2017 was a big year for Mintos. Huge growth has made them by far the largest P2P platform in Continental Europe. We asked CEO Martins Sulte to tell us where the business is heading
2017 was a break-out year for Mintos. It grew by 340% to become the dominant P2P platform in Europe. Mintos now has 48,000 investors who have acquired €360 million of loans over the last 12 months.
We think there are three key reasons for this success. Firstly, Mintos is a multi-lender platform, which allows investors to diversify their investments across more than 30 lenders and multiple loan types. This is more attractive for investors than platforms offering loans from a single lender. Secondly, the Mintos website has excellent functionality and reliability. Customer service is also strong and multi-lingual. Finally, investors in Europe have large sums available to invest in P2P loans, yet fewer options than other markets such as the UK up to now.
2017 was not a perfect year for Mintos. We have previously covered some of the events that concerned investors, such as lender Eurocent running into financial difficulties shortly after joining the platform, and Hipocredit using fine print to buy back loans that investors wanted to keep.
We have been pleased to see the numbers of lenders on the Mintos platform continue to grow and provide investors with additional choice and variety. We have some concerns however, that some of lending businesses may be a little young and small to be given access to Mintos.
Our Mintos lender ratings have been designed to allow investors to compare the financial profile of each lender and reduce the risk of their portfolio composition. While Mintos claims to have performed full diligence on each lender, we still think it pays to be selective on which loans to include in a Mintos portfolio.
We asked some Mintos investors what questions they would like to ask Martins Sulte, CEO of Mintos. We thank him for addressing many of these questions, which we publish below.
Martins, Mintos seems to be growing quickly and performing well. Is Mintos now operating at a profit?
Do you expect more lenders to join Mintos? What does the pipeline look like? Will more Western European lenders join in the future?
If you are not already a Mintos investor, you can benefit from a special offer available through Explore P2P. Simply visit Mintos with this special link and register. You will automatically receive a 1% bonus on all funds deposited and invested within 90 days of joining. Full terms and conditions are available on the Mintos site.