ESTO bond issue

About company

ESTO Holdings (ESTO) is a leading innovative payments technology company and provides shopping solutions for e-commerce merchants in the Baltics.

ESTO was established in 2017, operates in the Baltics and is headquartered in Estonia with offices in Tallinn, Tartu, Vilnius and Kiev.

ESTO has more than 48,000 active clients and close to 1,500 partnerships with various online merchants and e-shops.

50.1% of the ESTO belongs to Estonian co-founders and management of the company and 49.9% is owned by experienced Estonian fintech investors (Ivo Tahk, Kristjan Tiik, Vahur Rajaver), who have previously founded and successfully exited non-bank lending businesses.

ESTO has grown their market share across their businesses and continued to make significant investments in products and technology, while maintaining credit discipline and a strong balance sheet.

Term Sheet


ESTO Holdings OU


Non bank financing


Private placement

Security type

Secured bonds

Planned issue size

EUR 15 000 000

Coupon rate



17.11.2024 (bullet)

Call option

@102% after 1st year,
@100.25% last 3 months before maturity

Nominal value

EUR 1 000

Minimum subscription

EUR 100 000

Use of proceeds

• Refinancing of existing liabilities
• Financing the company’s operations in new markets


• Interest coverage ratio at least 2x
• Equity ratio at least 20%
• Value of pledged portfolio at least 1.2x of bonds outstanding


Planned listing on Nasdaq First North within 12 months from issue date


Signet Bank AS

Additional information

ESTO presentation
ESTO bond issue