The Mintos marketplace welcomes EuroOne, a new loan originator from Spain. EuroOne offers to invest in short-term unsecured personal loans issued online under its NetCredit and LunaCredit brands.
“We are proud to be part of the Mintos marketplace. This is a great opportunity for investors, as EuroOne offers a valuable alternative for today’s underbanked segment in Europe. The vast experience of the management team with artificial intelligence gives EuroOne an advantage over its competitors, as we make smart decisions in real-time,” says Denis Kalinin, CEO of EuroOne.
EuroOne loans available for investment on the Mintos marketplace will range from EUR 300 to EUR 1 000, with a repayment period of up to 30 days. The average net annual return to investors will range from 11 to 13%. Initially, the loans will be listed on Mintos at an introductory rate of 13%.
EuroOne loans will be supplemented with a buyback guarantee covering loans delinquent for more than 60 days. EuroOne will keep at least 10% of each loan on the Mintos marketplace on its balance sheet.
EuroOne Group is an artificial intelligence company that builds financial solutions for underbanked consumers. It was established in March 2017 in Berlin. The company employs a multinational team consisting of 30 highly skilled employees working in offices in the United Kingdom, Germany and Spain.
To launch company operations in Spain, EuroOne purchased Rapido Finance SLU issuing short-term loans under the NetCredit brand in August 2017. The acquired subsidiary was established in 2016 and has issued 20,000 loans worth EUR 6 million to date.
EuroOne plans to gain significant market share in the region by expanding in Spain and entering new markets. The product portfolio of EuroOne currently includes short-term and personal loans, with more consumer products planned in the near future.
80% of EuroOne’s customer base comes from mobile. EuroOne customers are aged between 22-70 and earn between EUR 800 and EUR 2000 a month. Typically they borrow money to cover unexpected expenses, such as medical expenses, home repairs or helping family and friends.
EuroOne creates consumer finance loans by using sophisticated artificial intelligence techniques and tight scoring applications. EuroOne proprietary technology calculates the expected lifetime value (LTV) for each prospect by using hundreds of data points acquired from traditional and nontraditional sources, such as information from Internet browsers and telecom providers.