Mintos announce that, starting today, ID Finance will be offering the opportunity to invest in Spain-issued personal loans with repayments in several instalments. This is in addition to the ID Finance short-term loans from Spain and personal loans from Georgia already offered on Mintos.
ID Finance Group is pioneering fintech in emerging markets. Founded in 2012, the company is now the largest online consumer lender in the CIS region and a leading one in Europe. The group operates in Spain, Kazakhstan, Georgia, Poland, Russia, Brazil, and Mexico. In Spain, ID Finance issues loans under its MoneyMan brand.
For consumer loans, borrowers usually take out larger sums of money with longer repayment terms. This gives investors the opportunity to lock-in the interest rate on their investment for a longer period of time. New Spain-issued loans from ID Finance will range from EUR 50 to EUR 1 200 with a repayment period of up to four months. Investors can expect a return of up to 11% per year.
ID Finance will offer a buyback guarantee for loans delinquent more than 60 days. To align its interests with those of investors, the company will keep at least 5% of each instalment loan placed on the Mintos marketplace on its balance sheet.
Since its inception in 2012, ID Finance has issued more than 1.126 million loans worth USD 240 million. In 2016, the company issued loans worth USD 92 million and generated USD 68 million in revenue, a 222% year-on-year growth. In the first half of 2017, the company had a revenue growth of 82% following a successful expansion into the Brazilian online lending market. The company has been profitable since 2015.
ID Finance has more than 4 million registered customers. In the first 9 months of 2017, ID Finance has issued more than 550 000 loans worth USD 134 million.
The MoneyMan brand was founded in Spain in 2015 and aims to make the financing market simpler, more accessible, and more transparent. Following the establishment of its operations in Spain, ID Finance moved its headquarters to Barcelona in 2016, underlining the importance of the company’s Spanish operations.
Since ID Finance joined Mintos in March 2017, more than EUR 6.3 million in ID Finance loans have been funded through the marketplace.
If you use Auto Invest on Mintos and want to invest in new ID Finance loans issued in Spain, be sure to adjust your Auto Invest settings accordingly.