Mintos peer-to-peer lending marketplace introduce investment opportunities from Sweden.
The Scandinavian partner Aasa Group expands its presence on the Mintos marketplace by offering to invest in consumer loans issued in Sweden. Aasa already places loans issued in Poland on the Mintos marketplace since February 2017, and so far investors on Mintos have invested EUR 3 million in loans by Aasa.
Aasa Group was established in 2010 and is now among the top alternative lenders on the Polish and Finnish markets. At the end of the first half of 2017 Aasa had issued loans worth more than EUR 172 million in Poland and EUR 270 million in Finland. Aasa Group has over EUR 50 million in equity. This makes Aasa the biggest loan originator on the Mintos marketplace.
Aasa Group has advanced plans to expand in other European countries, the first of these being Sweden. Aasa started its operations in Sweden in May 2017. Aasa loans in Sweden are issued by Aasa Kredit Svenska AB. It offers consumer loans in a highly effective online channel. At the end of September 2017, Aasa Kredit Svenska AB had issued more than 2 000 loans worth over EUR 2 million.
The average Sweden-issued loan that Aasa will place on the Mintos marketplace will range from EUR 1 000 to EUR 2 000, with an average repayment period of 6 to 36 months. The loan originator will initially offer to invest in euro (EUR). Loans denominated in Swedish krona (SEK) will be added to the Mintos marketplace soon. The average net return to investors will range from 7 to 11%.
Aasa will offer a buyback guarantee for loans that are delinquent for more than 60 days. The obligations of Aasa Kredit Svenska AB will be guaranteed by Aasa Group. To retain its “skin in the game”, Aasa will keep at least 5% of each loan available on the Mintos marketplace on its balance sheet.
Aasa’s mission is to provide fast and convenient access to financial products and services based on transparency, promptness, simplicity and safety. Aasa always provides mid-size consumer loans priced similarly to banks, which differ greatly from single instalment payday loans.
The key to Aasa’s business model is the efficient use of the lending platform and unique credit scoring algorithms. When combined, they are able to serve a large number of customers, while accurately controlling credit risk. To evaluate the creditworthiness of clients, Aasa employs sophisticated in-house big data methodology. Their scoring uses both classical variables such as income, employment and age, as well as big data such as customer behaviour on the website, time of application and other indicators crucial for the final decision.
“We are so excited to expand Aasa operations together with the Mintos marketplace. We started our cooperation with Mintos by offering products on the Polish market and now we see a huge opportunity to reach our goals in other important countries also with Mintos marketplace investors. The consumer lending market is a fast-growing investment opportunity. Funding through Mintos contributes to the diversification of our financing structure, offering us the flexibility to grow our portfolio” emphasises Meliina Räty, Chief Strategy Officer responsible for Aasa Group’s expansion.
“We are truly excited that Aasa Group is extending its presence on the Mintos marketplace. Aasa gives investors the opportunity to significantly diversify their investment portfolio by investing in low-risk loans originated by an established loan originator in Europe,” says Martins Sulte, CEO and co-founder of Mintos.