On 20 June 2023, Inbank signed an agreement to acquire an additional 12% stake in the full-service vehicle rental company Mobire Group OÜ. As a result, Inbank now owns 65% of Mobire's shares. The parties have agreed not to disclose the price of the transaction.
The purpose of the transaction is to increase the share of the innovative subscription-based car business in Inbank's portfolio and to accelerate Mobire's growth in the Baltics. The acquisition of an additional stake in the Mobire Group will not have a significant impact on the economic activities of Inbank.
Margus Kastein, Head of Inbank's Baltic Business Unit and Member of the Board comments:
‘As a growth-oriented company, Inbank invests in business models with international scalability. The whole world is rapidly moving in the direction where renting various goods or services replaces buying them. We believe that Mobire has great growth potential throughout the Baltics. Inbank knows the field of car financing and the Baltic market well, which is why Mobire is a good fit with Inbank's long-term strategy.’
Mobire Group with a fleet of more than 4,000 vehicles offers full-service vehicle rentals to private and business customers through its Estonian, Latvian and Lithuanian subsidiaries. The company's consolidated turnover in 2022 was 27.4 million euros.
Inbank is a financial technology company with an EU banking licence that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with 5,400+ merchants, Inbank has 872,000+ active contracts and collects deposits across 8 European markets. Inbank Tier 2 bonds are listed on the Nasdaq Tallinn Stock Exchange.