Tag Archives: fintech

Kviku from Russia has just launched on Mintos p2p lending marketplace

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A new loan originator from Russia has just launched on the Mintos peer-to-peer lending marketplace! Kviku is a leading fintech platform which currently provides instant online point-of-sale and instalment credit solutions to borrowers in Russia and Kazakhstan. In 2018, the company plans to expand its services into Spain and Poland. Kviku is the sixth loan originator with operations in Russia to join Mintos and you can now invest in its Russia-issued consumer loans listed in Euro (EUR) and Russian ruble (RUB).

Kviku was established in 2013 and was one of the first fintech company to challenge the traditional banks in Russia. The company operates completely online and offers a fast, reliable, convenient and transparent service. Kviku issues loans through its virtual credit card and point-of-sale partners and holds a microfinance license in Russia. First-time borrowers can take a loan up to EUR 300 to purchase online or offline goods and services. For repeat borrowers, the company offers cash instalment loans up to EUR 1 500 with a six month repayment period. Both loan products will be available for investment on Mintos.

“We are excited to be among the first originators to offer point-of-sale loans on the Mintos marketplace. The Russian online lending market is one of the most regulated globally and investors will surely benefit from the extra layer of regulation. Kviku is a leading European online point-of-sale lender and we look forward to diversifying our funding sources for loans that we issue in all of our countries of operations via our strategic partnership with Mintos,” says Kviku Founder and CEO Nikita Lomakin.

The average Russia-issued loan from Kviku is EUR 500 and around RUB 35 000. The average maturity of the loans is six months. For its loans listed in EUR, you can expect a net annual return of up to 10% in EUR and up to 17% for its loans listed in RUB.

All loans from Kviku will be secured with a buyback guarantee and will be repurchased if they become delinquent for 60 days or more. The company also offers investors another layer of risk mitigation, as it will keep 10% of each loan on its balance to maintain its skin in the game.

As of July 31, 2018, Kviku had issued 250 000 loans worth over USD 15 million. The company has experienced 10 times the amount of growth over the last 12 month, and has a net loan portfolio of USD 8 million.

Kviku prides itself on its fast service, due to its efficient credit risk assessment. The company has the shortest online application time in the industry and can analyse more than 10 thousand Big Data parameters within 20 seconds. The company uses over 30 databases to assess the creditworthiness of its borrowers.

Kviku is made up of a team of 25 employees who have helped create and maintain the convenient business model of the company. As a result, it has processed more than 700 000 applications. The typical borrower of Kviku is aged between 20-35 years old, has an average monthly income of EUR 1 000 and is considering to make an online or offline purchase but doesn’t have sufficient funds. Kviku’s business model assumes less risk compared to traditional payday loans, as only repeat borrowers get access to cash loans, whereas new clients can apply for non-cash loans to purchase goods or services.

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Mintos p2p lending marketplace named Most Influential Startup at Spanish Fintech Awards 2018

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Latvian startup Mintos was named “Most Influential Startup” at the Spanish Fintech Awards 2018. The prize was awarded during the third annual Fintech Unconference, organised by Finnovating business strategy and investment consulting. Over 6,300 votes were registered for the award, with Mintos winning almost half of the votes.

The Fintech Unconference gathered the 100 most important CEOs and founders in the sector, 13 Presidents of Latin American Fintech Associations and representatives from financial supervisors looking for synergy and meetings with other industry players. Three other awards were also handed out with Goin winning “Most Innovative”, Revolut winning “Best Executed Business Model” and EthicHub winning “Startup with Most Social Impact”.

Mintos CEO and Co-Founder Martins Sulte: “We are so proud to win this award, which proves we have truly won the confidence of the public and our investors. Last year was an especially successful year for us, and such awards based on public support show that we are moving in the right direction.”

In more than three years since its establishment, Mintos has exceeded EUR 720 million in cumulative investments by investors and the company expects the amount of loans funded to reach EUR 1 billion by the end of the year.

The number of investors using the platform has reached 61 thousand as of May 2018 and the company expects to reach 100 thousand investors by the end of the year.

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Aasa signs the Diversity Charter

Aasa, an international fintech company, has signed the Diversity Charter in its Polish, Estonian and Swedish affiliates. In this way, the company committed itself to promoting cultural, ethnic and social diversity in its work environment.

The Diversity Charter is an initiative promoted by the European Commission at the pan-European level. It constitutes a commitment of organizations to counteract discrimination and, at the same time, take action aimed at creating inclusive jobs open to diversity. Signing the Charter has also a broader dimension as its Signatories work for social cohesion and equality.

Aasa, a fintech company specializing in the provision of instalment loans for individual clients and small businesses, joined the group of such companies. Aasa has recently signed the Diversity Charter in Poland, Sweden and Estonia. This is another initiative of the company, implemented as part of corporate social responsibility (CSR) and sustainable development projects.

This way, Aasa committed itself to protecting employees against discrimination based on nationality, race, sex, health, religion, beliefs, political views, psychosexual orientation or marital status. To this end, the company will implement the principles of diversity management and the policy of equal treatment.

“Signing the Diversity Charter is an expression of our values. Our biggest advantage is the fact that we are an international and a very diversified team whose members support and respect each other on a daily basis. With this thought in mind, we can better understand the needs of a contemporary and increasingly diversified society,” says Ovais Siddiqui, President of the Management Board of Aasa Polska.

“We cordially congratulate Aasa on the implementation of provisions of the Diversity Charter wherever it is possible. We encourage all signatories of the Charter, many of which operate in many European markets, to take such broad measures. Unfortunately, this is not a common approach, which is a pity. The coherence of a company’s corporate policies is a good testimony. Above all, however, it highlights the importance of certain values for the organization such as the attitude of respect and openness towards other people. Due to close cooperation with the European Commission, we know that soon also Romania will have its Diversity Charter and I am sure that Aasa will be one of its first signatories,” says Marzena Strzelczak, Director of the Responsible Business Forum.

Aasa employs in its international branches people from Poland, Sweden, Estonia, Finland, Czech Republic, Kazakhstan, Romania, Ukraine and Great Britain. According to the results of the Top Employers survey, conducted by Aon Hewitt in July 2017, as many as 83% of the company’s employees say that diversity is its strongest advantage.

This is confirmed by their statements in the “Aasa Family Movie”, which shows their experience related to work at Aasa. They believe that the company is driven by values such as diversity, teamwork, trust and development opportunities. In their opinion, it is these values that create a friendly working atmosphere and contribute to the development of the organization.

The Polish branch of Aasa Polska also carries out other numerous activities in the field of corporate social responsibility (CSR). Since June 2017, it has run a nationwide social campaign Aasy Net, whose aim is to counteract digital exclusion of mature people with the support of younger generations. So far more than 30,000 people have benefited from free educational materials made available as part of the campaign. Last November, Aasa Polska joined the group of strategic partners of the Responsible Business Forum — a platform associating over 150 companies and organizations from various industries and regions of Poland, which supports companies in CSR activities and enables the exchange of their experiences in this field.

Source: Mintos.com

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Viventor Cashback Campaign

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Investing with Viventor just got even better. Viventor have launched a Cashback Campaign that will allow everyone who registers from 1st of March 2018 to 30th of April 2018 and fulfills the requirements to get a 10 € bonus added to their virtual investor account.

How does it work?

To get started, register as an investor by clicking on THIS LINK.
Remember, the deadline for registration is 30th of April 2018, whereas the Campaign expires on 1st of June 2018.

  • Submit your application and wait for your account to be verified and activated.
  • Invest at least 500 € for the minimum period of 30 days.
  • Afterwards, 10 € bonus will be added to your account automatically.

 

For other bonuses visit our Cash-back & Bonuses page.

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Mintos becomes a member of the Spanish Fintech and Insurtech Association

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Mintos is now a member of the Spanish Fintech and Insurtech Association. The association aims to create a supportive environment for fintech and insurtech companies in Spain and strengthen the growth of the fintech industry.

The association achieves its goals through extensive research that leads to projects facilitating the creation of good practices in the industry and making it more dynamic. It is the voice of the fintech industry in Spain, and its goal is to achieve a more favourable regulatory framework that suits the demand of the modern environment and facilitates growth and development.

“We are proud to be a part of this community and to contribute to the development of the fintech industry in Spain. On Mintos, Spain is one of the target markets both in regards to investors and loan originators. Being a member of a dedicated association we will now be more involved in national events and the progress of Spanish fintech regulation. We are looking forward to the opportunities this partnership will facilitate,” says Martins Sulte, CEO and Co-founder of Mintos.

Currently, four loan originators on Mintos offer investment opportunities in consumer loans from Spain: Creditstar, Dindin, EuroOne and ID Finance. To date, around EUR 19 million has been invested in Spain-issued loans on Mintos.

The Mintos website is fully available in Spanish and Spanish-speaking investors can receive full customer support and communications in their native language.

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ID Finance announces the launch of Mexico operations

ID Finance, the emerging markets fintech company, has expanded its presence in Latin America with a launch into the Mexican online lending market. The announcement comes less than a year after the company launched operations in Brazil and represents another key milestone as it continues its aggressive global expansion. Boris Batine, Co-founder and CEO at ID Finance, stated:

“It is an exciting time to be expanding our footprint in LatAm and we see enormous potential for online lending in Mexico. It is an important step towards becoming the number one alternative lender in the region.”

ID Finance explained that with a population of 127 million and 61percent of adults lacking a bank account according to World Bank, Mexico represents one of the largest opportunities for fintech in Latin America. Mexico’s low bank branch coverage – 14 branches per 100,000 inhabitants compared to 33 in the US – together with an underdeveloped transport infrastructure further exacerbates the need for fintech services. Yannick del Ponte, Country Manager at ID Finance Mexico, commented:

“The growth in internet usage and smartphone penetration is creating an enormous opportunity for fintechs. ID Finance’s unique scoring technology gives us a significant advantage over the competition while our Moneyman online lending product will bring much needed simplicity and transparency for consumers here in Mexico.”

ID Finance went on to note that Mexico is expected to have 91.6m active internet users by 2021 and 75.4m smartphone users by 2022. Proposed government reforms centred on financial inclusion, and upcoming regulatory changes are driving development of the sector.

ID Finance was founded in Russia in 2012 and has rapidly expanded into Kazakhstan, Georgia, Poland, Spain, Brazil and now Mexico. The company posted 82 percent revenue growth for the first half of 2017 and has 3.8 million registered customers. It issues over 60,000 loans each month with monthly revenue of $15 million.

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The emerging markets fintech company ID Finance reports 82% revenue growth in first half of 2017

ID Finance, the emerging markets fintech company, has reported 82% revenue growth for the first half of 2017 following successful expansion into the Brazilian online lending market. The data science, credit scoring and digital finance company has now processed over 1 million loans and is planning further expansion in Latam with a launch expected in Mexico later this year.

ID Finance was founded in Russia in 2012 and has rapidly expanded into Kazakhstan, Georgia, Poland, Spain and Brazil. It uses both traditional and alternative sources of data to improve access to competitive financial services and helps customers build their credit profile over time in order to gain access to more financial products. The company reached profitability in 2015 and is now issuing over 60 000 loans each month with monthly revenue of USD 15 million.

“We are very happy with our revenue growth as we continue to execute the plan. We are particularly excited by the huge potential for competitive and convenient online lending in Brazil – we’re seeing stronger growth and a higher return on marketing spend in Brazil than we’ve seen in any other market so far,” comments Boris Batin, co-founder and CEO at ID Finance.

Brazil is attracting considerable interest among fintech companies for several reasons. Firstly, the banking sector has a small number of players and competition is limited. Secondly, there are 61 million people that are blacklisted from the traditional financial system. Thirdly, Brazil has the largest smartphone market by volume in Latam.

According to a recent report from Goldman Sachs, the top five banks in Brazil hold 84 per cent of total loans excluding development banks. Meanwhile in retail branch banking, the top five banks have 90 per cent of branches. By way of comparison, in the United States the top five banks hold just about 20 per cent of all branches. ID Finance partnered with Brazilian bank Socinal Financeira to overcome regulatory challenges and accelerate its launch.

“Our banking-as-a-service platform is proving highly effective. It allows us to focus on our core strengths of client capture and credit scoring, while Socinal Financeira takes on the back-office function and regulatory requirements,” comments Alexander Dunaev, Co-Founder and COO, ID Finance.

According to Goldman Sachs, Brazil has an estimated revenue pool of USD 24 billion for fintech companies over the next 10 years, with payments, lending and personal finance the most promising segments. The Latin American Private Equity and Venture Capital Association saw fintech companies in Brazil attract USD 113 million in venture capital in 2016, more than 10 per cent higher than the USD 102 million pledged in 2015 despite a broader decline in venture capital investment in Brazilian startups.

“ID Finance is one of the fastest-growing and fastest-moving online lenders globally. We have effectively built the digital infrastructure for online lending in six countries within just five years and we remain on track for our launch in Mexico this year,” continues Boris Batin, co-founder and CEO at ID Finance. “Our continued diversification across both geographies and products means we are confident in revenue growth and over 80 per cent of our revenue will be from outside of Russia by the end of 2019.”

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Peer to Peer Lending – The new financial intermediation model that gives headaches to classic banking or how the Internet and new technologies will change everything

When I was a child, I remember that my mother borrowed money from her colleagues in a somewhat organized way. The process was called the “Wheel”, and it worked quite simply. On the pay day of salary, the members of the “Wheel” borrowed each one with 100 EUR on one participant, who went home with the credit. Next month, another member of the “Wheel” benefited from money, and by rotation, after 10-12 months each contributed to help the other, and in turn be helped. The system was based on the time-based trust between employees and the human relationships that were being created in that professional environment.

Today, the access to the Internet, the new IT technologies,the expertise in money management, modern statistical analysis and large volume data processing, the creativity in developing new business come together in what is generically called FinTech, a fresh new cocktail between Financials and Technology. Peer to Peer Lending as a business is based on the ability to virtually connect over the Internet, cash providers either to be individuals, small businesses or institutional investors with potential customers who need cash, all against some fees or interest. The platforms that work on this principle mediate the demand and supply of cash through modern means, without having to support a whole network of classical “brick-and-mortar” subsidiaries (like banks).

The first such company was set up in the UK in 2005, and it works successfully, is called Zopa. To date, Zopa has billed approximately EUR 1.3 billion (GBP 1 billion) and served over 110,000 customers. In 2006, in the US in San Francisco, the two heavyweights of the US business, namely Prosper and Lending Club, were born. At the time of writing this article, Prosper broke over $ 4 billion and the Lending Club over $ 11 billion in 883,000 credits. It is worth mentioning that the Lending Club is listed on the NASDAQ stock under the “LC” symbol and offers loans to both individuals and SMEs. Another company, set up in 2007 in the US listed on the NASDAQ stock exchange under the symbol “ONDK”, is On Deck. This company only intermediates loans to small and medium-sized businesses and has exceeded the $ 3 billion threshold in loans.

In Europe, it is worth mentioning the Estonian company Bondora, that set up in February 2009. So far, it has earmarked EUR 96.3 million for over 220,000 customers. Bondora, registered in Estonia, operates in four countries: Estonia, Finland, Spain and Slovakia, and investors come from 37 countries.

Mintos is another peer-to-peer lending marketplace based in Latvia that connects investors with borrowers of non-bank lenders. So far, it has earmarked EUR 256 million for over 29700 investors, with an annual average 11.95% for investors, and a total value of loans sold in secondary market of € 5 150 522.

Probably few know, but Estonia is a “world champion” when setting up startups and administering the country through e-government; The Skype-owned collar owned by Microsoft is a business developed thanks to the software platform created in Estonia. Peer to peer lending (P2PL) platforms in the desire to attract investors and demonstrate good faith and business ethics, given that money generally finances unsecured loans, has released complex reports of anonymous data Client portfolio and business going without being required by any regulator.

Lending Club publishes on a monthly basis all credit portfolios, with the status of each credit, including non-performing loans, and also publishes data related to online customers but has been rejected by their internal creditworthiness model. Bondora publishes an impressive suite of reports daily, ranging from the loan portfolio to the history of payments, for statistical analysis and calibration of the investment strategy. This transparency is unimaginable in the classic banking business, although there are banks whose shares are traded on stock exchanges. Another aspect worth noting is that the nature of the P2PL business eliminates one of the problems banks are generally facing, namely a lack of balance between the short duration of deposits attracted to the relatively long lending time.

As an investor, through a P2PL platform, you assume from the very beginning the amount of credits you finance and their term, their risks, and if there is a platform in the so-called secondary market, you can sell your holdings at discounted rates. If this is not possible then you can only wait for the maturity of the loans and the monthly recovery of the initial investment plus the related interest.

 

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