Consumer Finance

The first Euroloan Group company was founded as TopA Finance Finland Oy in 2007. The name was based on the initials of the founding members, Mr. Tommi Lindfors (TO) and Mr. Pauli Hentunen (PA). In December 2009, the company increased its shareholders’ equity and became a public limited company, assuming the new name Euroloan Consumer Finance Plc. The company’s main business area was consumer finance targeting a segment interested in relatively small loans (50-200 eur) over a short maturity period (14-30 days).

The first year focused on building a finance platform, which powered multiple brands and enabled rapid market research possibilities. One site would offer cheaper loans, another longer terms, while a third site would target 40-60 year old consumers etc. The foundation of understanding that different customer segments vary vastly in terms of marketing messages, payment performances and risk levels, was developed in the first few years.


As the amount of customers sent to collection started to grow significantly, the company worked hard to improve credit decisions and raise payment rates. Collection was quickly identified as a key part of managing the company’s relationship with its customers, as harsh collection methods caused many to stop using its services altogether.

The debt collection agency Crédito Cobro Oy was founded in 2008 and later renamed to Cobro24.

IT systems

Business grew fast and management realized that the added value to customers was not in loans or collection, but in the speed and reliability of transactions. Internationalization also became part of strategic planning. This forged a strategy of lowering risk through building proprietary IT systems for managing the entire customer value chain – from credit decision to final collection.

The Group’s first step towards FinTech (financial technology) was taken in 2010 with the founding of Digna IT Oy. Digna immediately acquired Perintäkarhu, a valuable collection software and business, and launched development programs to build a completely new platform utilizing the latest tools and practices available.


The first step towards internationalization was taken in 2012 when consumer finance operations opened in Sweden through ELCF Sweden AB. Sweden launched its services to consumers utilizing the same business model that had helped the business grow in Finland. The learning curve was steep as the low volume test phase generated a vast amount of new information for the business. The Swedish market was a gold mine in terms of available customer data to base credit decisions on. This information helped improve scoring criteria in Finland as well.

The Group

The Euroloan Group Plc was officially established in 2013, when the former parent company was renamed and formed into a public limited company. The company bought all the shares of Euroloan Consumer Finance Plc and Crédito Cobro Oy (Cobro24) in a transaction totaling 28 million euros. Years of IT work developing our FinTech proprietary systems materialized into a new cloud based consumer lending engine with unlimited capacity compared to our own requirements. The consumer finance business model was also transformed into a revolving credit line, which enabled the launch our virtual credit card. The Group formed a professional board and added emphasis on strategy and risk management work.


In 2015, Euroloan Group Plc established Euroloan SA in Luxembourg. Euroloan SA contributes to the Group’s simultaneous work on several large business projects, enabling it to grow at an entirely different scale, in terms of development speed, and take advantage of the rapidly evolving regulation in the payments area.


In 2017, Euroloan aims to grow its digital financial services in both the B2C and B2B field, with a focus on efficient onboarding and origination through multiple channels (robotized omnichannel services). Services include invoicing, credit and payment solutions for points of sale, online shopping platforms and real-time online and mobile consumer finance, as well as credit cards.