Tag Archives: Mogo Group

New investment opportunity on Mintos p2p lending marketplace: Mogo’s Moldova-issued car loans

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Mogo, the largest non-bank car loan financer in the Baltics, has yet again increased its offering to investors on Mintos! The company has added its car loans from Moldova for investment with expected net annual returns of up to 14% – so don’t miss out!

In terms of loans funded, Mogo is one of the largest loan originators on Mintos. The company was established in 2012 in Latvia and joined Mintos in March 2015 and it currently offers investment opportunities in Bulgaria, Estonia, Latvia, Lithuania, Poland, Romania and now Moldova. The company began issuing loans in Moldova from September 2017. To date, Mogo Moldova has issued 903 loans worth EUR 3.8 million loans in the country. Mogo prides itself on its fast service and open communication, which fosters long-term relationships with its customers, and as a result, it has attracted 821 active clients in Moldova already.

“We have had a very long-standing and fruitful cooperation with Mintos at the Mogo Group level so having also Mogo Moldova on the marketplace is a logical step. We believe this will allow us to increase our operations in Moldova and better serve our clients, whilst also give investors on Mintos more investment opportunities,” says Maris Kreics, Chief Financial Officer.

The average Moldova-issued car loan from Mogo is EUR 4 300, with an average repayment period of 53 months. You can expect net annual returns of up to 14%.

To maintain its skin in the game, Mogo will keep 5% of each loan. All Moldova-issued car  loans from the company are secured with a buyback guarantee meaning all loans that are delinquent for 60 days or more will be bought back by Mogo. Some of the equity investors in Mogo and Mintos overlap.

As of December 31, 2017, Mogo Group’s net loan portfolio was more than EUR 100 million, a more than 50% increase compared to December 31, 2016. In 2017, turnover for the company amounted to EUR 40 million. Since its inception, Mogo Group has originated more than 91 thousand loans worth EUR 250 million.

Mogo adds loans from Bulgaria to the Mintos marketplace

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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.


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