Magnetiq Bank grants EUR 2 million loan to Estonian fintech company Placet Group for business expansion

Magnetiq Bank has granted a EUR 2 million loan for working capital financing to Estonian financial technology company Placet Group, which operates in the alternative lending sector. The funding will support the company in further developing its lending services in the Estonian market by ensuring a stable working capital flow.

Placet Group is one of the leading alternative lenders in Estonia, offering flexible and reliable loan solutions to individuals and businesses. The granted loan will enable the company to plan resource allocation more efficiently, supporting its continued growth in the lending segment. A portion of the financing will also be used to refinance existing obligations, helping to improve the company’s long-term financial sustainability and profitability.

“The funding provided to Placet Group aligns with our strategic commitment to support financial technology companies in the Baltic region that have sustainable business models,” says Jakub Wieclaw, Chairman of the Board at Magnetiq Bank.

“We see this cooperation as a significant step toward strengthening the Baltic financial ecosystem by promoting the growth of companies that successfully combine technological solutions with a high level of responsibility. Placet Group’s experience and market insight allow them to respond to consumer needs while maintaining strong, effective, responsible lending standards. We are confident that this loan will support the company’s continued development and strengthen its positive impact in the region,” he adds.

“With more than 18 years of experience in the financial sector, we’ve built a solid understanding of balancing customer needs with long-term business goals,” says Gennadi Krotov, CEO at Placet Group.

“Our team continuously works to enhance customer experience and develop products tailored to today’s dynamic financial environment. The collaboration with Magnetiq Bank allows us to strengthen our service offering further and deliver high-quality, reliable financial solutions to the market. We see this partnership as a key step in our long-term development strategy and a valuable, lasting collaboration.”

With this loan, Magnetiq Bank continues to pursue its mission to support fintech companies in the Baltic region that demonstrate sustainable growth potential and a responsible approach to financial services.

About AS Magnetiq Bank

AS Magnetiq Bank is a Latvian bank focused on serving the needs of fintech companies, startups, and e-commerce service providers by offering banking infrastructure, segregated accounts, lending and payment solutions to support business growth. The bank aims to foster the development of the startup and e-commerce sectors through innovative technologies and outstanding customer service. Magnetiq Bank is part of the Signet Bank Group, and its sole shareholder is Signet Bank AS – Latvia’s leading investment bank, focused on financing local entrepreneurs and attracting investments for their businesses.

About Placet Group

Placet Group OÜ is a company registered in Estonia that has been operating since 2005. It offers thoughtful financial services that combine technological capabilities with responsible lending practices. The company operates according to strict principles of transparency, ethics, and sound financial governance.