Tag Archives: Varks.am

Varks.am attracts long-term capital that will provide additional security for Mintos investors

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Varks.am shareholders have decided to increase the registered share capital of Varks.am from AMD 455 to AMD 600 million (the equivalent of approximately EUR 1 million).  The increase of share capital will result in larger equity and raise the financial stability of the company. Share capital changes will be registered in the following weeks.

In addition, Varks.am concluded a subordinated loan agreement amounting to EUR 1.5 million. The subordinated loan agreement will stay in place to ensure at least a 15% Equity ratio for Varks.am, ensuring a stable and balanced growth of the company. This confirms Varks.am shareholders long-term commitment and provides extra security for investors on Mintos investing in the company’s short-term loans.

In addition, Varks.am is expanding its operations in Armenia. The company has opened two new branches in 2018 and a further four branches are planned to be opened during the next five months ensuring a wider presence across Armenia. The expansion will allow the company to cover Yerevan as well as most of the largest regional cities in Armenia.

According to customer feedback clients of Varks.am appreciate its wide network coverage through its branches. This is because Varks.am is located near them, serves clients very quickly and effectively and the lending conditions are very convenient for customers. This ensures a high level of customer satisfaction and a growing number of repeat clients.

Varks.am joined Mintos in February 2018 and offers its Armenia-issued short-term loans with an average repayment period of 30 days. Since its launch, more than EUR 10 million has been invested into its loans by investors. As of February 28, 2018, the company had a net loan portfolio of more than EUR 10.8 million. Currently, Varks.am issued short-term loans with a duration up to 30 days are offered to investors on Mintos with attractive rates of up to 14%. This provides a premium fee for high liquidity investments.

First loan originator from Armenia – Varks.am – joins Mintos p2p lending marketplace

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The first loan originator from Armenia has just joined Mintos! Varks.am is one of the leading alternative lending companies in the country and now offers short-term consumer loans for investment on the Mintos marketplace. Loans from Varks.am are listed in euro (EUR) with expected returns of 13%.

Established in 2016, Varks.am is a universal credit organisation that offers its customers fast and easy access to funds through an effective application process. Clients can receive their loan from the company in cash after applying at one of the 30 branches the company has across Armenia.

Varks.am has more than 180 qualified and dedicated employees and a reliable client identification process which involves meeting all clients in person. Currently, Varks.am offers consumer loans, however, the company plans to expand the loan types issued to include business, pawnbroking and mortgage loans in the future.

Armenia-issued short-term consumer loans on Mintos from Varks.am range from EUR 17 to 420. The average repayment is 30 days and borrowers repay the loan in a single instalment. You can expect a yearly return of up to 13%.

All loans from Varks.am that are delinquent for 60 days will be secured with a buyback guarantee by its parent company. In addition, Varks.am will keep 10% of all loans placed on Mintos on its balance sheet – to ensure its interests are aligned with those of investors.

“We are truly excited to add Varks.am to the marketplace. Armenia is the 20th country on the marketplace and we are pleased to offer our investors the opportunity to invest in short-term consumer loans in a new geography,” says Martins Sulte, CEO and co-founder of Mintos.

Varks.am is a licensed financial institution that is governed by the Central Bank of Armenia. As of December 31, 2017 the company had a net loan portfolio of more than EUR 6.5 million. The company is steadily growing its customer base and its priority is to maintain a balanced growth through special offers whilst also focusing on its loyal customers.

The average customer of Varks.am is a 26 to 30-year-old male who is seeking a loan to cover unexpected expenses and make small purchases. Clients appreciate that Varks.am has many branches throughout Armenia, so a branch is never too far away. The company serves its clients very quickly and effectively, creating convenient lending conditions for its customers.

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


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