All research on startup and the whole investment memo has been done for personal use of Akim Arhipov.
Latest updates from 2023 year end report
In 2023, Inbank demonstrated significant growth and a positive trajectory across key financial metrics.
Loan and rental portfolio: expanded by 26% year-over-year, reaching €1.03 billion,
Deposit portfolio: grew by 30%, totaling €1.08 billion,
Total assets: increased by 29%, amounting to €1.3 billion,
GMV: rose by 19% to €688 million,
Net profit: saw a 5% increase, reaching €10.2 million, (excluding the previous year's extraordinary profit from the sale of a stake in Maksekeskus AS)
These figures underscore Inbank's strong financial performance and strategic growth in 2023.
Inbank helps our partners sell more by simplifying purchases and making financing more accessible to our customers.
Overview
Business Lines and Clients
Credit Engine
Tech
Partners & Marketing
Business Model
Executive team
Market Size
Growth Potential
Competition
Future plans
Momentum
Since Inbank is listed company the most up to date financials can be found HERE (click on the link) Key financial highlights from Q3 2024:
- Net profit growth: Inbank reported a net profit of €3.1 million for Q3 2024, marking a 7% increase compared to the same period last year. The net profit for the first nine months of 2024 reached €10.8 million, a 46% year-over-year growth.
- Return on equity (ROE): The quarterly ROE stood at 8.8%, with a year-to-date ROE of 10.9%, indicating efficient utilization of shareholder equity.
- GMV: The GMV for Q3 2024 was €184 million, a 4% increase from the previous quarter and a 1% rise year-over-year. Notably, the auto marketplaces and dealers segment achieved €64 million in GMV, a 42% increase from the previous year.
- Net interest margin: The net interest margin improved to 5.43%, driven by a higher Effective Interest Rate (EIR) of 11.21% and a reduced funding cost of 4.38%.
- Impairment loss ratio: The impairment loss ratio decreased to 1.5% for Q3 2024, below Inbank's long-term average, reflecting prudent risk management.
Strategic developments:
- Equity raise: In August 2024, Inbank raised €10.14 million in equity to support growth and international expansion. The lead investor was Swedbank pension funds, with participation from 52 investors.
- Product expansion: The Smart Rent service for renting Apple products was launched in iDeal stores in Lithuania, now available across all three Baltic countries. Additionally, cooperation began with Datart, the largest electronics retailer in Czech Republic.
Overview (as of end of 2023)
5 year Business Plan
Transaction: Secondary
Allocation: 500k€
Price per share: 18.25€ (Same price as the last round, where Swedbank and several FOs entered)
Minimum ticket: 10 000€ (first come first served)
Fees for fff.club members: 7% on off fee + 7% carried interest
