Bulgaria Fintech Starup Lenno Raises 2 Million Euros

Bulgarian fintech company Lenno said that it has raised 2 million euro ($2.3 million) through increasing its capital and placing a non-convertible bond issue.

Lenno raised 1.9 million levs by issuing 40,000 new shares at a price of 46.97 levs each, the company said in a filing to Bulgaria’s commercial register last month.

All new shares were subscribed for by Japanese investor Masahiro Uchida.

As a result of the new share issue, Lenno increased its registered capital to 1.30 million levs from 1.26 million levs.

The company also raised 1.03 million euro through placing 1,000 five-year bonds of 1,000 euro in par value each at a price of 1,030 euro apiece.

The bond, due in December 2023, carries an annual coupon of 12% with interest payments due semi-annually.

In December 2017, Lenno acquired local brokerage Balkan Investment Company and in January 2019 renamed it to Lenno Global Advisory.

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