Enterprise Investors finances the expansion of FinGO in Slovakia and the Czech Republic
Bratislava, 20 October 2021 — Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors (EI), has become a 40.6% shareholder in FinGO, the fastest-growing financial services intermediary in Slovakia.
- The fund has invested EUR 19.1 million;
- EI has teamed up with Mr. Lukáš Novák (InTeFi Capital), the company’s founder, to boost FinGO’s dynamic growth in Slovakia and the Czech Republic.
FinGO is an innovative financial services intermediary with a multi-channel distribution platform. The company sells mortgages and life insurance primarily, but also investments, pension savings and non-life insurance. It was founded in Slovakia in 2017 with the aim of building a technology-based ecosystem. The idea was to connect all the major financial institutions (e.g. banks, insurance providers and savings companies) with end customers, thus optimizing their choices. Thanks to FinGO’s unique business model users can compare complex products online, gain a better overview of what is available on the market and make more informed decisions. After running an initial analysis through the online platform they are served by one of FinGOo’s more than 1,000 exclusive agents, who can usually offer them an even better deal. FinGO gives its network of agents the best combination of commissions and product selection, comprehensive CRM system and back-office functions as well as extensive product and marketing support.
Thanks to its unique online lead-sharing platform and rapidly growing network of agents, FinGO is now the fastest-growing financial intermediary in Slovakia. This year the company expanded into Czechia, where it aims to replicate its successful business model. FinGO’s sound market position is reflected in its strong financial results – in 2021 the company plans to top EUR 23 million in revenues.
“We are convinced that the market of third-party financial product intermediation in Slovakia and Czechia will grow steadily in the coming years. FinGO was the first player to address the growing needs of customers looking to compare complex and high-value financial products online. Our plan is to build on this innovation and tap prevailing trends. We want to grow the business both organically and through acquisitions,” said EI managing partner Dariusz Prończuk, who is responsible for this investment.
“FinGO provides a very complex service. The company helps customers find optimal solutions at reasonable prices that would not be available to them without such intermediation. Through its marketplace FinGO also provides agents with new customer leads and other useful tools – not available elsewhere – that make their work more efficient,” added Martin Chocholáček, a vice president at Enterprise Investors who is responsible for the firm’s activity in Slovakia.
“I highly value the Enterprise Investors team’s trust and their appreciation of FinGO’s unique concept. Thanks to their investment, we can not only start building a major player in the Czech market but also develop and expand the largest digital broker in Slovakia. With this strong partnership we will continue our journey of digitizing financial intermediation to build the broker of the future. EI’s extensive experience, not just in the financial sector, will certainly be a valuable asset for FinGO,” said Lukáš Novák, the company’s founder and chairman.
Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised nine funds with total capital exceeding EUR 2.5 billion. These funds have invested EUR 2.1 billion in 150 companies across a range of sectors and exited 135 companies with total gross proceeds of EUR 4.2 billion.
For further information please contact:
Anna Czywczyńska, Communications & Public Affairs Director
tel.: +48 22 458 8500