NEO Finance AB audited financial statements for 2023

Please find attached annual report for the year 2023 of NEO Finance AB (hereafter – the Company) – audited financial statements, the management report, the statement by the responsible persons and independent auditor’s report.


  • Loans totaling 44 million euros were issued. Compared to 2022, loan volumes increased by 19 percent.
  • Revenue increased by 31 percent from 3,530 thousand euros in 2022 to 4,625 thousand euros in 2023.
  • The cost of sales increased by 42 percent, from 1,651 thousand euros to 2,340 thousand euros.
  • Operating expenses increased by 21 percent, from 1,741 thousand euros to 2,098 thousand euros.
  • EBITDA increased by 55 percent, from 462,603 euros to 718,957 euros.
  • Profit before taxes reached 304,381 euros, compared to a fixed profit before taxation of 158,608 euros in 2022.
  • Net profit from 2022 increased by 151 percent, from 103,895 euros to 295,473 euros.


2023 2022 ∆, %
Loans issued, EUR 44 061 320 37 182 230 19%
Revenue, EUR 4 625 193 3 530 460 31%
Income from P2P lending, EUR 2 997 726 2 352 114 27%
Income from e-money issuance and management, EUR 1 313 935 1 032 988 27%
Income from investment activity, EUR 312 533 145 358 115%
Cost of sales, EUR (2 340 173) (1 650 676) 42%
Gross profit, EUR 2 285 020 1 879 784 22%
General and administrative, other operating and interest expenses, EUR (2 098 343) (1 740 971) 21%
EBITDA, EUR 718 957 462 603 55%
Pre-tax profit, EUR 304 381 158 608 92%
Net profit, EUR 260 858 103 895 151%


Paskolų Klubas (Peer to peer lending)

Paskolų klubas portfolio of active loans grew by EUR 16.3 million in 2023 to reach EUR 70.7 million at the year-end. As the brokerage fee received by the Company is spread over the life of the loan and collected by the borrower through a monthly payment, most of the sales results are carried forward to the following year. The total future brokerage fee receivable amounts to EUR 11,37 million at the end of 2023, compared to EUR 8,32 million at the end of 2022 and an increase of EUR 3,05 million per year. This is an asset of the Company which is not reflected in the financial statements.

The Company’s activity is affected by the very rapid tightening policy of the European Central Bank. Interest rates in the euro area started to rise in July 2022 and exceeded the 4 % threshold by the end of 2023. In line with the rise in the EURIBOR indicator, the interest rates on the platform were also increased in 2023, providing investors with exceptional investment opportunities to achieve high investment returns. For consumer borrowers, this led to an increase in the cost of borrowing, but due to the favorable pricing at the Paskolų klubas, a very high proportion of borrowers refinanced their existing consumer loans, i.e. customers transferred loans to the Paskolų klubas from other lenders, with the share of such loans amounting to as much as 52 % (EUR 22,91 million out of EUR 44,06 million).

Crucially, the growth of the loan portfolio is sustainable, with the number of non-performing loans declining for three consecutive years. Of all the loans issued in the history of the Paskolų klubas, 10.09% were more than 90 days overdue at the end of 2021, 8.59% at the end of 2022, and only 8.46% at the end of 2023. This is an encouraging result, as more and more economists have been talking about an increase in non-performing consumer loans, but our statistics do not show it.

The past year has been particularly successful in cooperation with foreign investors. By the end of 2023, more than EUR 13 million had been invested by foreign investors on the Paskolų klubas platform in Benelux. Seeing the growing interest of Dutch investors in particular in our platform and the corresponding increase in their investment portfolio, we participated in the annual “Beleggersfair”, the largest investor event, on 10 November 2023. NEO Finance joined the event as one of the main sponsors alongside financial market players such as Etoro, Saxo Bank and Societe Generale. Further development in the Benelux is supported by the establishment of a subsidiary in the Netherlands and a growing community of long-term investors in the region.


Greta Morkūnaitė

Deputy Head of Administration


Neopay (e-money)


In 2023, Neopay’s premiums reached a record EUR 1.78 billion, an amount that reflects the growing popularity of the service. In the past year, we have paid particular attention to the needs of our customers, tailoring our offers to small and medium-sized businesses. In response to partners’ and customers’ expectations, payment windows without the Neopay brand were made available, allowing partners to present payment solutions as their own while maintaining brand anonymity. Neopay’s payment solutions were made available without programming knowledge, facilitating customer access. Functionality has also been introduced to efficiently classify banking transactions by type of expenditure – food, healthcare, transport, etc., allowing customers to better manage their finances. These examples reflect our commitment to continuous improvement in line with our customers’ needs. In 2023, we have worked hard to make the Neopay brand recognizable across Europe. Attending conferences and events in the UK, Malta, Spain, Sweden, Poland and Latvia gave us the opportunity not only to gain a deeper insight into how to improve our service, but also to expand our potential customer base. This year we plan to continue our active participation in international conferences in Europe, focusing on those countries where we would like to develop the service first. We see this as an effective investment in the growth and awareness of the Neopay brand and believe that we will be increasingly successful in establishing ourselves in foreign markets. At the end of 2023, Neopay was available in Lithuania, Latvia, Estonia, Poland, Slovakia, Finland, Sweden, Norway, Denmark, the Netherlands, Greece, Romania, Bulgaria, Spain and Croatia. More than 200 financial institutions are integrated.


Evaldas Remeikis

Head of Administration


Finomark (crowdfunding)


2023 marks a milestone in FinoMark’s growth story. This period was marked by platform updates and functionality development to improve user experience and intensive preparation and testing for the integration of new exclusive projects. Particular attention was paid to the third and fourth quarters, which saw the development and testing of new projects, such as BOLT car financing for drivers and unique partnership programmes with homeowners’ associations. These projects promise to become the cornerstone of the platform, delivering value to both customers and partners. FinoMark’s commitment to these specialized projects not only demonstrates our flexibility and drive for innovation, but also our determination to contribute to the development of the financial sector by offering exclusive and tailored financing options. This strategic move allows us to expand our range of services and strengthen our market §position as a leader in innovative financial solutions.

In addition, 2023 marks an important legal achievement – the Bank of Lithuania’s crowdfunding service provider licence under the SFR Regulation allows us to operate in all countries of the European Union and the European Economic Area. This development not only confirms that our operations meet the highest standards, but also opens up new opportunities for our growth and international expansion. FinoMark will focus on financing specific business projects, including VAT and excise financing for logistics companies’ fuels and flexible credit lines for small and medium-sized businesses. We have already started implementing these plans by signing a partnership agreement with BOLT to provide drivers with easy access to cars. We have also introduced investment projects to facilitate VAT refunds for logistics companies, and in the future, we expect to introduce projects to finance apartment building owners’ associations. Neopay has set even more ambitious targets to become the leading payment service provider for the European SME sector.


Evaldas Remeikis

Head of Administration


The full report of NEO Finance AB (legal entity code: 303225546; registered address: Vivulskio g. 7, Vilnius, Lithuania) for the 2023, with confirmation by the responsible persons, are available for review in the attached document.

NEO Finance AB 2023 Financial statements.pdf