Mogo Finance, a second-hand car financer from Latvia, has appointed former The Boston Consulting Group advisor Juris Pārups as its new Chairman of the Board.
Founded in 2012, Mogo Finance is a used car financing company that offers accessible and secured loans to consumers and enterprises. The company from Latvia focuses on leaseback services and finance leases up to €10,000, with maturities ranging up to eight years. To date, customers in thirteen countries in the Baltics and Central and Eastern Europe – Latvia, Lithuania, Estonia, Georgia, Bulgaria, Albania, Macedonia, Bosnia and Herzegovina, Romania, Moldova, Belarus, Poland and Ukraine – have leveraged Mogo Finance’s finances for (co-financing) purchases using a leaseback construction (i.e. lends against vehicles already owned by clients).
Late last month, the listed company announced a change in the company’s top structure. Edgars Egle, the firm’s former Chairman of the Board, has been succeeded by Juris Pārups, who currently serves as Chief Operating Officer for the operations in Latvia, Lithuania, Estonia and Georgia. Pārups brings with him several years of experience in finance management and financial advisory to the top role. Prior to joining the Riga-headquartered company, Pārups worked for management consulting firm The Boston Consulting Group in its London office, and for professional services giant KPMG in Riga. At both consultancies, he was mainly involved with engagements in the Financial Services and FMCG sectors. Pārups is a graduate of Stockholm School of Economics and also has received a MBA degree from IMD Business School in Switzerland.
Pārups has been tasked with continuing Mogo Finance’s steep growth trajectory. The company is one of Europe’s fastest growing and larger secured used car financing companies, having to date issued over €250 million in loans and running a net loan portfolio over €120 million. To make room for financing further growth, in July Mogo Finance listed its latest 4-year corporate bonds on the Frankfurt Stock Exchange. The group issued bonds for a value of €50 million at par with an annual interest rate of 9.50%.
“Listing of our latest bond at the Frankfurt Stock Exchange marks the next step of our growth strategy in Europe to build a leading position in the second-hand car financing sector,” said former Chairman Egle at the time.
In June another BCG alumnus, Tommi Kainu, was appointed to the newly created position of Chief Business Officer at Bavarian Nordic.
Source link : https://www.consultancy.eu/news/amp/1924/bcg-alumnus-juris-parups-lands-top-rol-at-latvias-mogo-finance
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Publish date : 2018-10-11 07:00:00
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