Tag Archives: Mintos

New loans for investment from ID Finance in Georgia

By News, Peer-to-Peer Lending, , , , , ,

Mintos logo

ID Finance has further diversified investment opportunities on the Mintos marketplace by adding personal loans issued in Georgia under its Solva brand. Solva is a fully-owned ID Finance subsidiary in Georgia. It has disbursed 28 000 loans worth EUR 12 million since beginning operations in late 2016.

ID Finance joined Mintos in March 2017, offering investors the opportunity to invest in personal unsecured loans issued in Spain.

“We are pleased to expand cooperation with the Mintos marketplace. Solva is an innovative product in global online lending. It was developed for prime clients and offers attractive terms of personal loans. Solva closely approximates conventional bank loans with additional focus on transparency, ease and convenience of service. Thanks to our technological innovation and efficient business model, we can offer investors a high annual net return,” says ID Finance co-founder and CEO, Boris Batine.

The average Georgia-issued loan ID Finance will place on the Mintos marketplace will be EUR 1000, with a repayment period of up to 12 months. Investors will be able to invest in Georgian lari and in euro. The annual net return offered to investors will reach 16%.

The loan originator will offer a buyback guarantee for loans that are delinquent for more than 60 days. In July 2017, the share of non-performing Solva loans was 4%.

To retain its skin in the game, ID Finance will keep at least 10% of each loan available on the Mintos marketplace on its balance sheet.

Solva’s key innovation is its unique scoring system. The company’s decision-making system is built around machine learning, probabilistic risk assessment techniques, multiple search technologies, big data and text mining. The system also evaluates the device on which the application is being filled out and the user’s behaviour when filling out the application. These techniques support a positive decision on granting loans to users who are usually denied loans by banks.

ID Finance group is a fast-growing data science, credit scoring and digital finance provider that is pioneering fintech in emerging markets. The company was established in 2012; it is now the largest online consumer lender in CIS region and a leading one in Europe. Headquartered in Barcelona, the company operates in Spain, Kazakhstan, Georgia, Poland, Russia and Brazil, and plans to boost its presence in Latin America in the near future.

ID Finance has over 3.8 million registered customers, and more than 1.126 million loans worth USD 240 million have been issued to date. In 2016, ID Finance issued loans worth USD 92 million and generated USD 68 million in revenue, a 222% y-o-y growth. The company has been profitable since 2015.

ID Finance has received high praise in the industry, including many prestigious awards. In 2017, it was named the Fastest Growing Alternative Finance Company in Europe 2017 by Global Banking & Finance Review magazine.

Invest in new loans offered by ID Finance, and be sure to add ID Finance loans issued in Georgia to your Auto Invest portfolio.

Loans issued in Africa now available on the Mintos marketplace

By News, Peer-to-Peer Lending, , , , , ,

Mintos logo

GetBucks has started placing short-term personal loans issued online in Botswana on the Mintos marketplace. With this move, GetBucks is the first loan originator on the Mintos marketplace to offer an opportunity to invest in loans issued in one of the fastest growing regions of the world — Africa.

GetBucks, part of Frankfurt-listed fintech company MyBucks, joined the Mintos marketplace in June 2017, offering investors the opportunity to invest in short-term personal loans issued in Poland. So far, the company has funded loans worth more than EUR 400 000 through Mintos.

Tim Nuy, Deputy CEO of MyBucks, says: “We initially approached Mintos as a practical and flexible solution to our funding needs in Europe. So far, the Mintos platform has given us great results, with excellent investor demand.”

“The outcome was so good, we thought it would be great if we could find similar solutions for our successful African operations,” says Nuy. “Some African markets are not too different from many Eastern European countries. Botswana, for example, has a very stable economy with a GDP per capita of over USD 16 000. Loan impairments there are much lower than in most Eastern European markets.”

“We are glad to partner with Mintos in this initiative to allow European investors to participate in the African consumer finance business. We are confident that it will be as successful as it has been in Poland.”

The average Botswana-issued loan GetBucks will place on the Mintos marketplace is EUR 250, with a repayment period of 30 days. The average annual net return to investors will reach 11%.

GetBucks will provide a buyback guarantee for loans that are delinquent for more than 60 days, and will keep at least 5% of each loan available on the Mintos marketplace on its balance sheet. Obligations of GetBucks Botswana will be guaranteed by MyBucks Group.

The subsidiary GetBucks acquired in Botswana was established in 1998 and provides short-term unsecured loans. The company has already disbursed more than 120 000 loans worth more than EUR 19 million, most of them for consumption and education.

MyBucks Group has experienced exponential growth since its inception in 2011. Through its different brands, the company offers customers unsecured consumer loans, banking solutions and insurance products.

MyBucks Group operates in 12 countries across three continents – Africa, Europe and Australia. The company currently has four banking licenses and employs over 1 000 people. It has disbursed more than 1 million loans since inception. MyBucks now has a loan portfolio of almost EUR 100 million; it had a record year in 2016 when the company disbursed EUR 124 million in loans.

The Luxembourg-registered MyBucks group is the first African fintech company to be listed on the Frankfurt Stock Exchange. It is also the first fintech company in Africa to provide savings products. In 2017, the company successfully listed bonds on the Vienna, Botswana and Zimbabwe stock exchange. It now has plans to list bonds in several other jurisdictions.

Over the last four years, MyBucks group’s revenues have grown fivefold to reach EUR 66.3 million, as of the end of June 2017. The company’s operating profit has grown over 30% in the past year to EUR 15.6 million.

GetBucks has developed unique credit-scoring technology with self-learning algorithms that allow the company to keep a default rate below 8%. The company distributes its product portfolio through digital channels and internet service points, which has allowed it to scale rapidly while also managing its credit risk effectively.

If you would like to invest in loans issued by GetBucks and use Auto Invest on the Mintos marketplace, be sure to adjust your settings accordingly and add GetBucks to your Auto Invest loan originators’ list!

Mogo adds loans from Bulgaria to the Mintos marketplace

By News, Peer-to-Peer Lending, , , , ,

Mintos logo

Non-bank car loan provider Mogo continues strengthening its presence on the Mintos marketplace by adding Mogo car loans issued in Bulgaria to its offering to investors. Bulgaria is the sixth Mogo Group market represented on Mintos.

Mogo is one of the top loan originators on the Mintos marketplace. Mogo joined Mintos in March 2015, and has since funded car loans worth EUR 56 million through the marketplace. To date, the average net annual return offered for Mogo loans has been above 12%.

The new loans Mogo will place on the Mintos marketplace will range from EUR 500 to EUR 10 000, with a repayment period of up to 72 months. The average net annual return to investors will range from 8 to 14%.

Loans with and without the buyback guarantee will be offered. Mogo Group has committed via a Letter of Comfort to provide additional intragroup funding to Mogo Bulgaria, if its needed to meet obligations to investors.

To retain its skin in the game, Mogo will keep at least 5% of each loan placed on the Mintos marketplace on its balance sheet.

With a total of more than EUR 300 million in loans originated since the company was founded in 2012, Mogo Group is the largest non-bank car loan provider in the region, with operations in Latvia, Lithuania, Estonia, Georgia, Poland, Bulgaria and Romania. Mogo started operations in Bulgaria in March 2017. To date, car loans worth EUR 800 000 have been issued.

The typical Mogo customer is an economically active person with a stable income for whom comfort, mobility and time are important factors in their daily life.

The aggregate net loan portfolio of Mogo Group was EUR 80 million as of June 2017. It has EUR 12 million in equity and EUR 90 million in assets. Mogo Group has demonstrated consistent profitability. Last year, it generated EUR 6 million in net profit and projects to generate about EUR 10 million in net profit in 2017. Mogo Group is audited by PwC.

Mogo Group currently employs more than 200 people, while the number of active customers exceeds 35 000. See more information about the performance of Mogo Group in this presentation.

If you use Auto Invest on the Mintos marketplace and want to invest in Mogo loans issued in Bulgaria, make sure to adjust your Auto Invest settings accordingly.

Mogo offers loans from Romania on the Mintos marketplace

By News, Peer-to-Peer Lending, , ,

Mintos logo

Non-bank car loan provider Mogo has added car loans issued in Romania to its offering on the Mintos marketplace. Thus, Romania is the the fifth Mogo Group market represented on Mintos, alongside Estonia, Latvia, Lithuania and Poland.

Mogo is one of the top loan originators on the Mintos marketplace. Mogo joined Mintos in March 2015, and has since funded car loans worth EUR 54 million through the marketplace. To date, the average net annual return offered for Mogo loans has been 12.3%.

The new loans Mogo will place on the Mintos marketplace will range from EUR 500 to EUR 10 000, with a repayment period of up to 72 months. The average net annual return to investors will range from 8 to 14%.

Loans with and without the buyback guarantee will be offered. Mogo Group has committed via a Letter of Comfort to provide additional intragroup funding to Mogo Romania, if needed to meet obligations to investors.

To retain its skin in the game, Mogo will keep at least 5% of each loan placed on the Mintos marketplace on its balance sheet.

With a total of more than EUR 300 million in loans originated since the company was founded in 2012, Mogo Group is the largest non-bank car loan provider in the region, with operations in Latvia, Lithuania, Estonia, Georgia, Poland, Bulgaria and Romania. Mogo started operations in Romania in January 2017. To date, loans worth EUR 1.5 million have been issued.

The typical Mogo customer is an economically active person with a stable income for whom comfort, mobility and time are important factors in their daily life.

The aggregate net loan portfolio of Mogo Group was EUR 80 million as of June 2017. The company has EUR 12 million in equity and EUR 90 million in assets. Mogo Group has demonstrated consistent profitability. Last year, it generated EUR 6 million in net profit.

Mogo Group currently employs more than 200 people, while the number of active customers exceeds 35 000.

To obtain exposure to Mogo Romania loans, investors will be able to invest in loans issued by Mintos Finance, a Mintos group company, to Mogo Romania where repayments depend on the borrower’s payments. Each loan issued by Mintos Finance to Mogo Romania will be pegged to a respective loan issued by Mogo Romania to the final borrower.

MoneyMetro loans issued in Latvia now available on the Mintos marketplace

By News, Peer-to-Peer Lending, , ,

Mintos logo

The Mintos marketplace now features consumer loans issued in Latvia by MoneyMetro. The company is fully owned by ExpressCredit Group, the leading consumer financial services chain in Latvia, which already places consumer loans issued under the Banknote brand on the Mintos marketplace.

MoneyMetro loans placed on the Mintos marketplace will average EUR 400 and have a repayment term of 12 months. The annual net return to investors is expected to reach 11.5%.

The loans will be supplemented with a buyback guarantee covering loans delinquent for more than 60 days. The obligations of MoneyMetro will be guaranteed by ExpressCredit Group. To retain its skin in the game, MoneyMetro will keep at least 5% of each loan on the Mintos marketplace on its balance sheet.

MoneyMetro specializes in consumer loans, focusing on medium- to higher-income customers and their financial needs in various life situations. The brand was launched in late 2016 with branches in the centers of the three largest cities in Latvia. At the end of April 2017, MoneyMetro’s loan portfolio surpassed EUR 1 million. The company’s registered share capital is EUR 569 000.

ExpressCredit was founded in 2009. Operating under different brands, including Banknote and MoneyMetro, it has become a trusted partner for more than 300 000 people across Latvia. ExpressCredit is the second largest non-bank consumer loan originator in Latvia. The company offers personal loans, international bank transfers with Western Union, and secured loans using personal property as collateral (pawnbroking loans) in 91 branches across Latvia.

Since 2015, ExpressCredit bonds have been included in the NASDAQ OMX Baltic Bond list and available for free trade. The company is also a member of the Alternative Financial Services Association of Latvia and the Pawnshop Association of Latvia.
Banknote loans worth more than EUR 37 million have already been financed through the Mintos marketplace.

To obtain exposure to MoneyMetro loans, investors invest in loans issued by Mintos Finance to MoneyMetro, where repayments depend on the borrower’s payments. Each loan issued by Mintos Finance to MoneyMetro is pegged to a respective loan issued by MoneyMetro to the final borrower.

Eurocent continues servicing loans on Mintos peer-to-peer lending marketplace

By 1 commentNews, Peer-to-Peer Lending, , , ,

Mintos logo

Here is an update on the situation with Eurocent-issued loans. After missing repayment of its corporate bonds on June 8, 2017, Eurocent has continued servicing the loans and passing on all borrower payments to investors on the Mintos marketplace. Since June 8, 2017, the outstanding investment portfolio in Eurocent loans on the Mintos marketplace has decreased by 21%.

Eurocent continues to negotiate with potential investors to resolve its financial situation. However, given the still-uncertain results of these negotiations, Eurocent has submitted an application to the court to restructure the company’s debts. This is a formal procedure that prevents creditors from commencing enforcement proceedings of the unpaid corporate bonds. The decision of the court is expected by September 2017.

If the court does not allow restructuring of the debt, Eurocent will enter bankruptcy procedure. To prepare for this scenario, Mintos has made an agreement with a third party that will take over servicing Eurocent-issued loans assigned to investors on the Mintos marketplace.

Given its financial situation, Eurocent has suspended the automatic buyback of loans that are late by more than 60 days. When automatic buyback was suspended through the technical side of the platform, the shield icon visually indicating the buyback guarantee was temporarily lost as a result. However, Eurocent still remains liable for the guarantee, as indicated in the respective loan assignment agreements, and the shield icon will re-appear for Eurocent loans after the next platform update.

Eurocent-issued loans that are delinquent continue to be serviced according to standard processing, and all repayments made on the loans by borrowers are paid back to investors on the Mintos marketplace. The company plans to fulfill its buyback liability as soon as its financial situation has improved.

If the company’s financial situation is not resolved and Eurocent enters bankruptcy procedure, investors with outstanding investment in delinquent loans that are not bought back will have a creditor claim against Eurocent.

New structure for investments in Lendo loans on Mintos peer-to-peer lending marketplace

By News, Peer-to-Peer Lending, , , , ,

Mintos logo

Starting from August 3, 2017, there will be a new structure for investing in Lendo loans on the Mintos marketplace. The new structure stems from new regulations imposed by the local supervisory authorities in Georgia, where Lendo operates.

How will the new process work?

To obtain exposure to Lendo loans, investors will be able to invest in loans issued by Mintos OU to Lendo, where repayments depend on the final borrower’s payments. Each loan issued by Mintos OU to Lendo will be pegged to a respective loan issued by Lendo to the final borrower.

Mintos OU is a Mintos group company. A detailed description of the new structure is available in the Mintos OU loan contract and assignment agreement.

How will the new structure affect investors?

Investors making investments according to the new structure will still gain exposure to Lendo-issued loans. Previously, investors had a direct claim against the final borrower; now, investors will have a claim against the loan originator – Lendo.

Because investments made will still be pegged to the loan performance of loans issued by Lendo, current Auto Invest functions for investing in Lendo loans will remain valid for loans placed on the Mintos marketplace under the new structure. If the change in investment structure affects your investment preferences, please be sure to adjust your Auto Invest settings accordingly.

About Lendo

Lendo joined the Mintos marketplace in July 2016, and has since become one of the top loan originators on the marketplace. The company offers investments in short-term unsecured loans issued in the largest cities in Georgia. So far, Lendo loans worth more than EUR 80 million have been funded through the marketplace.

Extra Finance has started financing real estate projects

By News, Peer-to-Peer Lending, , , , , ,

Romanian alternative lending company Extra Finance has started a new line of business financing small- to medium-sized residential real-estate projects. Extra Finance will offer these loans to investors on the Mintos marketplace.

On average, projects financed by Extra Finance amount to EUR 0.8 million and have a one year repayment term. Prior to granting financing, all projects are carefully assessed and verified by an external real-estate company.

New loans listed by Extra Finance on the Mintos marketplace will have an interest rate of over 12% and a minimum of 10% skin in the game.

Extra Finance is a Romanian non-banking lender that has been operating for more than eight years. The company has branches in two Romanian cities. Last year, Extra Finance had a revenue of EUR 20.5 million, with a net profit slightly below the EUR 2 million mark. Their loan portfolio was EUR 14.6 million.

Extra Finance joined the Mintos marketplace at the beginning of 2017. So far, the company has financed loans worth more than EUR 300 000 through the marketplace.

Georgian Microfinance Organization BIG joins Mintos marketplace

By News, Peer-to-Peer Lending, , ,

Mintos logo

New loan originator from Georgia joins the Mintos peer-to-peer lending marketplace. Microfinance Organization BIG will offer investors the opportunity to invest in micro business, car, and agricultural loans to earn up to 17% annually.

BIG is one of the leading microfinance institutions in Georgia with nine years of experience issuing loans to small-and medium-sized businesses such as small retail stores, providers of various services, and family farms.

On the Mintos marketplace, BIG will offer investors the opportunity to invest in micro business, car, and agricultural loans denominated in Georgian lari (GEL) and ranging from GEL 300 to GEL 50 000. Loans will have a repayment period of up to three years. BIG will offer a buyback guarantee for loans that are delinquent for more than 60 days. To retain its skin in the game, BIG will keep at least 5% of each loan placed on the Mintos marketplace on its balance sheet.

BIG employs 245 people and operates 10 branches across Georgia, including in rural area centers. The number of active BIG customers recently exceeded 7 800. In 2016, the company’s gross loan portfolio reached EUR 11.4 million. BIG’s vigilant underwriting policy ensures that the share of loans with payments delayed by more than 30 days is under 4%.

BIG has demonstrated sustainable financial growth since its founding in 2008. The company has been profitable for the past nine years, delivering EUR 280 000 in net profit in 2016. BIG closed 2016 with a strong position of EUR 13.4 million in assets and EUR 3.2 million in equity. The company has a diversified funding structure, with shareholders contributing 40% of total funds and 28% of funds coming from international microfinance investment vehicles.

BIG pays special attention to Corporate Social Responsibility standards in the company’s day-to-day operations. The company requires its loan officers to attend special responsible sales trainings and supports an array of social entrepreneurship initiatives. These efforts have granted BIG a social rating from MicroFinanza, the internationally-recognized ratings agency.

Mintos has temporarly suspended the placement of new Eurocent loans

By 1 commentNews, Peer-to-Peer Lending, , , ,

Mintos logo

Update: latest information about Eurocent loans on Mintos marketplace can be found here.

Placement of new Eurocent loans on the Mintos marketplace has been temporarily suspended. The decision was made by Mintos management following the information that Eurocent has missed the repayment of its corporate bonds.

Eurocent bonds worth PLN 1.8 million (EUR 425 000) were due on June 8, 2017. According to the company’s information, the failure to make the repayment was caused by a delay in the negotiation process to attract new financing.

Following the missed bond repayment, the management of Mintos marketplace made a decision to stop the placement of new Eurocent loans on the primary market, as well as reverse all investments where payments were still in transit to the loan originator. In addition, starting from June 26, operations with Eurocent loans have been suspended on the secondary market, as well. These limitations will hold until bond repayment is resolved.

The management of the Mintos marketplace is in close contact with the management of Eurocent. During a joint meeting, Eurocent’s management outlined a specific course of action to aid the bond repayment – first, by seeking to prolong the bonds, and second, by finishing the negotiations with the investor or turning to alternative sources of financing.

Eurocent continues to service the loans and collect borrower payments that are transferred to the Mintos marketplace for distribution among investors.

error

Enjoy this blog? Please spread the word :)