Blog
ReBalt Modular Systems receives €570,000 to increase production capacity
The Latvian company ReBalt Modular Systems, specialising in timber modular construction for private homes and apartment buildings, has received €570,000 in financing from Swedbank. The funding is intended to support working capital and accelerate the progress of the company’s rental housing project in Jelgava.
“This financing allows us to significantly increase our production pace and ensure a timely construction cycle for the rental housing project in Jelgava,” says Ēvalds Zunda, owner and Chairman of the Board of ReBalt Modular Systems (and member of Devon management team). “Demand for high-quality and affordable housing in Latvia is growing, and our company is well-positioned to provide sustainable, high-standard solutions through modular construction.”
The project will bring tangible benefits to Jelgava residents by offering affordable, modern, and energy-efficient homes at competitive prices. Modular technology significantly shortens construction timelines, meaning that the new rental apartments will become available much sooner than through traditional building methods.
“We confidently support businesses that offer innovative and sustainable solutions in the construction industry. ReBalt Modular Systems demonstrates a clear growth strategy and an ability to adapt to market needs, delivering high-quality timber modular buildings, including for multi-apartment developments. We are pleased to be the company's financial partner on its development path,” says Jānis Zaļums, Head of SME Services at Swedbank.
ReBalt Modular Systems was founded in 2013. The company’s production facility is located in Tukums, where it carries out the full manufacturing cycle for all structural components. The company currently employs 28 people and is actively developing projects across Latvia. In 2024, its turnover exceeded €2 million, with a net profit of €400,000.
The original text can be found on the Swedbank Latvia website - click here
You can also read it on the Dienas Bizness portal
You may like these articles
Executive Summary - KPMG Germany Legal Opinion
KPMG Germany has conducted a legal assessment of Devon’s loan structure and contractual framework under the applicable German regulatory requirements, with particular focus on whether Devon could be classified as conducting deposit-taking business. Below is a summary of KPMG’s general findings and regulatory conclusions.
Operations overview / July
July was focused on strengthening Devon's legal, operational, and long-term strategic foundation. During the month, we shared the roadmap for the platform's next phase, including the upcoming legal opinion from KPMG Germany, preparations for AIFM and ECSP licensing, and the planned migration to the next-generation platform. Alongside these strategic initiatives, our development pipeline continued to progress, with several projects advancing through planning, construction, sales, and financing stages.
Owner's Announcement: Devon's next chapter
The past weeks in the European P2P industry have been intense for everyone. As the owner of MJL Group, I want to personally address our community and provide full clarity on where MJL Group is heading, how we are reinforcing Devon’s long‑term stability, and why our strategic direction remains strong, disciplined, and fully aligned with investor protection (not only German investors). Our commitment is simple: Devon will continue operating with resilience, transparency, and regulatory strength - backed by the robust MJL Enterprises business that stands behind it.