Hive5 has reported a 797 per cent increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) in the third quarter of 2023.

In an update to investors, Hive5 revealed “impressive” quarter-on-quarter earnings growth, along with a 19.6 per cent quarterly rise in revenue.

By the end of the third quarter, revenue reached a total of €904,500 (£773,827) while EBITDA rose to €106,800. Chief executive Ričardas Vandzinskas credited the company’s rapid growth for its third quarter success, as well as the expertise of its team.

“Undoubtedly, this growth in results demonstrates the high expertise of our international team,” said Vandzinskas.

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“However, there is still a lot of potentials to increase these numbers.

“One of the most motivating factors for business improvement is the rapid growth of the number of investors. By the end of the quarter, we had 3,540 active investors and achieved a cumulative portfolio exceeding €20.77m, compared to €11.2m in the second quarter.

“Additionally, our investors earned a competitive average annual investment return of 15.8 per cent. These numbers illustrate our commitment to maximising returns and still delivering high value.”

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Vandzinskas added that during the third quarter of last year, Hive5 began to develop a new loan originator in Spain and started the legal setup of its Finjet subsidiary.

“As Spain’s economy and online lending market continue to thrive, we are excited to integrate into this dynamic landscape, encouraging financial empowerment and providing enhanced diversification opportunities for our investors,” he said.

Hive5 recently exited the Polish market due to new regulations in the peer-to-peer lending space. However, it has since announced plans to roll out Polish credit cards.

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