2021 ended on a high note for PURO Finance. Customer activity in November and December was surging and pushed us to meet most KPI targets for the year. Both the number of customers and top-line increased by 23% from previous quarter with especially the latter peaking in quarterly growth.

100 new customers in the final quarter brings the 2021 total to 330 – more than doubling our total customer base to 536. Accountor Group remained as our major channel with 75% share of new customer influx while the partnership with POP Bank advanced to become our second largest inbound channel - a notable feat with sales through the Bank only starting in autumn. In December, a new partnership with Oscar Software was formed, which is expected to kick off fully during Q1 2022.

In total, the promise shown in our customer base in September with blooming segments under Manufacturing and Wholesale truly delivered the goods in Q4. The growth in loan receivables, which until August had remained rather stale in 2.5 m eur net increase (in 2021), was vast from then on growing by 5.6 m eur from August through end-of-year to a land-mark level of close to 20 m eur.

Total turnover drew near 900 t eur in Q4 with year-on-year quarterly growth +42%. This brought the total turnover for the year to 2.8 m eur, up 40% from 2020. Monthly Recurring Revenue (MRR) increased from 191 to 299 m eur i.e. by 57%.

While some significant expenses occurred in relation to strategic initiatives and growth investments, the operating profit margin both for the final quarter and full year improved to 42%. Continued track record in risk management with no new loss provisions for the whole year was a notable boost to profitability. Excluding the 2020 injection from Business Finland the operating profit increased 39% from 2020 to 2021. Profit before taxes was 288 t eur for the full year, up 42% from previous year, with finance cost increasing a mere 9%.

PURO’s financially successful year ended on an exciting note. We started a registration process in order to establish a PURO branch in Sweden. The plan for Sweden is to rely on ‘the PURO way’; step-by-step building our capability and expanding through the best partners in the market. We fully believe this is the winning recipe also abroad while we also continue to broaden our foothold in our homeland and make the service to our customers better and better.

All the indicators promise our current growth to continue in the first half of 2022 and we will do our utmost aiming even higher.

PURO Finance Oy

Lisätietoja:

Junno Roine, CEO, junno@puro.finance, +358 50 522 6037

Juho Väinölä, CFO, juho@puro.finance, +358 50 573 6427

Read our previous interim reports on our Investor page!