Mash Group Plc reports results for the year ending 31 December 2018

Press05.04.2019 11:05


Mash Group Plc today announced audited consolidated results for the twelve months ending 31 December 2018.


  • Revenue grew by 110% to EUR 34.5 million, EBIT grew by 221% to EUR 12.5 million and we generated a net profit of EUR 0.4 million.
  • Lending volume grew 127% to 166 EUR million.
  • The Group’s solidity remains strong, with equity increasing by 67% in 2018 to EUR 63.6 million, while total assets grew 102% to EUR 267 million.



  • Mash was recognized as one of the Fintech50, Europe’s leading list of FinTech companies.
  • AI Global Media, award CEO Hickson ‘Most Influential FinTech CEO of the year 2018’ and Mash, ‘Most Outstanding Online Payment Services Provider 2018’.
  • Mash pay later services were launched in Sweden with partner Verifone.
  • Mash developed a partnership with Nets for ecommerce and point of sale, a leading payment services operator in the Nordic market.
  • Mash increased the size of its structured financing facility with funds managed by affiliates of Fortress Investment Group LLC, from EUR 120 million to EUR 200 million.



  • Mash’s point-of-sale customer base grew by 2351%.
  • 82% of pay-later customers stated they would recommend our service to a friend.
  • The Mash merchant base grew by over 1000%.
  • We continued to invest in people and processes and partnered with Scale-up to align the entire organization around our strategy and goals as well as implement Outcomes and Key Results (OKRs) that drive business performance and enable each member of staff to understand how they contribute to our journey.


“2018 proved to be the best year in Mash’s history” said James Hickson, Group CEO of Mash. “We made exceptional progress, not just in terms of our financial performance, but also in both the execution of our strategy and in attracting people that share our vision and values. I am humbled by the progress we have made and the dedication of our team.”

Hickson added, “We believe that a fundamental measure of success is shareholder value in the long term. This value will be directly derived by our ability to extend and secure our position as a market leader in consumer centric pay-later solutions. The stronger our market leadership and distribution capability the more powerful our economic model will be. To this end, we have continued to focus on long term profitability investing in hiring staff, our culture and our technology platform. Our decisions will continue to be shaped by this philosophy. We at Mash are truly grateful to our shareholders, partners and employees that work so passionately to make history and create a brand we can be proud of. I remain honoured and humbled to work with you.”

According to Group Chairman Tommi Lindfors, the Group’s achievements in 2018 have convinced customers, merchants and investors alike of its business model. “We set new revenue records on a daily, weekly, monthly, quarterly and yearly level in 2018, increased our customer base, grew our merchant base by over 1000%, reached record customer satisfaction levels and at the same time were able to secure over EUR 157 million of new debt and equity from investors during 2018. That can only be described as a resounding success, and shows that we are on the right track.”

Significant events 2019

In February 2019, The Finnish Parliament approved new legislation affecting consumer loans, limiting the maximum allowable interest rates and other loan-related costs for consumer loans. These are expected to come into force in September 2019. Having moved to longer maturities and competitive pricing well in advance, Mash is well-prepared for the upcoming changes, with only a minor part of Mash’ Finnish customers affected by the changes.

Outlook for 2019

Outlook for 2019

The Board of Directors estimates that the operating environment will continue to change gradually in all its markets, with some new regulation affecting lending expected during 2019 or later. Other regulatory changes are expected to have marginal effects. Mash aims to achieve profitable growth within the current product categories in its home markets, and develop its new markets. The outlook regarding turnover and total balance sheet for the financial year is that there will be growth compared to the previous year.

For more information, please see Mash Investor Information and the Annual Review 2018

Mash Annual Review Figures 1

* The pro-forma unaudited consolidated figures and comparison figures have been prepared by consolidating Mash Group figures prepared in compliance with Finnish Accounting Standards ("FAS") and Pausa Capital S.à.r.l. prepared in conformity with Luxembourg legal and regulatory requirements and according to generally accepted accounting principles applicable in Luxembourg ("Lux GAAP"). The following transactions between Mash Group and Pausa Capital S.à.r.l. have been eliminated in the pro-forma consolidated figures:

  • Subordinated Notes issued by Pausa Capital S.à.r.l. and held by Mash Group
  • Variable interest recognised by Mash Group related to the Subordinated Notes
  • Servicing fees from Mash Group to Pausa Capital S.à.r.l., Mash Finance Oyj being the servicer of the funding facility.
  • Debt Collection fees charged by Mash Group to Pausa Capital S.à.r.l., Credito Cobro Oy being one of the collection agencies of the funding facility.


Pausa Capital S.à.r.l is a special purpose vehicle supporting the funding facility provided to Mash Group. According to Group Management, the pro-forma consolidated figures that include Pausa Capital S.à.r.l. provide a more comprehensive view of the financial position and performance of Mash Group, compared to FAS consolidated figures, which can be found below. These figures are unaudited. The reader is advised to refer to the 2018 annual review and financial statements for the latest audited figures and more information about the Group.

Annual Review 2018 Figures 2

About Mash

Mash has been at the forefront of fintech innovation since 2007. We leverage our advanced proprietary algorithms, machine learning capabilities, and automated platform to deliver superior finance and payments solutions to thousands of customers every day. We work hard for a future powered by technology, making every transaction seamless, flexible and worry-free. Today, Mash is one of Europe’s leading fintech companies. | | | @MashComOfficial

For more information please contact:
Jonas Lindholm
Mash Group Plc
Tel +358 10 217 1003