Iute Group
Iute Group is a digital banking group focused on everyday financial services in Southeast Europe. Established in 2008 and headquartered in Estonia, Iute serves customers in Albania, Bulgaria, Moldova, North Macedonia, and Ukraine. Through the Myiute app and its local operations, Iute provides digital financial services including payments, banking, financing, and insurance intermediation. Iute Group finances its operations through equity, deposits, and secured bonds listed on the Regulated Market of the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.
Kilde Score is the platform’s proprietary credit assessment of the borrower, reflecting Kilde’s independent credit view and expressed as a numeric score from worst to best (1.00–5.75). For full details of the credit methodology, including its mapping to a Fitch-style rating equivalent, please refer to this article.
Total unpaid balance on a loan, comprising both the remaining principal and any accrued interest.
Moldova
Albania
North Macedonia
Bulgaria
Regulatory status of the borrower: Licensed if the license is required, or 'Not applicable' if no licence is required in its operating market(s).
Total amount of loans the borrower has issued to its own end customers. Reflects the company's overall lending scale.
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Overview
Background & History
Founded in 2008 in Estonia, Iute Group is a digital banking group headquartered in Tallinn, listed via senior secured Eurobonds on Frankfurt and Nasdaq Tallinn. Founders Tarmo Sild (CEO) and Allar Niinepuu (CCO) remain as the largest shareholders.
Operating subsidiaries are licensed by local regulators in Moldova, Bulgaria, Albania and North Macedonia, complemented by the banking platforms Energbank (Moldova), and IuteBank Ukraine (launched in March 2026).
Business Model & Lines of Business
A digital-first, omni-channel unsecured consumer lender combining proprietary scoring with branches and agents for disbursement and collection. Products include short-term and instalment cash loans (3–36 months) and pay-later/POS finance via the Myiute super-app, complemented by consumer and business lending through Energbank. Funded by equity (total outstanding volume of IuteCredit’s EUR 2025/2030 bonds is EUR 300 million), local deposits and wholesale lines — now complemented by KILDE facilities with the short-term loan portfolio pledged as security.
Key Milestones
FY25 revenue ~EUR 110m / net profit ~EUR 8m; total assets ~EUR 330m and net loan portfolio ~EUR 200m at YE25. Cumulative principal issued >EUR 1.7bn since inception, serving 1m+ unique customers. Completed the EUR 75m Eurobond 2029 refinancing in 2024, consolidated Energbank from 2023 and entered Bulgaria via MyBank — transitioning into a hybrid bank-plus-NBFI platform.
Management Team & Organization
Iute Group is led by founder/CEO Tarmo Sild and 6 additional Tallinn-based management members, with country GMs in each market. Largest operating base in Chișinău, with regional hubs in Tirana, Skopje, and Sofia.
Financials
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Total income (interest and fee income) generated from the borrower’s lending activities.
Products
Typical contractual tenor of the loans disbursed by the borrower to its end customers.
The effective Annual Percentage Rate of the loan charged by the borrower to its end customers, inclusive of interest and fees.
Typical principal amount disbursed by the borrower to its end customers per loan transaction.
Expected share of non-performing loans (NPL) — loans where the end customer has stopped repaying — under this product, shown as a range.
Share of this product in the borrower's overall loan portfolio. Shows how much of the lending business comes from this product.
Market Data
According to Fitch Rating
Annualised
Annualised