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

Last updated - 2 October 2019

Mintos lenders can default or close down - it has happened before

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. Other lenders have been quietly removed from Mintos recently, with the lenders closing down their operations – including Dindin and BIG Microfinance. We had raised concerns about both of these companies – thankfully Mintos lenders were repaid in full in these cases. 

These events have inevitably led investors to pay more attention to the quality of the other lenders on the Mintos platform. That led us to create this page – our Mintos lender ratings. Our goal is to provide investors with key information on each lender, and a rating score to help highlight those that are lowest and highest risk. 

New potential default - Aforti

On 7th August 2019 Mintos announced that it was suspending primary and secondary market loan purchases relating to Aforti Holdings of Poland. You can read the statement here. On 16th August 2019 Mintos announced that the issues at Aforti were on their way to being resolved, as they had started remitting funds again. However the situation still remains unclear. The Mintos statistics page shows that there is currently around €2.2 million of loans still outstanding, nearly all of which are in arrears. Some loans are shown to be beyond 60+ in arrears, which indicates that there is potentially an ongoing issue. 

The outstanding amount of Aforti loans is fairly small as a percentage of the total loans on the marketplace, but the unexpected issues at Aforti will have impacted investor confidence. 


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 Profit - latest Profit - prior year Audited
Mogo Jun 2019 161.2 21.1 7.4 2.6 Yes
ID Finance Holding (Kazakhstan) Dec 2018 86.3 9.5 7.9 3.7 Yes
Creditstar Mar 2019 88.5 20.0 2.8 2.2 No
Capital Service Mar 2019 27.6 3.3 -0.5 -1.4 Yes
Kredit Pintar Dec 2018 4.8 8.6 5.9 No
Credissimo Dec 2018 17.2 16.3 3.2 5.0 Yes
IuteCredit Jun 2019 64.7 14.8 7.4 7.3 Yes
ExpressCredit Mar 2019 12.7 -3.4 -2.6 -1.6 No
Vizia / Banknote Jun 2019 26.5 6.5 4.0 4.6 Yes
Simbo Dec 2018 6.9 -0.1 0.8 -1.0 Yes
SOS Credit Jul 2019 1.2 1.2 0.2 0.2 No
Monego Dec 2018 4.1 0.4 -0.6 0 Yes
Tengo Sep 2018 4.1 -0.4 No
Cashwagon Dec 2018 20.9 5.3 -5.1 -6.3 Yes
Placet Group Dec 2018 32 15.9 3.5 3 No
Akulaku Nov 2018 67.4 48.4 -23.5 No
AgroCredit Dec 2018 5.2 1.8 0.2 0.1 No
Acema Mar 2017 38.6 14.7 2.0 2.4 Yes
BB Finance Group Dec 2018 14.2 4.9 -1.1 0.8 Yes
Creamfinance Dec 2018 51.2 12.4 1.6 -0.4 Yes
Extra Finance Dec 2018 4.6 2.0 0.1 2.0 No
Mozipo Group Dec 2018 11.1 -4.8 -2.5 -1.7 No
Aasa Dec 2018 73.2 -2000 -2000 -2000 No
Kredo.al Dec 2018 2.8 0.1 -0.8 -0.2 No
Aforti Dec 2018 27.1 1.7 0.1 0.3 Yes
Dinero Dec 2018 4.1 2.0 -1.6 -0.2 Yes
Dozarplati Dec 2018 6.2 2.7 1.0 0.1 No
Capitalia Dec 2018 1.5 0.5 0.0 0.0 Yes
Credilikeme Dec 2018 0.4 1.1 0.1 -0.7 No
Lendo Mar 2018 21.3 2.1 -2.2 No
EcoFinance Dec 2018 4.9 1.7 0.1 0.4 Yes
ITF Group Dec 2018 2.5 1.2 0.2 0.2 Yes
EBV Finance Dec 2018 18.3 3 0.3 0.1 Yes
Hipocredit Dec 2018 5.3 0.2 0.1 0.0 No
Debifo Dec 2018 7.8 0.1 -0.1 0.2 No
Kviku Dec 2018 8.8 1.8 0.7 0.1 Yes
Rapido Finance Dec 2018 1.8 -1.7 -1.7 -1.9 Yes
Tigo Dec 2018 2.1 -0.7 -0.8 -0.3 Yes
Peachy Oct 2018 4 -1.2 -0.7 -1.6 No
GetBucks Dec 2018 111 -2.6 -14.7 -12 Yes
Varks Dec 2018 16.6 3.7 6.8 -0.9 Yes
LF TECH Dec 2017 20.8 16 10 5.1 No
Credius Dec 2018 9.7 7.8 0.4 1.8 Yes
Rapicredit Dec 2018 2.8 0.1 -0.7 -0.4 Yes
Sebo Dec 2018 9.5 -0.2 1.8 -0.6 Yes
Kredit24 Dec 2018 2.4 -0.7 -0.7 0.7 Yes
Watu Credit Dec 2018 8.3 1.8 1.6 0.2 Yes
Bino Dec 2017 5.7 -1.7 -2 -0.1 No
Everest Finanse Dec 2018 102.6 31.6 -8.3 -6.6 Yes
Kuki.pl Dec 2018 72.7 5.2 -6.9 No
Stikcredit Jun 2019 3 2.7 0.8 0.5 No
E-Cash Dec 2018 0.6 0.2 -0.6 0.0 No
1pm Nov 2018 141.6 57.3 7.1 7.2 Yes
Esto Jul 2019 5.7 3.0 -0.1 No
Metrokredit May 2018 5.5 -4.9 -11.8 No
Zenka Aug 2019 1 1.3 -1.7 No
AlfaKredyt Dec 2018 4.9 1.3 0.3 0.2 No
Mikro Kapital Dec 2018 21.3 5.5 0.1 0 No
Fireof Dec 2018 3.8 0.9 0.0 No
ID Finance Spain Dec 2018 11.6 -0.9 0.1 -0.4 Yes
ID Finance Mexico Dec 2018 1.7 -1.0 -0.6 -0.4 No
Lime Zaine Dec 2018 10.3 3.3 0.6 0.6 Yes
Dineo Credito Dec 2018 8.6 1.3 2.2 2.8 No
Dineria Mar 2019 1.6 -1.4 -1000 No
Lendrock Dec 2018 0.5 1.1 -0.3 -0.2 No
Dziesiątka Finanse Dec 2018 4.4 2.0 0.2 0.0 Yes
Novaloans Mar 2019 1.2 1.3 0.9 0.5 No
Alex Credit Mar 2019 3.1 1.3 0.6 -0.3 No
CashCredit Dec 2018 8.5 2.2 0.7 0.1 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.

Latest rating changes - October 2019

New: E-Cash

E-Cash is yet another new and extremely small lender with no real track record. It is based in Ukraine. The entire company is worth less than what many Mintos investors would expect to make as their annual bonus this year. We really don't understand how or why a company with only €200k of equity is able to access the Mintos platform. However that's not really your problem, unless you accidentally purchase their loans. Initial score of 26.

New: Stikcredit

Stikcredit is a much better addition to the Mintos platform than E-Cash. It is larger, has a longer and better track record, and is profitable. It also currently has strong capital ratios. The main downside is that it is still quite small, with a loan book of only €3m. Our initial score is 53.

Latest rating changes - September 2019

New: Zenka

Zenka is an app-based lender that has recently started in Kenya. It is very small, with only €1 million of loans outstanding. The small size and limited track record means that it is currently at the higher risk spectrum. One positive is that the company says it has its first monthly profit in August 2019, and Kenya is a market that is one of the world leaders when it comes to use of app based banking and mobile phone payment transfers. Our initial score is 41.

New: Esto

Esto is a new point-of-sale finance provider from Estonia. We like the business, even though it is very new and still proving itself. It claims to have reached profitability in August 2019, and generated remarkably small losses during its start-up phase. Lending performance so far has been very good, and the company appears to have a loan product with impressive technology behind it. The quality of Esto's reporting and presentation is amongst the best we have seen from the new start-up lenders to have come onto Mintos. Our initial score is 60.

New: Everest Finanse

In some ways Everest Finanse is exactly the type of new lender on the Mintos platform investors have been waiting for. It operates in Poland, which is a strong economy with a reliable jurisidiction. Everest has a very large loan book, and strong capital ratios. If only it wasn't deeply loss making. This is not made clear at all in the glossy management presentation uploaded by Mintos, but peer into the (Polish language) financial statements and you will see they have lost around €15m over the last 2 years. It's hard to understand why the financial results are poor now that they have reached scale. That's why, despite everything else, their initial score is only 51.


Mozipo has finally published their overdue results for 2018 and they not good, with a loss of €2.5m. Mozipo Group now has a significant negative equity position. The only positive to come from the results is the €0.4m profit made by their Lithuanian subsidiary Moment Credit, which provides guarantees to some loans listed on Mintos. Our score is now 36, down from 39.

Ratings re-affirmed:

The following companies had no changes to their scores following their latest financial disclosures: Hipocredit, Vizia/Banknote


Metrokredit had an initial rating score of only 13. This was because of small size, lack of track record and very poor disclosures. Following their results for 1H 2019 their score has fallen even lower to 11. Why? The lending group made a huge loss of €6m. For every €100 it owes to creditors (including Mintos investors) there is only around €57 of assets. It is not clear why or how the business generated such a large loss but for now investors can presume the situation has very high risk.

Failures to report

We have assigned disclosures scores of 0 to the following companies, who have not reported any results since December 2017 - LF Tech, Lendo, Bino. In our view Mintos lenders should be providing financial updates every 6 months at a minimum. It is not acceptable for lenders to operate for over 20 months without providing a financial update. This should be considered a 'red flag'. We will revise these scores if and when new financial information is provided.

Latest rating changes - July/August 2019


Mogo released its 1H 2019 results (click the arrow above for link). We had been cutting the Mogo rating due to its growing leverage and default rates. However leverage is now stable, and Mogo recorded a strong profit in 1H19 on the back of lower bad debt costs. Score increased from 71 to 76.


Rating has been suspended pending further information from Mintos and/or Aforti (see comments above)

New: SOS Credit

SOS Credit is a very small lender from Ukraine, with a €1.2m loan portfolio. However it has been profitable in the last 2 years and is currently mainly funded with shareholder equity. However these positive factors are offset by low scores for small size and poor disclosure quality, leading to a score of 46.

ITF Group

ITF Group received a slight increase in rating from 45 to 50. It is a tiny Bulgarian lender but is stable, has good leverage ratios and it makes a small profit each year. If it was 20 times larger we would like it a lot more.

Ratings re-affirmed:

The following companies had no changes to their scores following their latest financial disclosures: Iute Credit, Dineo, Rapido


Kazakhstan lender Kredit24 has had its score fall from 50 to 32 following release of 2018 results. It fell to a loss in 2018 and now has a negative equity position.

Cash Credit

Cash Credit has received an upgrade from 35 to 53 following a big increase in profit in 2018 and improved disclosures.


Polish lender Alfakredyt was upgraded from 33 to 45 based on its higher profit in 2018 and increased capital levels.

BB Finance

BB Finance now operates in just Finland and Estonia. It has had to close down its Georgia and Czech Republic operations in 2019 as they were loss making. Losses in these countries were the main reason why the business fell to a loss of €1.1m in 2018. Their score fell from 62 to 55, but it will likely recover in future if it can recover in its core markets.

Capital Service

Polish lender Capital Service has had its score fall from 65 to 57 following release of 2018 results. In the last two years it has generated pre-tax profits but it has incurred huge (unexplained) corporation tax bills that has pushed it into a loss. This, as well as an increase in leverage has led to a fall in score.


Small lender Dozarplati had been break-even in 2016 and 2017 but it achieved a €1m profit in 2018. It has also grown its capital base and these factors led to a score increase from 56 to 61.

Watu Credit

Big score lift from 39 to 61, driven by a very strong result for 2018. Profit increased from €0.2m to €1.6m. The business also grew its equity and loan portfolio considerably, and has reasonable capital ratios.


Russian lender Kviku had a successful 2018, increasing profits considerably, from €0.1m to €0.7m. Balance sheet ratios also improved, leading to a score increase from 45 to 57.


Columbian lender Rapicredit's losses continue to grow, with a €0.7m loss in 2018. Quite frankly we think their balance sheet looks very strange to us too. Our score has fallen from 40 to 28.


Slight downgrade from 34 to 32 due to the company moving from a profit in 2017 to a small loss in 2018.

ID Finance

ID Finance finally released their audited 2018 financial statements. Our overall score fell slightly from 81 to 78. Their score fell slightly due to higher leverage and slightly lower profits than their previous presentations had disclosed. Overall though ID Finance is still performing well.

Express Credit

Express Credit has operations in 2 countries. We have combined the results of both for our tables above. Both countries made substantial losses in 2018 and now have negative equity positions. We have cut rating from 53 down to 22.

Extra Finance

Extra Finance experienced a sharp fall in profits in 2018 - from €9.1m to €0.3m. This has been the main reason for the fall in score from 60 to 52.

Credit Star

Slight upgrade from 77 to 79 on the basis of record profits for Q1 2019 and stable balance sheet structure.


The last time Danish lender Simbo reported results it disclosed a loss of €1m. In 2018 it managed to achieve a profit of €0.8m. It continues to have a weak balance sheet, but the improved profit situation has led to a score increase from 24 to 43.


Minor downgrade of score from 70 to 68 due to a fall in profits in the most recent report. However the business continues to be strongly capitalised.

Ratings re-affirmed:

The following companies had no changes to their scores following their latest financial disclosures: Agrocredit, Credissimo, Credilikeme, Placet Group, Kredo, Efaktor, Cashwagon


Slight upgrade from 39 to 43 following publication of first year results.


Most loans on Mintos are from the Polish subsidiary of the 'Supernova JV'. However no results have been provided for this business since 2016. The latest group presentation for Supernova suggests the group is performing very poorly due to problems with their Finland subsidiary and is experiencing funding issues. There is insufficient information to support remaining invested in Aasa Poland and have withdrawn any rating due to lack of information.

Our views on the new lenders

In June 2018 Mintos introduced a British lender – Novaloans. The business is extremely small, but has a good profit history over the last 2 years. If it was much larger we would be very positive about the business but its initial rating is only 51. Mintos also introduced Ukrainian lender Alex Credit. The business is extremely small, with a loan portfolio of only €3 million, however it is profitable. Its initial rating is 41. Another new lender is a Polish lender called Dziesiatka Finanse.  Unlike many lenders on Mintos it has been operating for 8 years. The main downside again is that it is very small. It is however part of a larger group (although it does not receive a guarantee from the group). Our initial score is 62. In June Spanish auto lender called Lendrock also joined. The business model seems promising however it is currently extremely small with a limited track record. Our initial score is 41. In May a tiny lender from Mexico called Dineria joined Mintos. We are really not sure how they qualified to join Mintos given that they have less than €2m of loans, and have negative equity. We awarded them a score of only 12/100, and Mintos has awarded a rating of only B-.

A recent lender to join that has scored well is Indonesian Fintech lender Kredit Pintar. Kredit Pintar reports that it had a very profitable first year of operations (which is a little surprising for a new business) and a strong capitalisation (equity is much higher than its loan book). We note that it is backed by some well known investors and its app is highly rated by customers on the Google Play store. It has achieved an initial score of 66, which should increase in the future as it builds a longer track record and provides more financial information about its business. Mintos gave it a B+ rating.

In February 2019 a profitable lender from Spain joined Mintos – Dineo. Dineo achieved an initial score of 60. Once it publishes its 2018 financials, and improves its financial disclosures, we think this score will improve. The most recent lender to join was Mikro Capital from Russia. Mikro has good capital ratios and a reasonable size, however its earnings have been weak in the last two years, barely breaking even. Its initial score is 47.

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.

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.

Next step: consider adding these sites to your portfolio

EstateGuru logo

EstateGuru is an excellent site that offers loans secured on real estate. Rates are high - around 11%. Currently mainly focused on the Baltic region of Europe but with plans to expand into other countries.

Viventor logo

Viventor is a similar site to Mintos, just smaller. Some secured loans are available. We also provide Viventor lender ratings.

Bulkestate logo

Bulkestate is a small but growing site focused on loans secured on real estate. It offers loans secured by real estate. Their rates are the highest in Europe for secured loans currently (11-14%)

October P2P logo

October is focused on lending to small businesses in France, Spain and Italy. Rates are often a little lower than the other sites we list here, but some investors will like October due to the countries it operates in.

PeerBerry logo

Peerberry offers loans from multiple lenders. Rates are usually around 12%, and most loans have buyback guarantees. The site is easy to use and has a great design.

Lenndy is another multi-lender P2P investment site. It is much smaller than Mintos, but it has an interesting range of loans. Many have high rates, with buyback guarantees

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

  1. Nuno Reply

    Dear everyone

    I am extremely concerned with this new Aforti developments revealed by Mintos.
    It seems the loan platform that I send money to is actually also a player in the middle of all this loan mayhem, they are a credit house.
    1st there are all this shady originators with “mintos participation” and no one has a clear picture of how exposed the “platform” and our money balances are to this originator.
    2nd Now we get this revelation that Mintos is passing payments to investors in advance to future transfers from Aforti that is not even one of those Originators with Mintos participation.
    I am very very worried about this. I am fully aware that P2P loans is a very risky industry but according to my understanding of the business model and in a scenario of 2, 3 or maybe even 4 Loan Originators failing in a year I was projecting losses to myself of a maximum 5%
    And in my risk profile I am tolerant to those losses.
    Now I start to see that this might not be the case, there is a lot going on that Mintos does not inform. They are not as transparent as they claim they are.
    I see loans going 60+ days late from originators that supposedly have buyback guaranty … and not a single word from Mintos.
    In a very negative scenario of a recession with multiple Originators associated with Mintos failing are we talking about our payments being suspended, frozen because Mintos is neck deep in exposures to negative cash flows ?
    I think I need to see more people’s opinions.
    Mintos is already a very big bomb and a lot of people have serious money in there and I think things cannot continue this opaque.
    If Mintos is another layer of risk that investors were unaware I think everyone needs to reconsider what they are doing in Mintos

    Best regards

    • Fian Reply

      I agree with you NUNO.
      Mintos has revealed itself as very untrustworthy company with Aforti Finance scandal. (Read Mintos Blog regarding Aforti Finance articles and discussions for more details)
      It has been revealed that actions what they are doing with investor’s money are not the actions in what investors believes.
      I now understand clearly why FCA refused the application of Mintos.
      If Mintos is a timing bomb it will be huge crush.

    • Oscar Harrington Post authorReply

      It is a very confusing post that raises some questions as you say. We will try and get more information on this through our channels.

    • Gian Piero Reply

      Reading this has pushed me to keep reducing my position in Mintos. Mintos’ track record does not show that they are administrately incompetent. Therefore I fear that Mintos is deliberately lending money to an originator in trouble, putting themselves at risk and all the investors at risk. What is deeply wrong is that Mintos by lending to Aforti puts at risk investors that have zero exposure to Aforti. All investors have (or have had) Aforti risk through Mintos that was/is unknown and not remunerated.

  2. Thomas Reply

    Today Mintos release an update on Aforti

    I am actually quite shocked of the news that Mintos gave advances to Aforti (credited investors for a long time even when didn’t receive payments from aforti) up to probably around 700’000 EUR. That’s about 33% of the open portfolio of Aforti…

    So I thought that the platform risk that Mintos defaults might be small. But it seems to me, that clearly they struggle to have proper processes in place to protect themselfs. And there are quite a lot of originators who are related to mintos.

    I am actually not sure if I should say the journey Mintos already good bye. It worries me.

    How about you?

    (Anyone knows any good discussion board?)

  3. Błażej Reply

    Thanks again for keeping up great work! Do you have any opinion on new originator E Cash from Ukraine and Creamfinance in Spain?

    Thanks in advance, Błażej

    • Oscar Harrington Post authorReply

      Hi Błażej. Thanks for the kind comments. We have just updated to include E Cash (and Stik Credit too). For Cream – we have already rated them as a group – suggest you use that rating for now, unless we think the Spanish subsidiary is substantially better or worse in credit quality.

    • Oscar Harrington Post authorReply

      Thanks Christian – we have just updated the page.

    • Oscar Harrington Post authorReply

      As always Christian thank you for your assistance and diligence, we have updated the page with our thoughts.

  4. Christian Reply

    Hi, thanks for updating! Did you see that Metrokredit bought a company recently that was loss-making, is that the reason why it performed so badly in the balance sheet? Or this happened so recently that it is not yet reflected in the balance sheets, which means the next report might be even worse? Check the Mintos news for the full information.

    Did the audited Cashwagon report change anything from your perspective?


  5. Johan Reply

    I’m curious on why you removed the rating of Aforti and Aasa? It would be interesting to see what it was before issues was observed. Adding a exclamation mark in the column for susspected issues for Aasa and a STOP mark for Afortis defaulting on payments could be an alternative.

    • Oscar Harrington Post authorReply

      Hi Johan we discuss both companies, and reasons for removing ratings a little in the post. The Aforti score had been 50/100, so not one of the worst based on the financial information they had provided. For Aasa, the company has simply not provided relevant, reliable financial information for the Poland subsidiary that is operating on Mintos. The overall group made a substantial loss and is facing issues. These two factors led us to withdrawing any ratings for now.

    • Oscar Harrington Post authorReply

      Thank you as always Christian. We have updated the page. Agree with you that Esto looks good.

  6. Christian Reply

    Hi, two more comments upon closer inspection:

    1) There is a new loan originator: ESTO. I think it looks pretty good despite the low rates being offered currently. Your evaluation is highly valued:
    2) I found a lendo Q1 2018 report here: https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/0B655CF9-99E2-20F7-7211-CAA21B8B8427.pdf. It is linked from here (https://blog.mintos.com/lendo-published-latest-operational-results/), which also explains the regulatory changes in Georgia that Lendo had to / has to face. Still, no update for the rest of 2018 yet, which I agree i concerning and should be “punished”.


  7. Rui Reply

    Thanks for the work on this page, I’d really appreciate a column for total assets and total liabilities on that first table. Cheers.

  8. M @ Radical FIRE Reply

    Hi there, I love your article and I’m using it as input for my own blog post – thank you for creating this and keeping it up to date. I can only imagine the work that goes into this!

    Regarding Efaktor, it seems that they’re not on the Mintos platform anymore – at all. I can’t find on their website or their blog any information about this loan originator anymore. Just to update you and to let you know!

    Thanks for this great article!

    Cheers, M @ Radical FIRE

    • Oscar Harrington Post authorReply

      Thanks M. Mintos tend to make big announcements about new lenders and are very quiet when they leave…It’s happened before. We’ve taken Efaktor out of the tables as it appears there are no longer any of their loans on the primary or secondary market.

  9. Gian Piero Reply

    27793 Loans Available, today 17 September. It is becoming very difficult to have a diversified loan mix of the top 15 originators. Mogo and Creditstar, but then there is not much left. Some say this is seasonal, does anybody know if there might be something else to explain this lack of loans?

    • former_investor Reply

      Hi Gian Piero,

      I have been on Mintos since February this year and I can already tell it’s very seasonal. During the summer holiday period there was an abundance of 15+% loands in EUR as well as multiple cashback programs. I just checked and could not find 12+% EUR loans on the primary market.

      That being said, I am withdrawing all my funds from Mintos with over 90% of funds already withdrawn. Not a reliable investment, if you ask me.

      • Oscar Harrington Post authorReply

        That’s why sometimes it can make sense to buy longer duration loans when rates are high – 12%+ rates are great, but if the duration is only 1 month that income may not last for long. Of course lenders have the ability to buy back any loans when they want, but if they don’t then the impact of the changes in rates you refer to can be reduced.

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    • Oscar Harrington Post authorReply

      There’s 2 important things we look at – the ratio of equity to loans (higher the better), and the absolute amount of capital. If a company has only received a small amount of equity funding it’s going to get a poor score even if the ratios look OK. We also take into account whether the business is profitable or not – if it is losing money we will want it to be holding more equity.

      • Rui Reply

        I see, thanks for that explanation. I’d like to suggest, if I may, that you add an explanatory section to this blog article clarifying how you calculate your scores please, I think that’d be great for everyone who comes across it. Thanks for all your trouble, cheers.

  11. Nuno Reply

    Thank you so much for keeping this page Oscar
    This is one of the best if not the best source of guidance information concerning mintos Originators
    When you review some company up like for example Varks some time ago, those poor guys must see a tsunami of cash rushing their way, they must go: “wtf ??? all our loans were just bought”
    I remember Simbo loans disapeared in a sanp overnight

  12. Jan Cech Reply

    There was an update on Everest financial statements published on Mintos on 4th September. In the new financial statements they are making nice profits…

    • Oscar Harrington Post authorReply

      Hi Jan. Yes there are new ‘pro-forma’ figures provided showing a very different story.. We are asking Mintos to clarify what these pro-forma financials are and why the results are so different

  13. Tomas Reply

    Hello Oscar,

    Everest probably uploaded other documents with other results. I do not understand that.

    Banknote and Credistar published results for 1H 2019
    for Banknote: https://www.expresscredit.lv/documents/ExpressCredit_finance_statements_unaudited_2019_2Q_eng.pdf
    for Credistar: https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/93DEADD9-BE5D-9025-BD9E-E81B6D9F5054.pdf (at the end of the document)

  14. Vin McQueen Reply

    Regarding Everest – it is not so unusual since they have a massive balance of issued bonds and bank loans. While EBIT is positive (7.3m PLN in 2018 and 9.5m PLN in 2017), they pay massive interests and end up with negative gross profit. Additionally they have to pay huge tax, because costs on impairment is not a tax costs according to tax authorities (similar story as Capital Service, I was explaining in comments) and that’s why they have huge loss.

    On the positive note, they also have huge equity, so they afford to carry those losses on their balance sheet.

  15. Christian Reply

    Hey guys, thanks as always for being so quick on updating, truly outstanding. Good you caught the losses, I just glanced over the Mintos documents and I was positively surprised as you were in the beginning. I am wondering now why Mintos gave it a A-, there must be a good reason for the loss and hope in the horizon to stabilize again, otherwise Mintos cannot possibly give an A- despite the track record. I think they know and see more than the statements, what are your thoughts? I want to believe and do believe that their evaluation and rating process has been refined over time, so assigning a loss making company with an A- if there is no good reason to believe this can be reversed sounds very wrong and risky to the point that investors will feel betrayed by hiding this piece of information.

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