Technology

ESTO Holdings (ESTO Group) announces results for Q3 and 9 months of 2024 underlined by 28% revenue growth

Published

2 years ago

October 24, 2024

TALLINN, Estonia, Oct. 24, 2024 /PRNewswire/ — ESTO Group, headquartered in Tallinn, Estonia, providing a range of e-commerce and consumer financing services in the Baltics, has ended Q3 2024 with a strong note recording €8.1m (+27.8% YoY) in revenue and a quarterly profit of €2.2m (+192.7% YoY) with a solid net profit margin of 27%. The results are driven by implemented operational efficiencies, robust cost management, and strong partnerships throughout the ESTO e-commerce ecosystem.

By the end of September, ESTO Group’s consolidated assets stood at €79.3m. Over the quarter, the asset volume increased by 5% to €3.8m. The Equity-to-Assets ratio stands at 25.66%, up 2.2pp from the previous quarter and up 5.3pp from last year’s September.

Third-quarter results show ESTO Group exceeded its full-year 2023 net profit by €2.2m (+78%), bringing the company well in line with the 2024 financial plan. As ESTO heads into the high season in Q4, we are excited to continue building an e-commerce ecosystem and strengthen our value proposition to customers across the Baltics, further solidifying our market position.

ESTO’s customers and loan book quality has remained robust and enhanced through continuous improvement in risk models and the ability to identify and quickly adapt to market conditions and trends. In Q3, the company grew the loan portfolio by €1.8m (+3% QoQ), hardening its strong position in the Estonian market as the biggest non-bank credit provider. Latvian and Lithuanian loan book performance converges to the level of Estonia, with a confidence that more profitable growth will be achieved from the pan-Baltic approach of ESTO Group.

ESTO Group has already repaid one-third of the existing €16 million bond maturing in November 2024, well ahead of schedule. The company actively engages with investors and has seen a strong response during the ongoing roadshow and book-building process, reflecting the high demand for the new issuance. Additionally, ESTO has signed a term sheet and completed due diligence for a significant credit facility with a major capital markets player, pursuing constant strengthening of its balance sheet and liabilities structure.

Full report: ESTO GROUP Unaudited Financial Results 2024 9M.

Mikk Metsa, Founder and CEO of ESTO, commented:

“2024 Q3 has been a milestone quarter for ESTO, achieving record-high performance across all our core business and financial metrics. We have generated the highest quarterly revenue, EBITDA, and net profit to date and expanded our loan book to its largest size ever. Our past nine-month results represent the best nine-month cumulative performance in the company’s history, setting us up for a strong finish as we head into the year-end peak season.

Our sustained momentum and solid financial results are further strengthened by our continued success in capital markets, where we have maintained liquidity and successfully refinanced key maturities—a notable accomplishment considering the current challenges in the Baltic debt markets.

With profitable growth across Estonia, Latvia, and Lithuania, we are confident that our strategy and disciplined execution will keep us on the path to delivering record-breaking results for the full year.”

About ESTO:

ESTO is a dynamic, forward-thinking company that aims to revolutionize the shopping experience by simplifying the complex shopping ecosystem. Leveraging its multi-year expertise and position as Estonia’s leading non-bank consumer credit institute, ESTO is positioned to reshape the e-commerce landscape in the Baltics and beyond. With a strong emphasis on technology and customer loyalty, ESTO aims to provide a seamless, tailored, and omnichannel shopping experience for both consumers and retailers.

View original content:https://www.prnewswire.co.uk/news-releases/esto-holdings-esto-group-announces-results-for-q3-and-9-months-of-2024-underlined-by-28-revenue-growth-302284761.html

Technology

Bybit Renews P2P Super Deal with Up to 99% Savings for New Users

Published

47 minutes ago

November 3, 2026

DUBAI, UAE, Nov. 3, 2026 /PRNewswire/ — Bybit, the New Financial Platform trusted by more than 80 million users worldwide, has launched the latest round of its Bybit P2P Super Deal, a new-user exclusive promotion offering guaranteed coupons worth up to 99 USDT and savings of up to 99% on eligible P2P orders.

From now to March 30, 2027, P2P Super Deal continues Bybit’s long-running tradition of rewarding newcomers with meaningful incentives as they begin their crypto journey on the platform’s popular peer-to-peer marketplace.

Eligible new users may complete a first-time deposit or trade of just 10 USDT via Bybit P2P to unlock a guaranteed coupon valued between 10 and 99 USDT, which can be applied to the next eligible P2P order for savings of up to 99%.

How It Works

Signing up and verifications: New users must create a Bybit account and complete the necessary identity verification and visit P2P Super Deal to confirm eligibility.First deposit starting at 10 USDT: Participants can locate the “P2P Super Deal” task on the Bybit P2P Trading page and complete an initial deposit.Lucky draw chance: Upon completing the deposit task, a spin of the lucky draw wheel offers a chance to win a coupon valued at up to 99 USDT.Applying the coupon: The coupon can be applied to the next P2P order, reducing the fiat amount paid and delivering savings of up to 99%.

The latest Bybit P2P Super Deal presents a bonus opportunity. For participants who complete an eligible trading or deposit task at 100 USDT or more, an additional spin is available for them to unlock more chances to win higher-value rewards.

Bybit offers year-round benefits for the trading community across its products and services. Bybit P2P combines zero trading fees, support for a wide range of fiat currencies, and an enterprise-grade escrow system, making it an intuitive and powerful platform for both new and experienced traders.

More details on event mechanics, eligibility, and terms and conditions are available at: Learn more about the P2P Super Deal

#Bybit / #NewFinancialPlatform

About Bybit

Bybit is The New Financial Platform.

We believe every person should have access to every financial opportunity on earth. That’s why we’re building the first intelligent platform that connects anyone, anywhere to the world’s finance.

Trusted by more than 80 million users worldwide, Bybit brings together investing, trading, payments, and wealth-building in a single secure and intelligent ecosystem. Through the combination of AI-powered technology, deep global liquidity, robust security, and transparent operations, Bybit makes global finance more accessible, efficient, and empowering for everyone.

Built for everyone. Powered by intelligence. Open to the world.

Learn more at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit’s Communities and Social Media

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/bybit-renews-p2p-super-deal-with-up-to-99-savings-for-new-users-302927555.html

Technology

Asset manager margins squeezed as infrastructure bill climbs, PwC finds

Published

47 minutes ago

November 3, 2026

Infrastructure moves up the strategic agenda as asset managers confront margin pressure

LUXEMBOURG, Nov. 3, 2026 /PRNewswire/ — Infrastructure is moving from the back office to the centre of asset managers’ strategy. With profit per AuM down 19% since 2018 and projected to fall another 9.1% by 2030, decisions on what to build, buy or access through partners now shape how firms compete, according to PwC’s Global Asset Management Infrastructure: Rethinking the industry’s piping report. 67% say fee compression is limiting their ability to invest.

Spending is also tied to the past: only 23% of asset managers direct most of their technology budget to new capabilities, while 29% spend more than 70% of it maintaining legacy systems.

Surveying 150 asset managers and 50 infrastructure providers, the report finds AI is sharpening these constraints. Some 24% cite data fragmentation and 17% legacy systems as major barriers to scaling AI.

Roland Kastoun, Global Asset and Wealth Management Advisory Leader, PwC, notes: “The industry’s profits per dollar managed have fallen by almost a fifth, and the bill for the pipes keeps rising. The managers who survive the next five years won’t be the ones with the flashiest AI, but rather the ones who fixed the so-called boring stuff first.”

Market data is seen as poor value for money, with 58% ranking it among the most expensive infrastructure layers relative to the value delivered, ahead of regulatory reporting systems (47%) and core technology platforms (46%).

Meanwhile, some 70% of infrastructure providers expect a larger share of industry revenues, while 68% name hyperscale cloud providers as the main emerging threat.

“Seven in ten infrastructure providers expect to take a bigger slice of the pie, which tells you where the power in this industry is quietly shifting,” said Björn Ebert, Financial Services Leader, PwC Luxembourg.

Some 44% favour hybrid sourcing models combining in-house, bought and partnered capabilities, compared with 21% who prefer to buy, 18% to partner and 13% to build in-house.

The report identifies four emerging infrastructure archetypes, namely infrastructure orchestrators, digital and tokenisation platforms, specialist modular providers and integrated asset managers. No single model fits every firm. Each must decide what to own, what to standardise and where a specialist can do the job better. Those who decide early will be better placed to protect margins through 2030.

Media Contact
Penta Group, pwc@pentagroup.com

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/asset-manager-margins-squeezed-as-infrastructure-bill-climbs-pwc-finds-302926775.html

Technology

Temu Partners with Latvian IT Cluster to Help Local Businesses Grow Online

Published

47 minutes ago

November 3, 2026

RIGA, Latvia, Nov. 3, 2026 /PRNewswire/ — Temu has signed a memorandum of understanding (MoU) with the Latvian IT Cluster (Latvijas IT klasteris) to support Latvia’s digital business ecosystem, providing local small and medium-sized enterprises (SMEs) with broader access to digital tools, knowledge, and international e-commerce opportunities.

Under the MoU, Temu will collaborate with the Latvian IT Cluster on its programs and activities, host educational webinars and exchange insights with local industry experts. The collaboration brings together Temu’s experience as an international marketplace operator and Latvian IT Cluster’s work helping businesses across sectors adopt digital tools.

Temu and Latvian IT Cluster hosted “The Path to Growth: Navigating E-commerce for European SMEs” on Oct. 20, drawing participants from local businesses across various industries. The webinar covered Temu’s Local Seller Program, logistics and regulatory requirements, and included a Q&A with Temu representatives.

“We are delighted to welcome Temu as a member of the Latvian IT Cluster. The involvement of internationally recognized companies in our ecosystem creates new opportunities for Latvian businesses to gain valuable knowledge, build connections, and strengthen their competitiveness,” said Aiga Irmeja, Chair of the Board at Latvian IT Cluster. “We are pleased that our partnership has already resulted in joint activities exploring e-commerce opportunities in Europe, and we hope this is just the first step towards further joint initiatives that will support the presence of Latvian businesses in the digital economy and international markets.”

The focus on practical guidance and direct dialogue responds to the challenges of complexity and connection, two of the key barriers to growth identified in Temu’s recent Small Business Insights Report, which was informed by meetings and discussions with over 100 European trade organizations.

“We want more small businesses in Latvia to benefit from the opportunities that e-commerce creates,” said a Temu spokesperson. “Working with Latvian IT Cluster brings us closer to local entrepreneurs, helping us understand their needs and support their ambitions to reach new customers and grow across Europe.”

Temu opened its Local Seller Program to businesses in Latvia in October 2025. In March 2026, it signed a logistics MoU with national postal operator Latvijas Pasts to support delivery and returns for local sellers.

About Temu

Temu is a global e-commerce platform connecting consumers with millions of manufacturers, brands and business partners. Operating in more than 90 markets worldwide, Temu is committed to providing affordable, high-quality products that enable customers to live better lives.

About Latvian IT Cluster

Latvian IT Cluster is an ICT association with around 100 members and 20 years of experience in advancing Latvia’s digital ecosystem. Through national and international initiatives, including the European Digital Innovation Hub, Digital Europe, Team Latvia and AI Studio, the association fosters innovation, digital transformation, knowledge sharing and cross-sector collaboration.

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/temu-partners-with-latvian-it-cluster-to-help-local-businesses-grow-online-302927575.html