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HeavyFinance annual report 2021

Following the best transparency practices, HeavyFinance released an externally audited annual report for 2021. We look back at a year of grand achievements and expansion to four new markets.

Greeting from our CEO

2021 was a year of impressive growth for HeavyFinance. Our work as a marketplace where farmers meet investors was recently recognized with an award of The Fintech Company of the year.
Last year we witnessed the massive trust from our investor community all over the world in action – you invested more than €13,5 million into 417 agricultural loans. It is a more than 6-fold increase when compared to 2020 (€2,1 million).
In 2021 HeavyFinance also raised €850.000 in an equity round to fuel the company’s expansion. The round was led by „Black Pearls VC“ and joined by „bValue VC“ together with angel investors Adrian Watson (Lendable) and Marius Krikštopaitis.
Looking ahead, we believe 2022 holds a great deal of promise. Agricultural fundamentals are positive, customers become more and more confident in our innovative financial products. These factors are driving further optimism that even in case of a global recession, the agricultural sector will stay stable. We do need healthy and high-quality food and European farmers have long-standing traditions and bulletproof methods on how to grow it. We just need to believe in them and put our money where our mouths are.

Connecting Farmers with Investors

Last year we had over 7.300 loan inquiries from farmers leaving our acceptance rate at less than 6%. However, as the farmer consideration period takes several months, some loan projects moved into 2022.
To provide localised high quality consultations to farmers, our sales team added 10 new members (3 in Poland, 2 in Portugal, 2 in Lithuania, 2 in Bulgaria, 1 in Latvia).
Our investor community was joined by 2.230 new registered investors. A big part of them were based in the Baltic states, Germany, Spain, Portugal and Bulgaria. After explicit due diligence, a Swiss institutional investor i2 Group also started investing in agricultural loans on the platform.

Creating a seamless user experience

In 2021 HeavyFinance built an internal IT team that has been led by CTO Donatas Jankantas, former Global Head of Application Connectivity Networks at Danske Bank with experience managing an IT team of more than 50 people.
We improved features that you already like. Buying and selling investments on the secondary market became easier than ever bringing even more liquidity to the marketplace. Our IT team also saw an increased investor community interest in auto investment tool. We, therefore, allowed more customization to implement any investing strategy you like.

Financial results

The company’s net turnover increased more than twelvefold to €700.793 when compared to  €57.249 in 2020.
As HeavyFinance chose a rapid expansion across Europe over a short term profit, the company was still generating loss. In 2021 net loss was €617.141, while the company experienced €174.665 loss in 2020.
The loss was covered with the capital from equity rounds raised in both 2020 and 2021. However, as the final documentation of the latest equity round moved to 2022,  €850.000 equity round is not included in this audited report formally making the company’s equity for last year – €415.891.

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