Multitude's Beginnings
Multitude, previously known as Ferratum, was established in 2005 in Finland. Its initial focus was on digitalizing the financial industry, delivering fast, easy, and simple financial solutions to consumers through purely digital means. This approach, devoid of physical touchpoints, laid the foundation for our values, which remain at the core of all our customer offerings. In 2005, Ferratum pioneered mobile consumer loans in Europe, utilizing digital channels to offer small, short-term loans within minutes.

Expansion and Growth
A year after its inception, Ferratum expanded to Sweden and Estonia in 2006, successfully scaling its mobile consumer loan concept. This expansion continued, and within a year, Ferratum had established a presence in five more markets: Latvia, Lithuania, Czech Republic, Slovakia, and the Netherlands. By the end of 2007, Ferratum was actively operating in 8 countries.
Between 2008 - and 2010 years, satisfied with its mobile consumer loan concept, Ferratum continued its geographic expansion and successfully entered an additional two countries each year, making it 12 markets in Europe. Ferratum's journey saw the diversification of its product portfolio. Building on the principles of easy, simple, fast, and fully digital interactions, the company invested in small loans, instalment loans, and credit limits.
Venturing into Banking
Striving to expand further within the EU, Ferratum pursued a banking license in 2012. This pivotal move aimed to tap into markets where such licenses were mandatory, like Germany. The banking license enabled the company to finance growth through deposit funding. Initially, the company explored obtaining a banking license in Finland, where its headquarters were situated. However, it became apparent to the management that a different approach was needed. Recognizing the importance of access to a pool of international banks and the requisite competencies, the decision was made to seek a country with a strong presence of international financial institutions. This strategic choice was driven by the aspiration to build a robust pan-European banking operation.

Listing on Frankfurt Stock Exchange
Ferratum marked a significant milestone on February 6, 2015, by completing its Initial Public Offering. The company was listed on Germany's Frankfurt Stock Exchange, under the ticker (FRU). Ferratum received EUR 48.2 million in gross issue proceeds from the capital increase. This move not only raised capital but also positioned Ferratum on the small-cap (SDAX) index.
Diversification into SME Lending
2016 witnessed Ferratum's expansion beyond consumer lending into the realm of small and medium-sized enterprise (SME) lending. This strategic expansion offered rapid, digital working capital finance of up to €350,000, addressing a crucial need in the market. This translates to small businesses across Europe being able to apply for loans digitally and receive funds in their bank accounts as quickly as within one business day. This distinctive feature proved to be a powerful unique selling point, and the demand for it was robust. Today, these business units account for over 10% of the group’s total revenue and continue to experience robust growth.
Digital Banking Revolution
In tandem with these efforts, Ferratum launched fully digital banking solutions in 2016. This innovative offering allowed customers to establish banking relationships within minutes and utilize the services immediately. The launch also introduced various digital financial products such as debit cards, credit cards, and multicurrency accounts.
Global Reach and Innovation
Between 2015-2019, it became clear that smartphones and tablets are crucial for managing personal and business finances. Customers expect to be able to manage their finances safely and securely from their mobile devices anytime and anywhere. Ferratum offers comprehensive banking services that fulfill these demands, including online shopping, deposits, payments, money transfers, and account management. Initially, the maximum digital loan amount available to customers was relatively small, typically ranging from 1,000 to 3,000 euros. However, we have significantly expanded this range to 20,000 to 30,000 euros, allowing us to tap into various new customer segments. During this same period, Ferratum executed an aggressive global expansion, extending its reach beyond Europe to non-European countries. This strategic move enabled us to successfully introduce and scale our banking products in diverse international markets.

Navigating the Pandemic
As the COVID-19 pandemic emerged in early 2020, it presented a dual perspective on our business performance. On one hand, we witnessed a decline of around 25% in revenue due to reduced loan demand. This was a consequence of customers scaling back their spending and, subsequently, requiring less funding. On the other hand, we observed an encouraging trend in customer payment behavior, reaching an all-time high. This positive shift resulted in a substantial decrease in credit losses, consequently boosting our unit-level profitability.
Ferratum made a strategic decision to shift its focus towards European markets. In the preceding years, the company had initiated digital lending activities in several non-European markets such as Canada, Mexico, Brazil, Bangladesh, Nigeria, Russia, Australia, and New Zealand. However, by the end of 2019 and the beginning of 2020, the company opted to exit all these markets and redirect its attention entirely towards European operations. This strategic shift appears poised for success, providing us with enhanced resources to concentrate on driving profitable growth within these markets.
Our pre-COVID financial track record was impressive, with each quarter consistently delivering both profit and growth. While the years between 2020 and 2021 posed challenges, impacting our track record, the company has rebounded strongly. On the 2022, we are once again on track to achieve profitable growth each quarter, showcasing our resilience and commitment to sustained success.

A New Era: Rebranding from Ferratum to Multitude, Embracing Agile Working, and Unveiling the Multitude Growth Platform
The year 2021 stood as a momentous milestone for Multitude. Across the entire Group, we introduced a dynamic, agile approach to working, paving the way for innovation. Simultaneously, we executed a transformative new business strategy that charted us onto an exciting new growth trajectory. A key highlight of this pivotal year was the rebranding of the Group from Ferratum to Multitude.
In May 2021, a strategic shift was announced – Multitude SE emerged as the new entity, operating through three distinct, independent business units: SweepBank, Ferratum, and CapitalBox. Aligning with this evolved strategy and operational framework, the Group seamlessly rebranded its individual operating segments.
Central to our financial ecosystem is the notion of Multitude serving as the bedrock platform, housing all our scalable components and banking activities. Presently, our platform hosts three distinct business units: Sweep Bank, dedicated to shopping and mobile banking; Ferratum, specializing in digital consumer lending; and Capital Box, focused on digital SME lending. Each unit boasts its own unique lifecycle stage and specialized focus areas.
Within the Multitude platform, our emphasis is dual-fold. First, we're dedicated to enhancing scalability across all fronts, ensuring a seamless and efficient experience. Second, our vigilance remains unrelenting as we explore novel opportunities for the entire Group, seeking innovative solutions to offer external customers – think Banking as a Service and beyond.
Multitude today
Multitude envisions itself as the preeminent financial ecosystem, aiming to garner the highest value. This vision is intricately linked to our mission: the democratization of financial services through digitalization, ensuring their accessibility is swift, effortless, and ecologically responsible.
This ambitious vision is actualized through our growth platform, a dynamic force that propels our business units and chosen external collaborators to achieve growth that surpasses individual capacities. As a result, we craft narratives of triumph within the realm of FinTech, shaping success stories.

Multitude, along with its three independent entities – SweepBank, Ferratum, and CapitalBox – collectively employs over 700 professionals spread across nearly 18 countries. After navigating through a period of challenges, Multitude has reignited a path of robust and profitable growth. With a clear trajectory ahead, we are poised to lead the markets in achieving a remarkable annual profit growth of over 50% from 2021 to 2024.
Disclaimer: The information provided in this article is intended for general informational purposes only. It is not intended to be, and should not be taken as, professional or financial advice.