to EUR 64.2 million, with consolidated net profit up by 13% to EUR 2.6 million. Multitude acquired Omniveta’s business, aiming to reach an EBIT forecast of EUR 67.5 million in 2024.

The European FinTech company, Multitude SE, reported positive development in all business units for Q1 2024. Key figures include an 18.3% increase in interest income, a 31.0% rise in EBIT, and a 13.0% growth in profit. Multitude aims for further EBIT growth of 50% in 2024 and to increase consolidated profit to EUR 30 million by 2026.

Multitude’s new business unit, Wholesale banking, commenced operations in Q1 2024. The unit offers two new products, Secured Debt and Payment Solutions, showing a volume growth of 179.8% to EUR 69.2 million. Multitude’s strategic focus includes acquiring Omniveta Finance to strengthen market position in SME business alongside banks.

Despite a slight decrease in total assets, Multitude maintains stable balance sheet quality with an equity ratio of 19.2%. The company experienced elevated credit losses in parts of the business but remains focused on risk management. Multitude confirms its outlook for 2024 with an EBIT guidance of EUR 67.5 million.

Multitude SE continues to expand its digital lending and online banking services to consumers and businesses. With over 700 employees in 25 countries, the company aims to provide financial stability and reduce risks through diversification and strategic focus. Multitude was founded in 2005 and is listed on the Frankfurt Stock Exchange.



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