Multitude Bank plc on Wednesday announced that it has concluded a strategic investment in ESTO Group, a leading provider of innovative payments and shopping solutions in the Baltics.

Multitude Bank has invested €6 million into the first tranche of a €14 million bond programme to support ESTO’s growth in Europe.

This contributes positively to improving the digital commerce landscape in Europe by enabling ESTO to offer financing solutions for consumers on its platform, which in turn allows retailers to achieve their growth objectives.

Multitude Bank, formerly Ferratum Bank, has been operational for ten years. With the evolution of the Multitude Group as a growth platform for FinTech businesses, the Bank has broadened its offering from serving retail consumers to also serving business customers, thus providing the opportunity for external players to benefit from its banking services.

“We are excited to join forces with ESTO and, together exponentially, add value to merchants and consumers. For us, it brings an opportunity to diversify our investments through our Bank and showcases a prime example of how the growth platform works in facilitating FinTech success, also outside of the Group. We are very proud to work with such a fast-growing and well-positioned company, and we look forward to a fruitful collaboration,” said Antti Kumpulainen, CEO of Multitude Bank.

“In 2022, ESTO has exceeded all expectations as we have already reached our growth objectives set for the year. Since the founding of ESTO, we have facilitated over €300 million in transactions for hundreds of thousands of European consumers and merchants. In cooperation with Multitude Bank, we continue to be a strong and reliable partner for our retailers, allowing them to maximize their success and sales through our commerce platform,” said Mikk Metsa, CEO of ESTO Group.