Who are the most solid lenders on Mintos? Our Mintos lender ratings

Last updated - 28 January 2019

Mintos lenders can default - Eurocent did in 2017

In 2017, Mintos lender Eurocent failed, and defaulted on its Mintos ‘buyback guarantee’ commitments. This is likely to lead to signifcant losses for Mintos investors as a high proportion of Eurocent customers defaulted on their loans.

This has inevitably led investors to pay more attention to the quality of the other lenders on the Mintos platform. Last year, we listed 9 lenders that we would not touch right now. We have now broadened our analysis to cover all of the Mintos lenders. We highlight the lenders with the strongest features. 

It has been difficult up to now to compare each lender on the Mintos platform

Unfortunately, the information provided by Mintos about each lender is not consistent. Some lenders have not provided any information since December 2016. Others provide very regular updates. Information is provided in different currencies, languages and accounting policies. The quality of information provided varies enormously. Some information is audited, in many cases it isn’t. There should be minimum standards of reporting and disclosure. At the moment, Mintos allows the lenders to choose what they disclose. This results in lenders failing to disclose important information that may not be convenient for them, such as a history of losses, or rising levels of bad debts.

Key financial information of each Mintos lender

The table below captures the key financial information for each lender. This can be useful to quickly lookup the profile of each lender, and compare the strengths and weaknesses of each one.

All Figures in EUR million (profits annualised where appropriate):

Mintos Lender Reporting period Loans Equity P&L - latest P&L - prior year Audited
Mogo Sep 2018 88.5 16.4 3.2 8.5 Yes
ID Finance Dec 2017 63.4 20.2 9.8 5.2 No
Credit Star Mar 2018 67 17 2.2 1.4 No
Capital Service Jun 2018 14.2 4.1 0.8 -1.4 Yes
Credissimo Dec 2017 12 10.4 3.6 1.4 Yes
iute credit Dec 2017 20.3 4.7 2.9 1 Yes
ExpressCredit Jun 2018 9.4 8.3 1.0 -2.1 No
Vizia / Banknote Dec 2017 13.9 3.7 3.0 1.0 Yes
Simbo.dk Dec 2017 4.3 -1 -1 Yes
Monego Dec 2018 4.3 4.8 -0.6 No
Tengo.kz Sep 2018 4.1 -0.4 No
Cashwagon Jul 2018 8.1 5.2 -4.8 No
Placet Group Mar 2018 25.4 12.5 2.1 No
Agrocredit Dec 2017 5 1.6 0.1 0 No
Acema Mar 2017 38.6 14.7 2.0 2.4 Yes
BB Finance / EGE Dec 2017 13.5 6.5 0.8 Yes
Creamfinance Dec 2017 40.5 7.5 -0.4 1.1 Yes
IFN Extra Finance Dec 2017 8.6 4 2.0 2.0 No
Mozipo Lithuania Dec 2017 6.6 4.3 0.2 0.5 Yes
Aasa Jun 2017 107 59 1.3 -5.2 Yes
Kredo.al Sep 2018 1.4 1.8 -1000 No
Aforti Dec 2017 8.5 1.2 0.5 0.2 No
Dinero May 2018 1.1 1.4 -1000 No
Dozarplati Dec 2017 3.3 1.7 0.3 0.0 No
Capitalia Dec 2017 3.2 0.5 0.0 0.0 Yes
Credilikeme Dec 2017 1.3 0.4 -0.6 -0.7 No
Lendo Dec 2017 17.7 0.8 -2.2 No
EcoFinance Dec 2017 2.2 1.6 0.4 0.2 No
ITF Group Dec 2017 2 1.3 0.2 0.2 Yes
EBV Finance Dec 2017 17.5 4.9 1.5 0.9 No
Hipocredit Jun 2018 4.3 0.2 0.1 0.0 No
Debifo Dec 2017 3.1 0.5 0.2 0.0 No
Kviku Dec 2017 2.4 1.1 0.1 0.0 Yes
EuroOne Dec 2017 0.8 -2.6 -1.9 -0.8 Yes
Tigo.mk Aug 2018 0.6 0.7 -0.9 No
Leaselink (Pragma) Dec 2017 64.8 17.7 0.9 0.9 Yes
Efaktor Dec 2017 5.4 0.3 0.2 0 Yes
Peachy Oct 2018 4 -1.2 -0.7 -1.6 No
Get bucks / Mybucks Jun 2018 38.3 6.8 -11.6 -13.8 Yes
Varks.am Dec 2017 6.5 -0.1 -0.9 -0.1 Yes
LF Tech Dec 2017 20.8 16 10 5.1 No
Credius Jun 2018 10.4 7.6 0.1 1.9 Yes
Rapicredit Dec 2017 1.4 0.8 -0.4 0 Yes
Dindin Oct 2017 0.5 0.9 -1000 No
Pimpay Jun 2017 2.6 -0.5 0.1 No
Sebo Dec 2017 2.2 0.6 -1000 No
Kredit24 Dec 2017 1.5 0.1 0.7 -0.8 Yes
Invipay Dec 2017 8.4 0.5 -0.5 -0.1 Yes
Watu Credit Dec 2017 2.1 0.2 0 0 Yes
Bino Dec 2017 5.7 -1.7 -2 -0.1 No
Kuki.pl Dec 2017 2 -1.2 No
1pm plc Nov 2017 158.4 50 6.1 3.7 Yes
Metrokredit May 2018 0.7 0.3 -1000 No
Alfakredyt Dec 2017 4.1 0.7 0.2 No
FIREOF Jun 2018 25 -1000 No
Lime Loans Dec 2017 7.8 4.9 3.3 0.3 No
Cash Credit Dec 2017 3.1 1.4 0.1 0.2 Yes

Our Mintos lender ratings

Our Mintos lender ratings are based on 5 characteristics – profitability, capitalisation, size, track record and the quality of their reporting. We have allocated marks out of 20 for each metric, giving a total score out of 100. Mintos have recently introduced their own ratings – from A (best) to D (default), which we have included as a comparison.

Top rated Mintos lenders

Mogo and ID Finance earned the equal highest scores. Mogo is a popular lender on Mintos as the loans are both secured by vehicles and most receive buyback guarantees. Mogo has been reporting good results up to Q3 17. Mintos have informed us that they will publish updated results shortly, but performance remains good.  ID Finance is another lender that is well capitalised and has produced strong results over the last 2 years. 

We think investors can have some confidence in any lender achieving a score of 60 or better. Lenders meeting this benchmark include Credissimo, 1pm plc, Credit Star, Capital Service, iute Credit, Vizia/Banknote, Cream and IFN Extra Finance. 

Our views on the new lenders

Lenders that have joined during 2018 and scored well include tech focused lender Credissimo (85), British lender 1pm plc (77), small but profitable lender Lime Loans (73) and Placet Group (71) and Credius (70). In October 2018 Kazakhstan lender LF Tech joined Mintos. It achieved a fairly strong score of 66 due to its profitability and strong balance sheet structure, although we note that Kazakhstan is a higher risk country for investors.

Many of the other lenders that have joined are high risk, as many have poor financial disclosures, weak balance sheet structures, a history of losses, and are exposed to currency risks.

We are surprised for example, that a company like Bino, that only started lending in 2017 would be invited onto the Mintos platform, particularly when no information about the capitalisation of the company is available. Several companies have not provided any information on their profitability, which implies to us that they are likely to be loss making currently. It is almost impossible to determine how likely these businesses will be able to honour their buyback guarantees in the future.

In November 2018 Mintos introduced 3 new lenders. The first, Tengo.kz, scored a record low score of 13/100. We really wonder how any Mintos investor could explain to their friends and family how they got comfortable deciding to  invest in loans based in Kazakhstan, from a new startup lender with a very young CEO with 3 years of  financial services background, and who is not willing to provide a balance sheet. If you are bullish on this we would love to hear why in the comments below…

The second new lender to launch, Cashwagon, was awarded a low initial rating of C+ by Mintos. We can see reasons why Cashwagon would attract a low rating. Rather than launching in one country, and making sure their credit models were performing well, they decided to launch in 5 different major countries within a year. That is very unusual and creates a lot of extra risk and complexity. The business has been suffering losses each month. Very few lending businesses have ever opened successfully in so many countries so quickly. There are however two reasons why Cashwagon gets a higher score than Tengo. Firstly, real money has been invested into the business – US$12.1m to date, and the debt to equity ratios are reasonable at the moment.  Secondly, the company has provided up to date monthly financial statements, which is rare amongst Mintos lenders, and we have awarded them for their disclosure quality.

Another lender to launch with a C+ rating was Albanian lender Kredo. Kredo is similar to many other lenders that have joined Mintos in 2018 – a startup operating in a ‘frontier’ country with no real track record to speak of. The one positive thing to say about Kredo is that it had strong capital ratios as of September. However they did not provide any data at all on their lending performance to date or their profitability, so it’s not really possible currently to know whether they can be a viable business.

In December 2018 Mintos introduced Peachy from the UK (17/B), and Efaktor (45/B-) from Poland. We find it difficult to understand how Mintos was able to assign a ‘B’ rating to Peachy. It is a business with a track record of losses, and it currently has a negative equity position (it owes more money than it has in assets). There is a lot of volatility in their past financial figures that has not been explained anywhere adequately. We are more positive on Efaktor. This is a factoring business that has demonstrated stable performance and has moved into profitability as it has grown. The reason that it has not achieved a higher rating is that it is one of the more highly levered businesses listed on Mintos, with only 6.3% of equity backing for each loan that is held compared to the average of 34%.

In January 2019 Mintos introduced a company from Kosovo, called Monego. It was similar to many other lenders who have joined the platform recently, being a new lending business with next to no track record, operating in a small country. It achieved a score of 39, which is slightly higher than may be expected, but it currently has strong capital ratios. We also like that it has been described as a ‘related party’ of Mintos as we think Mintos is less likely to allow its investors to suffer a loss in this situation if the company is not successful.

Recent rating changes

Mogo is one of the most important lenders operating on the Mintos platform. Mintos does not publish regular finanincial information about Mogo, but their latest reports can actually be found here. Following our review of the Q3 18 results we have downgraded our rating slightly from 76 to 73 (their score was 83  a year ago). While we are not particularly concerned about Mogo, we do note that their profitability has fallen in 2018 due to rising default rates. They have also been growing strongly, which is stretching their balance sheet.

Another notable downgrade was to GetBucks/MyBucks from 46 to 29. Frankly, their operating results continue to be terrible, with a €11.6 million loss attributable to shareholders in the year to June 2018. In our recent post on 7 signs a lender may be heading for disaster, we recommended looking at following the trading prices of any securities issued by Mintos lenders. The share price of MyBucks is currently €4.92, a fall of 65% since April 2018. The heavy losses, and dramatically falling share price indicate that things may not be going totally to plan for the group, and investors should be cautious about the situation.

Now you’ve reviewed our latest Mintos lender ratings – what’s the fastest way to choose the best loans on the  Mintos Primary Market? Check out our new Mintos Loan Scanner page, which allows you to compare very quickly the current interest rates, loan availability, and ratings for each lender on the platform. We will keep it updated, so check it next time you are thinking of buying more loans, or adjusting your auto-invest settings.

119 thoughts on “Who are the most solid lenders on Mintos? Our Mintos lender ratings

    • Oscar Harrington Post authorReply

      Thanks Matteo. Yes we plan to keep this updated (it has been a popular post).

      • tbee Reply

        Thx Oscar
        this is really helpful especially when it is kept up to date
        e.g. mogo jetze offers car loans in other countries and these do not seem to return as reliably back

  1. Alex Reply

    Hi Oscar,
    I’ll attempt to explain why I came to your site.
    I have a company in one of the European countries and the way taxes work here is that when you withdraw profits (via either salary or dividends) the taxes you pay are very high. However, if you don’t withdraw, there is no tax.
    I currently have a situation where the company has more funds than can be invested back in the business. Due to the nature of the business there are limited ways in which to expand the primary operation. As a result, I have 100k EUR+ in available funds on the company bank account. I haven’t taken this profit for reasons above (taxes you pay once you draw funds from the company).
    Because of all this I started to look for alternative ways to invest excess funds and came across lending platforms. Mintos is especially interesting due to guaranteed returns. I have been reading a lot about this topic lately and if I understand correctly, if I stick to loans with buyback guarantee, the only risk is the lender not being able to pay outstanding obligations similar to Eurocent? Furthermore, if I stick to lenders you rated high, is there still some risk in this and if so what is it?
    Also, I am looking to invest approx. 50k EUR. Would you say that’s feasible?

    Furthermore, how would you allocate the funds between lenders (my criteria is EUR only and buyback guarantee only, target 11% ROI)? For example: 20% Mogo, 20% ID Finance, 20% Aasa, 20% Banknote, 20% Cream. Or some other proportion? How would you calculate this proportion based on the overall score of each lender?
    Thanks for reading and for such a useful post.

    • Oscar Harrington Post authorReply

      Hi Alex. For loans that have buyback guarantees, the risk comes from a situation like Eurocent as you correctly identified. That is, the borrower firstly defaults, then the lender is unable to fulfil the buyback guarantee. These risks are correlated – if a lender has many loans that are defaulting, that also makes them less able to fulfil the guarantee, as they will be suffering high losses, and the company could fail. That’s why it is important to monitor the level of profit and equity for each lender. There is still a risk that a highly rated lender could fail, it is just a reduced risk. Allocating your investment to multiple lenders is a good idea, to diversify your risk. You could use our scores to allocate your investments, but make sure that end up with a portfolio that has good diversification in terms of geography, loan types etc.

      • Alex Reply

        Hi Oscar,
        Thank you very much for your reply.
        So would it be a good idea to invest 100k EUR in Mintos and split it in 8 parts:
        Mogo, ID Finance, Credit Star, Capital Service, Aasa, iute credit, Banknote, Cream.
        Eight equal parts would be 12500 EUR each but I would likely allocate more to larger companies regardless of the score. For example, I am familiar with Mogo, ID Finance and Cream Finance, but never heard of iute credit.
        You suggested that it’s important to have good diversification in terms of geography, loan types etc. Could you elaborate on what techniques you would use to achieve that goal?
        Thank you,

    • Oscar Harrington Post authorReply

      Hi Jonathan. Following discussions with Mintos, they have confirmed that there is a guarantee from Mybucks of the obligations of Getbucks, and we have therefore updated our information and ratings to take this into account. Mintos have also agreed to provide this information about the existence of the guarantee on their site.

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  3. Mark Reply

    Hi Oscar,
    I am a Mintos investor and I found your post very useful.
    I did some research and I realized that I am not putting enough emphasis on the quality of the lender. I also did some analysis on my loans and I found that ~55% of all my loans are with Mogo. This happened because of the high guaranteed rate (13%) they were offering on car loans. After reading your post, I think I should change the allocation across the following top 7 lenders:
    Mogo, ID Finance, Credit Star, Capital Service, Banknote, Iute credit, Get bucks
    (I purposely left out 2 top lenders Aasa and Cream Finance as they don’t have any loans that meet my criteria which is buyback & 11%+)

    Right now I can change this 55% allocation to Mogo quickly by adding new funds to Mintos which I intend to do. Question: How would you allocate ~60k EUR across these 7 lenders?
    Could you tell me what amount would you allocate to each or what formula would you use to calculate the amount that should be allocated to each lender?

    • Oscar Harrington Post authorReply

      Hi Mark, thanks for the question. There’s not really a right or wrong answer. However we would note that Mogo is probably one of the best Mintos lenders to be ‘overweight’ in given that they offer good returns and are currently a very profitable company. It is not important to allocate all your funds equally, and you could allocate some additional funds to lenders like Mogo or others who have better returns or loan availability. The important thing is to allocate loans to several different lenders, and if you allocate to the 7 you have identified you will definitely be on the right path. There are some other options outside of Mintos too – we published a new post about some other sites that offer buybacks today.

      • Mark Reply

        Hi Oscar,
        Thank you very much for your reply and happy new year. Yes, I figured that I am on the right path distributing among 7 “good” lenders however if I wanted to calculate the best allocation to each using “total score” how would I do that? Do you use your total score to decide how much to allocate to each lender?

        • Oscar Harrington Post authorReply

          Hi Mark. There isn’t a correct way as such, but if you agree with our ratings you could allocate a higher share to the higher rated lenders such as Mogo (i.e overweight them) and less to the lower rated lenders. Also take into account what interest rates are available on the primary / secondary market for loans from each lender and whether they offer the other loan features that you are looking for (such as maturity length etc).

  4. Rui Reply

    Hi Oscar,
    When i started investing in MINTOS i didn’t carefully select the lenders that were part of my autoinvest portfolio because i was coming from TWINO where there isn’t a lender concept(I got some more love for TWINO than you do).
    After reading your post i realized that my lending distribution was completely unbalanced with around 60% of my loans being linked with Lendo which is a low scorer in your analysis. I already tweaked my autoinvest portfolio and increased my Mogo loans percentage using the long term loans promotion.
    I’m still worried though about the Lendo loans though, they are all 12%+ and under 12 months, should i try to sell them in the secondary market or you think it should be ok to hold to them until their end?

    Thank you in advance for you advice,

    • Oscar Harrington Post authorReply

      Hi Rui. 60% is quite a large allocation to any single lender. Agree that it may be prudent to diversify a little more, and sell some.

  5. Mark Reply

    By the way, what is going to happen to Eurocent investors? Are they going to get their money back, at least the principal? I am assuming the loans are still valid even though the company cannot honor the buyback guarantee?

    • Oscar Harrington Post authorReply

      Hi Mark, it’s still unclear what will happen. A high percentage of the Eurocent loans have defaulted, with investors facing potential losses. Mintos have recently disclosed that Eurocent is in negotiations with an investor, which could improve the situation. We are currently trying to get more details from Mintos as the recent disclosure did not provide much detail. There’s a strong risk that investors will end up taking a loss in our view.

  6. Ve. Elanjelian Reply

    Dear Oscar – thanks for putting this together. I am a new investor in Mintos, and quite like how the site works.

    Actually, I came here while researching on Aasa, which is rated well above. I buy their loans and like the way their loans are structured.

    That said, I find the information available on the company a little patchy. Aasa claims to have operations in six countries, namely, Estonia, Poland, Finland, Sweden, Chile and Indonesia. However, I managed to find only three sites, one in Poland — https://www.aasapolska.pl/ — and two in Finland — https://www.aasa.fi/ and https://yleislaina.fi/ .

    It is also unclear who founded the company. In all likelihood it is Kimmo Rytkönen, CEO of Aasa Global, although it is unclear if he was part of the company in 2010, when it was founded in Finland.

  7. Seppo Reply

    Would like to have confirmation: is “Cream” and “Cream Finance” same loan originator?

  8. Matteo Reply

    In a few months quite a lot of new lenders were added on Mintos. Is there any chance that you guys could give us an heads up about the newcomers? It would be really cool.

    Thanks and keep up with your amazing work.


    • Oscar Harrington Post authorReply

      Hi Matteo. This Mintos lender post has been getting updated regularly (including today). Can you please try clearing your cookies and then refreshing the page? We use caches on the site to make it run faster but sometimes it can lead to problems in seeing updates to certain pages. Thanks for the feedback.

      • Matteo Reply

        Hi Oscar,
        Thank you for the rapid answer. I did not notice that the table was changing and growing in these months.

        I updated my portfolios 😉

        Thank you again for the good work you are doing and sorry for the spam

  9. Markus Reply

    Good information you have over here, bookmarking your site.
    I have one concern, tho. I noticed that 95% of my Cream Finance loans are late 16-60 days. Also to note, all loans are from 2018, tho I’ve invested in it for a year.. I checked their financials and everything seems good over there. It has your recommendation and rating of 63. Can you comment on this? Thanks and keep up the good work!

    • Oscar Harrington Post authorReply

      Hi Markus. Thank you very much. You can view the statistics for each lender by going to https://www.mintos.com/en/statistics/, and click on the + sign for personal loans. You can see that about 45% of the Creamfinance loans are 16-60 days late. That is a relatively high percentage and we’ll see if we can find out why it is higher than average. However it seems difficult to understand why your portfolio is 95% in this category, that is worth seeking answers from Mintos…

    • Oscar Harrington Post authorReply

      Hi Sami, we’ve just added ExpressCredit, with an initial score of 32. They have not provided any information about their P&L, which usually indicates a loss making business. It has also lost marks for being very small, relatively new, and with poor disclosures. We think there are better options. Another lender to join Mintos today was Credissimo, which we have rated highly, and similar interest rates can be found. Hope this helps.

  10. Sami Reply

    Thanks for reply. Yes, it helped. I’m using Mogo, Mozipo, Banknote/Money Metro, Credit Star, Lendo and Aasa. And now I’m adding Credissimo also. Only small amounts is invested via Lendo.

    I think that net return of 12% p.a. would be quite good. I don’t know if it is clever to achieve net returns of 13% or more in Mintos 🤔 Most of higher yields are from Lendo, Sebo etc. weaker companies.

    What do you think? And if I may ask, which interest rates have you set in your Auto Invest portfolios and which lenders are you using?

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  12. Miguel Reply

    Thank you very much for this awesome rank! Could you please add the following ones? Cheers, mate

    mano unija
    nord līzings
    west kredit

    • Oscar Harrington Post authorReply

      Hi Miguel. Aventus now issues loans via their PeerBerry platform (see our review). Money Metro is the same company as Banknote, which we list. We have removed the others as they are no longer active on Mintos.

    • Oscar Harrington Post authorReply

      Hi Laura. You will see from our tables that we have not rated them highly. They have only very limited history and have provided very little disclosures.

  13. George Reply

    Hi Oscar, Getbucks has made a webinar and presented latest financials . You think this will affect the total score.

    • Oscar Harrington Post authorReply

      Hi George. We are constantly reviewing the new data and refreshing the scores. Following the December results, the score has been increased from 38 to 46. They broke even (before tax) which was a big improvement, and their big share price slide seems to have stopped. However they seem quite thin on the capital side (they have even mentioned being capital constrained), and they are attempting to launch in markets which we consider high risk, which is why their score is quite low still. If you like the story, it may be better to own their shares than the loans – there is more upside and similar risk in our view.

  14. Jeremy Reply

    Hi Oscar,

    You gave Creditstar a high score but I have a few concerns about this loan originator. Looking at the statistics page on Mintos (https://www.mintos.com/en/statistics/), I can see they have a lot of late loans.

    For personal loans: 60.1% are current, the rest are late with 16.7% by 31-60 days. Looking for each country, we can see Spain is the worst performer with 23.7% of loans 31-60 days late!

    The numbers are worse for short term loans with Poland 50.8% current and 21.5% 31-60 days late. Spain 53.6% current and 27.5% 31-60 days late, ouch!

    Should I be concerned? How can these numbers be sustainable in the long term?

    I know there is the buyback guarantee but I am more interested to know if a loan originator is solid enough to resist the next economic downturn, therefore honouring the guarantee. This is one of the main risk of investing on Mintos after all… it has been fantastic so far but nobody knows what is going to happen during the next crash which will come sooner or later.


    • Oscar Harrington Post authorReply

      Hi Jeremy. We think it is very hard to use the Mintos statistics pages in this way to determine what the underlying rates of non-performing loan creation are. We have asked them to provide higher quality, cohort information that would allow investors to see what percentage of loans are being repurchased by lenders due to buyback guarantee. We understand that they are planning to make moves in this direction. As to Creditstar, they last provided data in June 2017. That presentation showed quite a good, consistent performance, with 24% net interest margins, vs 7% losses from defaults. Hopefully they will soon provide a new report and we can re-assess, but for now, there are several more lenders that are higher on our concerns list.

  15. Gaudente Reply

    about Kenya gov bond yielding 13%…yeah , it’s true , at latest auction https://www.centralbank.go.ke//uploads/historical_treasury_bond_results/712863756_RE-OPEN%20FXD1-2008-15%20&%20FXD1-2018-20%20DATED%2030-04-2018.pdf there was a bond yielding that , but it its tenure was 20 years , is taxed 10% (therefore the net yield is 12%) and is denominated in local currency .
    So any comparison with the 12% offered by Watu in EURO is a bit of unfair.
    However I would enjoy if Watu offered loans in its domestic currency , of course at a good premium to government securities.

  16. Rimvydas Reply

    Could you explain why does kredit24 has such high rating? Over 50 percent loans are late from them. There are no new loans available at all for them.
    Why do Bino, Kuki and Varks have such low ratings? Statistics page for short term loans is looking rather good for these loan originators…

  17. Sami Reply

    What do you think about Lendos latest financial report? It seems to be profitable now? Would it increase total score of Lendo?

    • Oscar Harrington Post authorReply

      Hi Sami. Lendo have released their Q1 18 results but we are waiting for their audited results for 2017 before updating our ratings. We’ve always been concerned about Lendo’s FX exposure. We think this risk is well demonstrated in Q1 18. They had an FX gain of €1m in that quarter. This seems a lot to us for a company that only had €800k of equity at year end. The currency movement went their way that quarter, but we don’t understand why so much FX risk would be held when the capital base is so small. If the currency moved in the other direction it seems that the FX losses could have almost wiped out all their equity.

    • Oscar Harrington Post authorReply

      Hi Gaudente. You could well be right. We just feel uncomfortable with the level of FX risk the company appears to be taking relative to a thin capital base. The shareholders have all the upside from taking this risk and Mintos investors seem to have much of the downside exposure. Our view is that Lendo should hedge much more of its FX exposure, or at a minimum make much better disclosures around this.

  18. Christian Reply

    Hi, thanks for this overview, it is really urgently needed and a great resource! The work you guys did is really appreciated! I wanted to ask the following:
    1. Will new Mintos loan originators be added to the list over time (like Placet Group) here?
    2. If new financial reports and data become available, will you also update the table? If yes, maybe indicate the changes so readers are aware of it quickly? I am checking this page regularly and it would be really great if you continue the good work…


    • Oscar Harrington Post authorReply

      Hi Christian. Glad it is useful for you. We try to add new loan originators to our tables within a week of them coming onto the Mintos platform. We also regularly update the tables when new financial information becomes available for a lender. At the top of the page we make a note of when the tables were last updated.

  19. Christian Reply

    Perfect, thanks, that was quick and good to know the new loan originator seems to be trustworthy ;-).
    Keep up the good work!

  20. Hieschen Reply


    Do you make an analysis where you consider impairment/write off regarding their respective loanbooks and cross check this with the statistics as provided on the Mintos website? And if yes are there any where the percentage of impairments is far off the figures as disclosed on Mintos where the buyback would activate?

  21. Christian Reply

    The https://www.evoinvestor.com/mintos/ link is outdated and contains wrong information, this has been discussed in detail in p2p forums etc. You should not believe its content, although it does contain some true facts. P2p is not risk-free, of course.

    • Oscar Harrington Post authorReply

      Hi Sami. Yes we have heard of them, and they have been in touch. We are approached all the time by many up and coming P2P sites that are wanting to be listed and covered on Explore P2P. However we only feel comfortable doing this if they are able to answer convincingly all of our questions, and pass our review process. This site has not come close to passing this process yet.

    • Oscar Harrington Post authorReply

      Thanks Armand. We’ve updated the figures and ratings. The presentation they provided Mintos investors when they joined had said that they had £0.35m of equity in December 2017, but they actually had negative equity….

  22. Gaudente Reply

    this moron above did not even understand that we are not looking for a loan but instead have money to loan

    • Oscar Harrington Post authorReply

      Hi Gaudente. Thanks for noting this. Must admit we are struggling to make sense of the new Varks figures, our Armenian language skills are not up to scratch!

  23. Nikolay Reply

    Hey, now that Mintos has launched their own originator rating, it would be great to see a comparison of their approach and yours. In particular as there is some divergence between both ratings. Cheers!

    • Oscar Harrington Post authorReply

      Hi Nikolay. We have just added the ratings provided by Mintos to our tables. We are really pleased that Mintos have provided these ratings, but it will take some extra time to do a ‘deep dive’ and fully review and assess them. Our point all along has been that the quality of lenders on the Mintos platform varies a lot, and selecting loans from the best/safest ones is important. This move from Mintos to provide a rating score is welcome and really changes the game. Up to now, every new lender to join the platform has been accompanied by a press release from Mintos saying how great each new lender is. Now, Mintos are acknowledging for the first time that lender quality varies, and quality matters….

  24. Saraph Reply

    Mintos rates Capital Service as C+, which is among the worst, but you rate them as 62 points, which seems to be very good. Any idea why there’s such a difference between these two analyses?

    • Oscar Harrington Post authorReply

      Many of the scores recently provided by Mintos were consistent with our views, but some lenders were rated higher, and others like Capital Service were rated lower. One reason could be methodology. Our scores are primarily financial focused, whereas Mintos are including other, more subjective assessments. Capital Service made a loss in 2017 after several years of profits, for reasons they outline in their financial report. These results resulted in us cutting their score by approximately 20 points, which seems to place them typically around a B Mintos rating level, however this loss could have been penalised more heavily by the Mintos ratings matrix. We plan to dig further into reasons for the main differences between scores, as well as the overall approach taken by Mintos, and will publish some views in the future.

  25. Marcus Reply

    Can I ask a silly question?
    So of course it is clear that Mintos portfolio should have a good mix of lenders to reduce overall risk. For example: Mogo, Banknote, Cream Finance, AASA, IFN, etc.
    (BTW, how do I come up with the best allocation? I mean % allocated to each? My criteria is EUR only and buyback only)

    However, the silly question in my mind is: So when you go buyback-only loans, the biggest risk obviously is lender defaulting on the buyback guarantee. But I am having trouble fully understanding what actually happens when a lender defaults on the buyback guarantee. You don’t lose the entire portion of the portfolio allocated to that lender, right? The loans are still good, it’s only the buyback that’s not good? So the loans are paying (with certain-probably high-level of default) and you get all of those principal&interest payments back, right? Am I thinking straight on this one? Please help me understand it.
    Thank you!

  26. Gaudente Reply

    Theoretically , you are right , but in reality if a loan originator defaults on its buyback guarantee it means it is bankrupt , and as it is up to him to confirm the payment of a loan on Mintos platform , it will probably just keep the cash for itself.
    Hopefully someone who experienced the Eurocent default will come to write what happened.

    • Marcus Reply

      Yes, I am also very curious what their ROI will be at the end on the Eurocent portion of the portfolio.
      It says online that a Temporary Judicial Supervisor is appointed. Not sure if they can do what you’re saying (keep the cash) under these circumstances.

    • Oscar Harrington Post authorReply

      A Mintos investor who held Eurocent loans typically now finds that 40% of the balances are 60+ in arrears, with little to no prospect of getting much further recovery. The investor then has a claim against Eurocent for not fulfilling their buyback guarantee. This is an unsecured claim against the company. It’s unclear what, if any further recovery investors are likely to receive. It depends on many factors, such as whether any other creditors have secured claims (which reduces the potential amounts that unsecured creditors can claim), what the company is able to recover on all its assets in wind-down (and underwriting seems to have been very poor), and what the costs of liquidating all the assets, and winding down the company are. In our view, Mintos investors will likely end up with losses in the 30-40% range, although it will take a long time to confirm this.

      • Marcus Reply

        Hi Oscar,
        I guess what I am trying to figure out is whether P2P investing is still profitable when things like Eurocent default occur.
        For example, suppose I have the following portfolio (funds spread across these 8 lenders with the following allocation):

        Vizia/Banknote 19%
        Getbucks/Mybucks 17%
        Mogo 16%
        Cream Finance 16%
        Credit Star 9%
        iute Credit 8%
        Capital Service 8%
        Eurocent 7%
        (for a total of 100%)

        To simplify, suppose the total portfolio is 100K EUR with 7000 EUR in Eurocent. 30% of 7000 is 2100. So given your estimate above I would have lost only just 2100 EUR on the Eurocent insolvency. Am I looking at this correctly?

    • Oscar Harrington Post authorReply

      Thanks Mike, we’ve updated the table (that’s a quick upgrade for them!)

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  28. kari Reply

    What do you think about Express credit? They published results for 1H 2018 and now they are profitable

    • Oscar Harrington Post authorReply

      Hi Kari. You are right, they have just provided an update, and info on their profitability for the first time. Their score has increased from 32 to 53 as a result. The one thing that makes us nervous is that they don’t seem to have hedged their FX exposure fully. They are also African based which makes them riskier in our view than a similar lender operating within the EU. However their results for 1H 2018 were pretty strong – let’s see if they can maintain this for the full year.

  29. Ian Reply

    Hi Oscar,
    Thank you very much for all the hard work that you and your team put into the site. I have found it very helpful in selecting my portfolio on Mintos. I now have in excess of EUR100,000 spread over 14 loan originators, ranking from 83 down to 50. My question is this, what would be your advise if the BREXIT results in a hard exit. Would it be more difficult to get our money out of Europe and would there be any tax liabilities in the country of investment?

    • Oscar Harrington Post authorReply

      Hi Ian thanks for the feedback. To answer your question – it is highly unlikely that you will not be able to repatriate your Mintos funds back to the UK under any scenario. There could potentially be introduction of withholding taxes on earnings, although this could be offset against your UK tax bill, and in any event we don’t expect this to take place. A hard brexit would however likely in our view lead to a depreciation of GBP against EUR. This would actually result in the value of your investment to go up in GBP terms. However predicting FX movements is very difficult and there can be no certainties around this. We definitely do see benefits in holding investments that are denominated in currencies outside the ‘home’ currency of an investor.

  30. Ian Reply

    Hi Oscar thanks very much for your reply, it’s set my mind at ease, considering the amount of investment I have on the Mintos platform.
    Keep up the good work.

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  33. Nikituska Reply

    Hi all, if Twino was Mintos lender, what would the results be in the individual categories and the overall rating? I think it is comparable and makes sense when we consider diversification not only across marketplace, but accross whole P2P industry…

    • Oscar Harrington Post authorReply

      Hi. It’s a great question. The answer unfortunately is that we really don’t know. The last results released by Twino are for 2016. That’s one of the main reasons we have been critical of them – their financial disclosures are simply inadequate. There are no good excuses for holding this information back from Twino investors.

  34. Jake Reply

    How about comparing Peerberry lenders with Mintos? How do they fare on these scales?

  35. Peter Reply

    Hi Oscar,

    Congratulations for the good work. This is very useful.

    Can you confirm the capital for:
    ID Finance: Financials show a figure of 6.4 at December 2017
    Dozarplati: Financial Show a figure around 1,6 (122 157 RUB / 76)

    • Oscar Harrington Post authorReply

      Hi Peter, thanks very much. For ID Finance – we used the group figures rather than the subsidiary ones. ID Finance held USD$ 24.6 million of equity which we converted to Euros in our table. We agree with your Rouble equity figure for Dozarplati of 122 million. The exchange rate can move a little – we are showing EUR 1.7m vs your figure of EUR 1.6m which we agree is more accurate based on today’s exchange rate.

  36. Pietro Reply

    Hello, my name is Pietro and I would like to know why the rating for EBV FINANCE is so low, what are the motivations. I apologize for any mistake in form or writing but I do not speak English well.
    Thank you

    • Oscar Harrington Post authorReply

      Hi Pietro your English is fine. EBV has scored 63 which is higher than many other lenders. Mogo has said that their performance in the first half of 2018 was good but have not published any documents. Once we see their next results they could potentially get a higher rating. They have quite a complex product line, a limited track record and their disclosures could be higher quality. Those are the main reasons why they did not score more highly.

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  38. Diego Reply

    Hi Oscar
    What do you think about APR charged to borrowers on the loans listed on the platform mintos? In medium and long term loans (over 12 months) there are over 200% APR, and in some cases as loans listed by CreamFinance over 2000% !!!!
    Are the numbers correct?
    How is this sustainable?
    In my country (Portugal) and in near Spain, normaly the APR charged to borrowers never excedd 30-40% for mid or long-term loans.

    • Oscar Harrington Post authorReply

      It’s a great question Diego. The first thing to say is that payday loans (30 days or so) can have very high calculated APRs, even though the actual amount of interest and fees paid by borrowers on a loan is not very high. That is because of the way the APR calculations work, which assumes that these fees are paid every month, and the loan remains outstanding for a whole year rather than a month. Most people are not actually paying interest of 500-2000% over a 12 month period as that is clearly not affordable. However if you look at an 18 month Creamfinance loan on the primary market right now the calculated APR is around 36%. Yes that’s quite high, but not much higher than is typical in Portugal like you said. Creamfinance only broke even last year, so they are not making a lot of profit from their lending currently. As an investor you can decide that you don’t want to support high cost lending by buying these loans. But if you look at it from a purely financial perspective, the key things to focus on are the profitability of the lender as you are really relying on their ability to do good credit scoring and their ability to buy loans back under the buyback guarantees.

  39. Christian Reply

    Hi, again, thx for updating the page and please keep doing so, many people use your evaluations to reevaluate their risks when investing, like myself… I believe the combination of the Mintos rating, your complimentary rating that is solely based on the financial reports, and the Mintos statistics can help making the overall risk considerably smaller, at least I hope so and try to convince myself :).

    The June 2018 Varks.am report is indeed only in Armenian, do you happen to know any friends who could help translating it? :). If not, I am sure that if you asked for help on the page, there’d be someone who reads & helps!

    By the way, I think you forgot adding Kredo, another new loan originator from Albania!

    • Oscar Harrington Post authorReply

      Hi Christian. You guys are really on the ball today! Thanks for reminding us about Kredo – we’ve now added them. And as for Varks – yes if there are any Armenian readers please get in touch! Failing that, we have contacts at Mintos and we will try and obtain the key figures from them. It’s surprising that Mintos felt it was sufficient to upload financial statements in Armenian given that a very, very small percentage of their investors would be able to use them….!?

  40. IGOR Reply

    Hi Oscar,

    The financials for Hipocredit are from 2016, but if you look into their presentation, you will find updated financial data on June 2018.

    Thank you for this post. It really adds value to all Mintos investors.

  41. Jakob Jensen Reply

    I have with great interest used your Mintos lender rating list, but one thing struck my mind. P2P lending is very universal. Would it not be an ide to as lenders from countries of not audited loan orinators to help get info. As a dane it is much more easy for me to get info from scandinavian companies that polish companies. Use the crowd to get info 🙂

    • Oscar Harrington Post authorReply

      Hi Jakob. It’s a good suggestion. We would love to hear from anyone who would like to help with this project. One thing we plan to do is to try and push Mintos to provide much more up to date information to its investors. It’s not satisfactory to have lenders who do not provide figures and information at least every 6 months, and it’s not satisfactory to only receive very old data and information. That may well be to try and prevent their competitors getting useful data, but most lenders who are doing well are actually the ones who provide the best quality disclosures.

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  45. Gerry Reply

    Hi Oscar,

    Can you have a look at the new lender Peachy for us and add them?


  46. Nikolay Reply

    Hey Oscar,

    your site provides an invaluable service to many mintos investors. Thanks for that! I just wonder if there’s any chance of getting insights into how you actually calculate your scores. If you don’t want to share the details, could you maybe drop a few keywords that would allow me to research the topic further?


    • Oscar Harrington Post authorReply

      Hi Nikolay. That’s a great question. There’s a lot that goes into it – rather than answer inadequately here in the comments, it may be best that we publish something on this in the next few weeks so we can help people understand what the key things are to look out for….

  47. Christian Reply

    Thanks for the update! What are your thoughts on the additional risks for Peachy regarding the loans offered in Euro , Brexit and exchange rates from Euro to Pounds etc?

    An article that explains how you do the rating would be fantastic yes, please do so. A little Christmas present from you to the whole world 🙂

    • Oscar Harrington Post authorReply

      Hi Christian. Regarding Peachy, most loans seem to be offered in pounds, so there is no FX risk. We have bigger concerns about other lenders that operate outside the eurozone but fund in Euros. Looking at their financial statements, it seems that they are not fully hedging (and in some cases not at all) their FX exposure. Unfortunately almost none of the lenders provide any information about this in their promotional presentations uploaded to Mintos and we need to carefully review the notes of the financial statements (if there are any) to assess this. If there’s a significant currency depreciation in many cases its unclear what would happen to each lender. That’s why it’s safer to buy loans from lenders who are lending in the same currency as they are paying to investors on Mintos.

  48. Christian Reply

    Hi Oscar, thanks for the reply! Regarding Peachy, as of today, their total loan portfolio is listed as £ 3.6m, while the loans outstanding on Mintos are € 2.63 M (note the different currencies here). I do not see any loans offered in £ actually, but I guess they also offer loans in £ outside of Mintos, or why do you say “most loans”? Just curious…

    It might be worth adding a column to the table or a summary of which loan originators are exposed to a FX risk. SOme are mention throughout the text and comments, but I’d really find a summary of some sort very useful. Thanks so much for your work here, and your responsiveness!

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  50. Christoph Reply

    Hi Oscar, Capital Services from Poland had recently been downgraded here quite a lot. They published a new financial report for the first half of 2018 on their website. Does this financial update change your rating on Capital Services in a positive way? Thanks! Christoph

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  52. Bart Engelen Reply

    I was wondering if anyone has looked at the Mogo business practises carefully? I routinely see 5-6 year loans given to buy 15 to 20 year old vehicles…with a large principal to be paid off at the end of the loan term. Isn’t it common sense to realise the value of those vehicles will be pretty much 0 by the end of the loan term? Clients won’t be able to sell the vehicle for a price anywhere near the remaining principle so they will be forced to save that money before the end of the loan term…I can see that going wrong a large percentage of the time. There are huge liabilities for Mogo in that regard, as the collateral for the loans will be pretty much at 0 value with 25-35% of the principal still unpaid. I can’t see this going well long term…no company should ever lend money with that long a repayment period for vehicles that age. Am I wrong in this regard?

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  56. Nuno Reply

    29 January:
    In this new update you state that Getbucks was score droped to 29… but in the chart it is still listed as 46…

  57. Seb Reply

    Would be interested to read your comments to Mogo’s results releaser yesterday 13.2.2019.

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