Lithuanian HeavyFinance, a climate tech company dedicated to advancing sustainable agriculture, has secured €14 million in funding through a partnership with Multitude Bank. The investment, supported by a €10.5 million portfolio guarantee from the European Investment Fund (EIF), will enable HeavyFinance to provide loans to small and medium-sized farms across the EU. The company shared the news on their website. 

About HeavyFinance

  • HeavyFinance is a Lithuanian platform founded in 2020 by Laimonas Noreika, Andrius Liukaitis, and Darius Verseckas. The company produces verified agricultural carbon credits and provides additional financial benefits to farmers in their transition towards more sustainable soil management practices. 

  • The company committed to the goal of removing one gigaton of CO2e emissions through the transformation of agricultural practices. To ensure a positive impact of external financing provided to farmers, their soil scientists and agronomists take soil samples and do sophisticated laboratory tests measuring the levels of CO2 removed from the atmosphere.

"Farmers are at the forefront of the fight against climate change, yet their ability to adopt sustainable practices often depends on access to capital. By providing the financial tools they need, we can accelerate the transition to regenerative agriculture, empowering farmers to nurture one of the planet’s largest natural carbon sinks – our soil – and preserve its health for generations," said Laimonas Noreika, CEO of HeavyFinance. 

Currently active in seven European countries, the division serves a diverse client base, including Fintechs, SMEs, and payment institutions. It has also expanded its payment solutions, enabling real-time payments in SEK and EUR for institutional clients.  

Investment details

HeavyFinance announced a partnership with Multitude Bank. Through a debt-asset securitization deal, Multitude Bank will invest €14 million in loans for small and medium-sized agricultural businesses.

  • Multitude Bank is a core subsidiary of the Nordic-born listed FinTech, Multitude Group. It is a licensed bank in Malta regulated by the Malta Financial Services Authority. Multitude Bank offers customers a range of banking services, including deposits and personal loans across the EEA. 

The funds will be distributed among more than 500 European agricultural businesses, enabling them to adopt and expand their sustainable practices. Multitude Bank plans to begin investing in loans originated by HeavyFinance starting December 2024, with full deployment of the €14 million expected by the end of 2025. 

Previously, AIN informed that HeavyFinance received €3M in a seed round.