The future of leasing: the experience, growth, and plans of Tera Leasing

Entrepreneur

6 days ago

Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur Georgia, an international franchise of Entrepreneur Media.
Although the modern history of financial technologies and business development in Georgia is relatively recent, the Tera Leasing team has played a significant role in shaping it. They entered the leasing industry at a time when the concept was still new and largely unfamiliar to the local market.
Leasing is a financial service that enables companies and individuals to use essential equipment, machinery, or other fixed assets without the need for an upfront purchase. Customers make periodic leasing payments over an agreed term, and at the end of this period—after paying the full value—they become the owners of the asset.
As an alternative financing tool, leasing is an important instrument for businesses, allowing them to implement large-scale investment plans and strengthen their technological and material base.
Nato Toronjadze, CEO of Tera Leasing, recalls that she and her colleagues were introduced to the leasing industry as early as 2009. At that time, leasing was relatively unknown to the public, and was perceived as a more complex financial product than ordinary bank loans. For a business school student, this challenging and dynamic field proved especially attractive. Nato explains that leasing provides businesses with an alternative means of financing, and her team recognized this exact need in the Georgian market.
"In 2009, we started off as interns. At that time, the world and the Georgian economy were in a difficult situation after the crisis. The first company we worked for had a small portfolio and a large number of overdue contracts. The management spared no effort to lead the company out of this difficult situation," Nato says.
It was during this period that the company strengthened its team with new members, among them Salome Ghudushauri and Beka Vakhtangishvili, who were later joined by Levan Gogoreli and Mariam Beradze. Nato notes that a young, motivated team of professionals gradually formed, paving the way for the company's progress.
"This field is very complex—suppliers, partners, and customers are all involved. Managing all of this showed us that there were other directions where we could develop as well," Nato explains.
This vision led to the creation of Bizon.ge, an online platform designed to digitalize equipment leasing and the process of buying and selling machinery.
After a decade of experience, the team left their first company and decided to build their own platform. They won multiple awards, secured grants, raised private investments, and launched Bizon.ge.
However, the path proved challenging. The platform launched successfully at the end of 2019, but, soon after, the pandemic brought the world to a standstill. Then, when conditions began to stabilize and investments started to flow again, a new crisis emerged: Russia's invasion of Ukraine.
"At such times, neither individuals nor companies want to make large investments in machinery—that is, in long-term assets and development," says Nato.
Despite these obstacles, the team persevered, with the challenges becoming a source of motivation.
"The only time we thought about giving up was in 2022. At that time, we said that if we couldn't achieve progress by the end of the year, we would try another direction. It was exactly then that the investment agreement with Terabank happened," Nato recalls.
Salome Ghudushauri, COO of Tera Leasing, adds that, even without crises, introducing new technology always requires stepping out of one's comfort zone, particularly in traditional sectors like equipment trading and leasing.
According to her, the main difficulty for the platform lay in the so-called flywheel effect—equipment vendors needed to provide new and updated content to attract buyers, while the presence of more buyers encouraged vendors to continue supplying fresh content. The more each side engaged, the faster the cycle spun. To keep the platform active, the team constantly sought new ways and financial resources to balance the needs of all the stakeholders.
"We are very grateful to our first investors, but, in this field, being satisfied with what has already been achieved is not enough. We were always searching for grants and new investments," says Salome Ghudushauri.
Despite all difficulties, the team fought on. Levan, the company's Commercial Director, notes that, without this collective effort, he might have made different decisions, but the team's shared strength pushed them forward.
"Our journey then led us to Terabank," he says.
Multimillion investment and the path from Bizon to Tera Leasing
The creation of Tera Leasing came about as the result of a unique combination of factors that seemed almost destined. Salome Ghudushauri recalls that everything developed logically: Terabank was firmly positioned in the SME market, and introducing leasing for this segment was a natural next step.
"We were their first choice, as consultants, in developing the equipment leasing strategy," says Salome. Their team began looking for an investor precisely when Terabank was searching for a team to bring their business idea to life.
"They saw that by uniting our paths, a great synergy would be created."
A decisive role was played by Terabank's management.
"We saw that, for the bank's management, it was important not only to gain financial benefit, but also to establish a partnership where everyone would be equally appreciated," notes Salome Ghudushauri.
Nato Toronjadze recalls that Terabank was not the only interested investor, but, ultimately, their choice was clear.
"This was absolutely the right decision. Terabank's employee-oriented and conscientious culture closely aligned with ours, and this mutual trust became the foundation of our success. By the second year, the company was already profitable, and we reached the Break Even Point by the end of the first year—a rare achievement in the leasing industry," says Nato.
Levan adds: "Bizon is a marketplace where equipment is traded. Purchasing such expensive products is not easy for entrepreneurs, but adding leasing directly strengthened the idea of Bizon—the user received both choice and financing in one space."
Terabank, which saw the importance of leasing as an alternative financial instrument for SME clients, after consultation with the team, made the decision to create Tera Leasing. Initially, the company functioned inside the bank, but within two years, it had passed the startup stage and achieved all set indicators. Behind this process stood both the professionalism of the team and Terabank's experience and resources.
Mariam Beradze, the company's Risk Director, emphasizes that Terabank's support was crucial at the beginning.
"They helped us optimize many processes, and our team felt that everyone was behind us, supporting this initiative," she says.
Nato notes that the strong foundation of the bank gives institutional credibility.
"Working according to the bank's standards was a major learning experience. If we hadn't already had leasing knowledge, fitting into bank regulations would have been much more difficult. This experience allowed the later separation from the bank, and the establishment of Tera Leasing as its subsidiary, to happen much more smoothly. Today, Terabank remains the main shareholder, which gives Tera Leasing stability."
With the bank's support, the company quickly expanded into the country's regions—a rare accomplishment for a firm in its first year of independent operation. This, combined with the team's professional reputation and market recognition, predetermined the company's rapid growth.
According to Levan, leasing market development is closely tied to the economy:
"In stable periods, companies start thinking about growth and begin taking steps toward eco-friendly or technologically updated production. At those times, leasing becomes the most important financial instrument. It can be said that the economy develops leasing, and leasing develops the economy."
Nato adds that the penetration of leasing in Georgia remains low—at around 0.6% of GDP—while, in comparable economies, the figure is 1.5–2%. For Tera Leasing, this signals enormous growth potential.
The company's performance supports this outlook: it has already tripled on the previous year, becoming a profitable business with a goal of achieving more than 20% return in the years to come.
"This year our growth is 80%, and in the future we expect 60% growth," says Nato.
Mari highlights two pivotal moments of success:
"The first milestone was when we saw at the end of the year that we had built a large, low-risk portfolio. The second was in March 2025, when we completed the separation from Terabank and became an independent legal entity."
According to Nato, such a large-scale demerger is rare in Georgia.
"We planned and ran the process so that there was no operational break, and customer service continued without interruption, despite us transferring that massive portfolio from the bank to the subsidiary company," she explains, going on to thank all partners, especially Terabank, the main founder of the new company.
Building a people-oriented team
At Tera Leasing, people are at the heart of the company's strategy. Salome Ghudushauri recalls that, from the very beginning, two key criteria guided their hiring decisions: professionalism and motivation.
"Each time, we carefully assess how well the candidate aligns with our company culture. Along with professionalism, we value enthusiasm and love for the work. This business relies entirely on people, so they must love what they do," she says.
Nato Toronjadze in turn emphasizes that sincerity is a core value in the company. The team has grown to 24 employees, and is expected to expand further.
The company also invests heavily in personal development.
"If you want employees to succeed and contribute to the company's growth, you must create the right conditions. A happy, self-fulfilled employee is motivated and energetic," Nato says.
She adds that the company strives to provide a balance between work and personal life.
"This is especially important for women. The role of women in the family is still significant, and when work stress is added, it often becomes more difficult. We want to support them as much as possible, and at the same time promote women across all positions. About 70% of our team today is made up of women," Nato notes.
Mari adds that employee feedback plays a major role in shaping company policies: "Every year, we conduct surveys to learn employees' opinions and needs. The results are analyzed by all management levels to identify changes needed for a more comfortable working environment. We achieve a 95% participation rate, which is rare in the Georgian financial sector."
The role of women in the success of Tera Leasing
Salome notes that the leasing and equipment sector is traditionally male-dominated.
"Suppliers and partners are almost always men. The representation of women in this field is small. For us, it is a strength that we have such a balanced team, both at middle and top-management levels. Women are not appointed based on forced quotas—they are professionals and the best at what they do," says Salome.
Nato addresses the broader social and economic context: "A woman has every ability to succeed, but in Georgia, barriers still exist, including pay inequality. In the end, this creates an 'invisible ceiling.' Our policy is to give everyone an equal chance. Research shows that women apply only when they meet all the requirements of a vacancy, while men often apply even if they meet only part. That's why we want potential female employees to know that, with us, they can become the best version of themselves."
According to Nato, interviews are designed to give women opportunities to open up and showcase their abilities: "This is how we often discover their true potential. Ignoring it would bring not only social, but also economic harm."
The next page on the company's path – the views and plans of the new CFO
A major new step for Tera Leasing was the addition of the Financial Director, Lasha Kiviladze, to the management team. As Kiviladze notes, for him the main motivator was the team itself—an especially experienced and well-assembled group of professionals.
"This is a very energetic organization, oriented toward development and constant progress, and I believe that together we will achieve even more success, to which I am sure I will contribute," says Lasha.
He notes that maintaining the pace of growth requires healthy management processes, and Tera Leasing has a team that embodies just that.
To maintain the pace of growth, it was necessary to strengthen their financial resources. Lasha says the company already has five local financial supporters: Terabank, Ish Bank, TBC, Basis, and Halyk. The team has also reached an agreement with its first international creditor.
"We are grateful for this trust, and we continue to attract new partners, both locally and internationally. I am sure that very soon even more investors will join us," Lasha says.
Meanwhile, Nato emphasizes the importance of partnering with Georgian banks: "Their support gives us the stability needed for sustainable development. We've experienced periods of rapid growth—doubling the company size—and during such times, financial support is absolutely critical," she says.
She adds that cooperation with international financial institutions and funds is also a priority.
"In recent quarters, we have had meetings with many such organizations, and their interest is high. When a company grows and maintains a low level of risk, it becomes a very attractive object for financing," Nato says.
Always in search of the new – Tera Leasing's source of motivation
Despite its rapid growth, Tera Leasing maintains the dynamics and motivation of a startup.
Salome explains: "The experience gained during the startup phase of Bizon helped us. As soon as we gained a solid partner, we felt stability. But not a month goes by without us starting something new. Even after completing the complex demerger, we soon started to work on new projects."
She says that constant development and initiatives raise motivation across the team. "We constantly work on introducing new technological solutions and developing innovative products—and everyone is actively involved in this process. Everyone feels included and is an important part of the big picture, and this is exactly what keeps team morale high," Salome notes.
Nato goes on to highlight the collaborative approach: "We don't have a top-down written strategy that employees simply execute: everyone is involved in setting goals and planning. Everyone knows how their work contributes to the company's success."
Thanks to this teamwork, the company grew from a 16-million portfolio at the end of last year to 50 million this year, with plans to reach 100 million next year.
Levan explains that Tera Leasing's main advantage is its individual approach to customers: "We don't serve customers with standard, uniform conditions: we study each client's needs and prepare tailored offers."
Beka Vakhtangishvili, Product Development Director, notes that the company is already planning new projects, including entering the automotive market and expanding offerings for the medical sector.
"Our constant development and ability to identify real needs distinguish us on the market," he says.
In Tera Leasing, values are not only beautifully wrapped phrases—they are also clearly reflected in the team's everyday activities. Mari says that the main values of their team are fairness, trust, open communication, professionalism, and a strong focus on success.
"We want every employee to feel successful both as a member of the team and individually. We want our progress to be reflected on each of them," says Mari.
Nato adds that failure and mistakes are also part of the process, nothing that everyone in the team understands that there are not always fireworks, and when you fail, you must understand that failure doesn't halt progress—it's simply part of the journey forward.
"We simply stay on the path and set large-scale goals for ourselves," says Nato.
Salome highlights the main message of the team's philosophy: "Our main message is 'partnership for progress.' This reflects what we are. We build strong partnerships across various organizations and sectors, helping our customers to drive progress in their businesses—and in doing so contributing to the growth of the national economy."
Analysis of the path travelled
The members of the Tera Leasing team reflected on their decisions, particularly the demerger process and separation from Terabank. Within the company, they acknowledge that having such a strong institution as Terabank behind them is a significant advantage, while separating from it and becoming Terabank's daughter company was critically important to allow leasing products to develop independently.
Mari believes the decision was the right one: "We could have stayed where we were; we would have avoided these difficulties, and could have continued working in our comfort zones. The demerger was challenging, and came with significant risks. Nevertheless, we collectively agreed that separating was essential for managing the leasing business more effectively. Today, seeing the high level at which we executed this process, we recognize it as one of the best decisions we've made," she says, adding that, despite the pandemic, the war, and global crises, the team did not succumb to fear, and this courage ultimately became the guarantee of their success.
Nato Toronjadze adds that choosing the right partner was another crucial decision on their path: "We chose the right time to launch Bizon. We left a company where we held top positions, and started again from zero. This required great courage, belief in our own abilities, and knowledge," she says.
Reflecting on past challenges, Nato admits that one early mistake in developing Bizon was taking on too many demanding tasks at once, which resulted in scattered resources and reduced focus.
"We could have started progress with smaller steps," she notes.
Nato also offers important advice to entrepreneurs and those aiming to implement new ideas: "You might have a clear picture of what you want the business to be, but this might not be what the market is demanding. It is important to study the customer perspective thoroughly, understand their pain-points, and then offer the solution. Innovation is not always about solving a big problem—it can also mean addressing a small issue, which can unexpectedly bring major results and success," she says.
Her final recommendation is to view your business as part of a bigger picture, and then break that picture down into manageable steps.
Looking ahead - what to expect from Tera Leasing
The goals of Tera Leasing are ambitious both in the short‑and long-term. Levan notes that the main objective this year is to successfully achieve the set targets and close the year with the desired outcomes.
"In the long term, we want to create a new experience of leasing service in Georgia—to create individually tailored services for all sectors, whether it is healthcare, manufacturing, or printing. We have aggressive growth plans, and we want to capture at least 30% of the market in the coming years," says Levan.
He explains that their competitive advantage lies not only in providing financing, but also in supporting customers throughout the entire process: "We help clients select the right asset, purchase it, and maintain it—providing constant monitoring and ensuring scheduled maintenance, management of insurance cases and other services right from day one. Maintaining and improving service quality and increasing our expertise in every direction are our key priorities."
Beka Vakhtangishvili also emphasizes the importance of expanding into new directions.
"One of our major plans is the development of auto leasing—including offering hybrid and electric cars. We also want to properly introduce operational leasing to the market, ensuring its benefits are clearly understood. Currently, the concept remains unclear to many, yet it has the potential to make a significant contribution to business development," says Beka.
He underlines the importance of raising awareness of leasing for both the country's economy and the company's future: "We aim to continue our aggressive growth and raise our return on equity to 20%, which is a highly attractive benchmark. However, the top priority remains maintaining portfolio quality."
Tera Leasing's journey illustrates how a strong organization can be built when its team has the courage to take risks and a commitment to continuous development. More than 15 years of experience in the leasing industry, the choice of the right partners, an innovative platform, and a customer-oriented approach, formed the foundation that allowed the Tera Leasing team to attract multimillion-dollar investments from Terabank, establish itself quickly and firmly in the leasing market, and achieve remarkable growth.
Today, Tera Leasing is committed to continuing that growth with technological advancement and the development of customized solutions across key sectors, including manufacturing, automotive, healthcare, construction, and agriculture.
The company's goal is to lead the industry not only in portfolio size, but also in service excellence and innovation—elevating the leasing culture in Georgia to a new standard.