Multitude Group announces CEO transition plan as founder Jorma Jokela to step down by end of year

On Thursday (today), Multitude Group announced that it has initiated a CEO transition plan as part of the group’s strategic growth journey.

Jorma Jokela, CEO and founder of the listed European FinTech group, will be stepping down as CEO by the end of this year.

Subsequently, the Multitude Board of Directors has appointed Antti Kumpulainen as the new CEO and Executive Board Member of Multitude Bank plc, effective 1st January 2025.

Multitude Bank plc is a subsidiary of Multitude Group and is listed on the Malta Stock Exchange.

Mr Jokela, who founded the group nearly 20 years ago, has led its growth from a small startup into a global fintech organisation with over 700 employees, serving customers across Europe and focusing on those underserved by traditional banks.

In his new full-time role within Multitude’s subsidiary, he will focus on high-impact strategic projects, partnerships, acquisitions, and mentoring key talent. He will also continue serving on the Board of Directors for both Multitude Group and Multitude Bank plc, supporting the group’s vision of reaching a market value of over €1 billion by the end of 2028.

Following the obtaining of Multitude Bank p.l.c.’s credit institution licence in 2012, the group’s listing on the Frankfurt Stock Exchange in 2015 and navigating through the COVID-19 period, Multitude has established a highly scalable operating model.

The bank shared that the milestones “have driven considerable growth in product offerings, geographic presence, and lending volumes at Multitude,” demanding more of its CEO’s time and limiting time available for high-impact strategic initiatives.

Expanding further, Mr Jokela shared that over the last decade, he has found himself with less time to focus on the areas that he’s “truly passionate about”, citing Business development, strategy, talent growth, product innovation, and customer experience.

“After thoughtful consideration, I concluded that stepping down from daily management to concentrate on strategic projects, partnerships, and acquisitions will create the greatest value for our shareholders. I am very excited about this next phase and look forward to contributing to our growth in my new role,” he added.

Mr Kumpulainen has been with the group for nine years and has held roles as Country Manager, Commercial Leader, and, for the past four years, as CEO of Multitude Bank plc.

Before joining the group, Mr Kumpulainen held key roles in risk management, including Chief Risk Officer in the Finnish banking and financial sector.

He has demonstrated “deep expertise in driving profitable growth, improving efficiency through digitalization and automation, and navigating European-wide regulatory requirements.”

He will continue to occupy his role as CEO and Executive Board Member on the Board of Multitude Bank following this transition.

Commenting on the transition, Chairman of the group Board of Directors, Ari Tiukkanen remarked that with “Mr Kumpulainen’s knowledge of the company, his strong performance over multiple years, and his experience as CEO of Multitude Bank, will make him the right leader to guide Multitude’s next phase.”

In his concluding remarks, Mr Jokela added that having worked closely with Mr Kumpulainen for many years, he is certain that they share the same Multitude values and vision. “And I’m confident this transition will go smoothly.”