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.