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

Last updated - 8 January 2021

Mintos lenders can default or close down - choosing the best lenders is important

In 2017, Mintos lender Eurocent failed, and defaulted on its Mintos ‘buyback guarantee’ commitments. Since then there have been defaults and issues with several other lenders. Over the last 4 years we have been providing the scores and data on 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. 

To begin with, below we discuss some recent events:

Mintos suspends all Kazakhstan lending companies

Mintos has announced announced the suspension of all the Kazakhstan based lenders operating on Mintos. This included GFM, IDF Eurasia, Jet Finance, LF Tech and Sun Finance Kazakhstan. This is very understandable given the deteriorating situation in the country, which appears to be at risk of a civil war. It is far too early to understand what the likely impact is of the current events and what this may mean for Kazakhstan’s citizens and businesses. This does highlight however the higher risks of lending funds to lenders that are operating in developing economies outside of the EU/UK.

Mintos updates its ratings

Mintos has published some new updates to its ratings. There were no big surprises. Mintos upgraded Zenka from 4 to 5, and Eleving (formerly Mogo) Armenia from 6 to 7. 

Mintos becomes a regulated investment firm

Mintos has announced that it has been licenced by the Latvian authorities to operate a licenced investment platform and also be an electronic money issuer. What does that mean for Mintos investors? The most obvious benefit we can see is actually the electronic money licence. This should improve the safety of cash held on deposit at Mintos, as each investor will have their funds sitting in individually assigned IBANs, with the funds held in custody at regulated banks. Mintos also highlights that it will change the structure of the loans it sells to make them qualify as regulated assets. This will give investors some protections under European Union law (MiFID II). Mintos has also announced that it will be able to sell products such as ETF’s to its investors. We can see why this may be a good ‘cross-sell’ opportunity for Mintos, but it is not clear why investors would chose Mintos to buy ETF’s rather than a dedicated brokerage service.

Aforti litigation is successful - investors achieve a full recovery

Polish lender Aforti defaulted on its obligations to Mintos investors in 2019. The situation has always been a little mysterious as the company has continued to trade, and also remain listed on the Warsaw stock exchange. Mintos launched litigation against the company in 2020 and it has been successful. A bailiff was appointed by the Polish courts earlier this year, who was successful in seizing and selling assets owned by Aforti. Mintos has now announced that it has recovered sufficient funds to full repay all principal amounts outstanding, and some interest accrued since 2019. This is an excellent result, particularly as the Mintos recovery team had said that they were uncertain how much they would be able to recover for investors.

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):

Loan originatorReporting periodLoansEquityProfit - latestProfit - prior yearProfit - 2 years priorAudited?
Eleving (Mogo)Sep 202123934.512.33.56.2
IDF Eurasia Kazakhstan (S)Dec 202076.621.95.02.4-0.3
CreditstarSep 202117128.
Capital Service (D)Dec 202024.1-1.5-3.90.0-0.5
CredissimoDec 202016.915.
IuteCreditSep 20219923.
ExpressCredit (D)Dec 202020.
DelfinGroupSep 202138.
GoCreditJun 202111.
LF Tech (S)Jun 202122.38.38.5X
Jet Finance (S)Jun 20212.11.51.1-1.9-1.2
Conmigo Vales / CEGEJun 202173.316.66.51.3-3.4
ID Finance MexicoJun 202112.
Pay PSJun 202110.
Watu Credit UgandaJun 202113.71.30.9-0.4
CapemJun 202128.
AlivioJun 20218.
Sun Finance DenmarkSep 202011.
Sun Finance VietnamNov 20191.4-2.2-2.4X
Finko Dinero (D)Dec 201911.31.01.2-1.5
Finko UkrPozyka (D)Dec 20195.01.0-1.7
SOS CreditSep 20201.
DanaRupiahDec 20200.
Monego (D)Dec 20184.10.4-0.60
Sun Finance Kazakhstan (S)Dec 20184.1-0.4X
Cashwagon (D)Feb 202027.91.0-5.9-7.0
Placet GroupJun 202147.924.
Akulaku (S)Dec 2019118.365.5-33.9-37.9-22.1
Fenchurch LegalMay 202110.40.50.5X
AgroCreditDec 20196.
Wowwo (S)Dec 202031.
EvergreenDec 202010.
CreamfinanceSep 202133.813.32.9-0.80.9
Extra FinanceDec 20184.
Mozipo GroupDec 2019144.
AasaDec 201925.317.70.4-9.3X
Finitera KredoDec 201910.60.2-1.2-0.8-0.2
CreditterDec 20202.
Revo TechnologySep 2020236.61.20.8-1.2
DozarplatiSep 202022.
CapitaliaMar 20201.
EcoFinanceDec 20206.12.4-1.8-0.30.1
GFM (S)Sep 20206.
DineritoDec 202010.43.2-0.10.2-0.2
HipocreditDec 20207.
Finko Kiva (W)Dec 20193.50.6-1.10.0
DebifoDec 20187.80.1-
KvikuJun 202115.
Rapido (D)Dec 20181.8-1.7-1.7-1.9-0.8
Finitera TigoDec 20194.70.70.7-0.8-0.3
Peachy (D)Dec 20185.7-1.4-0.4-2
GetBucks (D)Jun 201992.1-41.8-51.2-9.5-12
FinclusionMar 202112.38.6-0.33.0X
CrediusDec 202010.
RapicreditJun 20216.91.40.1-0.3-0.5
Watu CreditDec 201927.
Podemos ProgresarDec 20209.
Sun Finance LatviaSep 202014.
Everest FinanseSep 2021101685.12.29.0
Sun Finance PolandMar 202019.52.542.4-6.9X
E-CashDec 20192.30.6-1.3-0.6X
EstoJun 2021253.
ZenkaDec 20202.9-3.9-2.9-0.9
AlfaKredytDec 20184.
Mikro Kapital RussiaDec 202017.
Mikro Kapital RomaniaDec 202025.65.70.3-0.4
Mikro Kapital UzbekistanDec 20208.50.90.8-0.3
Mikro Kapital BelarusSep 202031.
Mikro Kapital MoldovaDec 202016.
FireofDec 20183.80.90.0X
ID Finance SpainSep 2020408.
Lime ZaimJun 202113.
Dineo CreditoDec 20198.
Sun Finance MexicoMar 20202.2-0.4-1.9X
Dziesiątka Finanse (S)Dec 20199.
NovaloansMay 20195.
SwellMay 20217.04.00.1-0.8X
Alex Credit (D)Mar 20193.11.30.6-0.3X
CashCreditSep 20205.

Note: S = Suspended D= Defaulted W = Solvent windown

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 changed their ratings system, which is now a number from 0-10. A W/D indicates that Mintos has withdrawn their rating. 

Consider country risk too

Mintos offers loans from many different countries around the world, and some countries are more risky than others.  To help investors assess the risk level of each country, we have published a country risk ratings page. This takes into account factors such as currency risks, sovereign risk and the local business environment. We think it is worth considering these risks when building a portfolio allocation, in addition to the LO ratings above. 

Key updates: January 2022


Zenka is a small lender based in Kenya. Its audited accounts for 2020 show a significant loss, and a negative equity position. Its latest management presentation says that the business has become profitable in 2021, and that it received an equity injection from shareholders so that it could repay Mintos lenders. Our score is down 20 to 26


Creditter is another small lender. It is based in Russia. It has now been profitable in the both years that we have financial information available. It has quite a conservative balance sheet structure. Our score is up 14 to 47

Score retained: Esto

Esto is a mid-sized lender based in Estonia. It has developed a good track record now, with consistently growing profits. While at first look it seems a little under-capitalised, there is also €3m of subordinated debt that provides additional protection to Mintos lenders. Our score remains 65


Evergreen is a payday lending company based in the UK. It has a fairly good track record, generating profits of €0.9m in 2020 and 2019. We expect profits to have increased in 2021. Our score is up 3 to 49

Farewell to...

Pinjam Yuk and TasCredit Both of these companies appear to have been quietly removed from the platform without any announcement from Mintos. Pinjam Yuk ran into problems at the beginning of the Covid crisis. TasCredit is based in Kazakhstan which is currently experiencing significant internal political issues. Mintos investors have been fully repaid by both companies

Key updates: December 2021


Mintos has suspended Turkish lending company Wowwo. The reason provided is that the Turkish Lira has recently depreciated significantly against the Euro (approximately 45% since October). The company plans to raise funds (if it can) in local currency outside of Mintos instead.

So what is the outlook for Wowwo and its lenders? Wowwo provided an FX exposure analysis in its 2020 annual report. It showed that a 50% currency depreciation against the Euro would generate losses of TKL 43m – or about 40% of its capital. A bad situation but likely survivable. The bigger question is what the new economic situation means for the company and its borrowers. Can people repay their loans?

That’s still a bit too early to say. Real GDP is forecast to still be positive in 2022 – around 3.5-4%. High inflation and currency deflation will however cause problems for some borrowers. The good news is that Wowwo’s loans are secured on hard assets (cars) which should reduce the risk of the company suffering high losses. The main risks are further depreciation of the Lira, and the inability of Wowwo to find alternative loca sources of funding. 


Cream were one of the earliest lending companies to list on Mintos so we have been following their journey for many years. They recently launched their own P2P site Esketit , which has attracted a lot of investor funds. Cream are on track to have record results this year, with a profit of €2.2m in the 9 months to September. Other metrics look OK, and our score is up 7 to 62.


Creditstar has finally published its audited financials for 2020. They were audited by KPMG. Previous audits had been performed by a very small firm. Investors have been rightly keen to receive numbers that had been reviewed by a Big 4 firm. Initially, the audited 2020 results looked very promising, as they were fairly consistent with the management accounting figures

provided to investors, with a profit of €6.6m prior to FX movements. However we then saw that KPMG had issued a qualified audit opinion. The reason for this is that the company had revalued upwards the value of intangible assets in both 2019 and 2020. KPMG notes that this is not permitted under the accounting standards. It seems very strange to us that the company preferred to issue numbers that KPMG would not sign off on, rather than publishing conforming results. 

The impact of these intangible asset revaluations is quite material. The revaluations resulted in Creditstar’s reported profits being 120% higher in 2020 and 71% in 2019. As these revaluations do not comply with accounting standards we have made some adjustments to the figures provided in the tables above. We have adjusted the profits shown for 2020 and 2019, and have also adjusted the reported shareholders equity balance. We have reassesed all the scores for Creditstar based on the new 

information available. In particular, we reduced the scores for profitability, capitalisation and track record. Our new score is down 4 to 61. The company seems to be performing well during 2021. The  strong profits seem to have been generated from business operations rather than ‘revaluations’. If it wants to further recover investor confidence, it should also think about upgrading its finance team too.

Key updates: November 2021

Iute Credit

Iute Credit has released its results for Q3 21.The business remains on track to generate €6m of profits this year. We did notice however that it increased leverage during the quarter, growing its loan portfolio by over €10m. We have slightly cut its capitalisation score as a result, and the overall Iute score is now down 2 to 75.

Score retained: Delfin

Delfin has also released its Q3 results. It had a good quarter, making €1m, and it remains on track to make a profit of between €3- 4m, as it seems to do every year. We really like this kind of consistency, and our score remains at 77.

Note: Creditstar

Creditstar recently published Q3 results that were in line with expectations. However we highlight that it has still not published 2020 audited financials, despite promising to do so 'in the summer'. On a recent call the CEO said that he expects new auditors KPMG to complete their work by the end of November. The continual delays are damaging confidence in Creditstar's management.

Score retained: Eleving

Eleving (formerly Mogo) continue their recovery after a difficult 2020. The company has earned €9.2m in the year to September. Non-performing loan levels have returned to normal levels. The main risk for P2P investors continues to be the high leverage of Eleving - it is more than double the average level of other companies listed on Mintos. Our score remains 68.

Key updates: September/October 2021

Lime Zaim

Lime is a lender based in Russia. We cut the scores of many Russian lenders last year as the country was badly hit by Covid, and the knock on impacts such as currency devaluations and oil price declines. Lime seems to have navigated this period fairly well. It broke even in 2020 and has returned to profitability in the half year to June. While still fairly small it's balance sheet structure looks fine. Our score is up 8 to 60.


We have cut the disclosure quality score of Creditstar from 17 to 10. Why? The company had promised to release 2020 financials audited by KPMG during August. Unfortunately the company has still not released these documents. We are not entirely convinced by the explanations provided for this delay so far, and hope they can be released very soon. Our score is down 7 to 65

Score retained: Delfin

Delfin is one of the most consistent lending companies offering loans on Mintos. It has made profits of between €3 - 4 million in the last 3 years and looks on track to do it again in 2021 too. It provides good quality financial disclosures, and has a sensible balance sheet structure. Our score remains at 77


Credissimo is based in Bulgaria but operates now across 5 countries. It has a good track record, being consistently profitable since 2017, including an audited profit of €1.9m in 2020. Credissimo has a very conservative balance sheet - a very high proportion of its assets are funded with shareholders equity. It has also been improving the quality of its financial reporting, leading us to upgrade its score by 3 to 71

Farewell to...

Julo and Kredit Pintar are no longer listed by Mintos. Both are Indonesian lenders. Neither were particularly large originators on the Mintos platform, and Mintos has not provided any meaningful commentary on why they are no longer active

Score retained: IuteCredit

IuteCredit is one of the largest loan originators operating on Mintos and has been active on the platform for many years. It is a very successful company operating in 5 eastern Europe countries. It remained profitable in 2020 and has announced a €3m profit for 1H2021. It remains one of our highest rated loan originators, with an unchanged score of 77

Score retained: IDF Eurasia

The IDF Eurasia subsidiary active on Mintos is based in Kazakhstan. It's a big operation with a net loan portfolio of €77 million. It has performed well over the last two years - achieving a strong profit of €5 million in 2020. While we are glad to see an audit report from a big 4 firm (EY) the quality of the company's presentations and disclosures is lower than we would expect of a company of this size. Our score remains 63


Rapicredit is a fairly typical lower quality lender that you can find on Mintos. It is very small, is not profitable, and is located in a higher risk country (Colombia). We doubt that many sophisticated investors will be buying their loans. Following our review of their latest results we have cut their score from 38 to 35

Score retained: Hipocredit

Hipocredit is a small mortgage lending business based in the Baltic region. They have a track record of questionable behaviour as far as Mintos investors are concerned. They have exercised their rights to repurchase loans with good repayment records (at no premium) while leaving investors to hold loans that are in arrears. Investors have long memories and we do too. Our score remains 41.

Key updates: August 2021

New: Capem

Capem is one of a huge number of new Mexican companies to join Mintos this month. It's not clear why there are so many all of a sudden but we think some, such as Capem, are good additions to the platform. Capem provides loans to small and mid-sized businesses. Their lending performance since the Covid outbreak has been very good, with low levels of non-performing loans. The company says that it is due to their very detailed underwriting of loans and ongoing advice provided to clients. It seems to be working. Our initial score is 65

Returning: ID Finance Mexico

ID Finance Mexico has returned to Mintos under a new company structure. Which is good, because the old company it operated under had a big negative equity position after significant losses in 2018 and 2019. It was forced to leave Mintos during 2020. The new company operating the business now says it was profitable in 2020 and profits are on track to be higher this year. The balance sheet leverage is still higher than we would like to see. The high leverage, and chequered track record led to our new score of the relaunched ID Finance being 48

New: Pay PS

Pay PS is a very typical Mintos lender. It operates in Russia, specialises in high cost unsecured personal loans, and it is quite small, with a loan portfolio of €11 million. The company does seem to have fairly good technology in place, and they have been profitable over the last 18 months in a difficult operating environment. Their main weaknesses are their small size, high leverage and limited track record. Our initial score is 49

New: Watu Uganda

Watu Uganda is a sister company to Watu Kenya. Watu Kenya seems to have quietly left Mintos after experiencing some Covid related issues, but all Mintos investors seem to have been repaid. Watu has a good business model that benefits society. Loans are secured on motorbikes. The motorbikes provide borrowers with income acting as local taxi riders. The company reports an unaudited profit of €0.9m in the most recent year. Watu's small size, limited track record and location impacts its initial score which is 41

New: GoCredit

Many new Mexican lenders have joined Mintos this month and we think GoCredit is the best of them. GoCredit makes most of its revenues lending to borrowers who then receive repayments directly from employers as a deduction from salary payments. This is quite a low risk type of lending as shown in the GoCredit P&L where the ratio of interest earned to bad debts expense is very good - around 8 to 1. Mintos have also put into place some structural features that reduces the impact if GoCredit becomes insolvent. GoCredit also has a strong balance sheet structure, with a lot of equity funding its assets. Our initial score is 66

New: Conmigo Vales

Another Mexican lender to join is Conmigo Vales. It has a very old fashioned business model involving lots of human interaction. Loans are made via vouchers to be used at certain stores. It is hard to see that a company like Conmigo Vales will ever be particularly profitable or have a bright future. For the purposes of our score we have relied heavily on the guarantee provided by its much larger parent CEGE. CEGE would likely receive a score in the high 60's if it listed loans directly on Mintos. However our score for Conmigo Vales is 50, which reflects the ultra small size of Conmigo Vales, its poor business model, and the risk that the guarantee may not be effective

New: Alivio

Alivio is a small Mexican lender that focuses on providing finance to cover health care costs. There is little public provision of health care in Mexico and we could imagine that there could be a profitable opportunity in this space. Unfortunately Alivio has not really generated much profit so far, only breaking even since 2018. The other main negative is the balance sheet structure of Alivio - it is more leveraged than most Mintos loan originators, which makes it more risky for buyers of its loans. Our initial score is 48

Returning: LF Tech

LF Tech has returned to Mintos. It is a Kazakhstan lender that provides payday loans and also loans secured on cars. The quality of financial information provided by LF Tech has always been very poor. The presentation uploaded by management has a lot of content, almost all of which is not very useful. The unaudited results published for 1H 2021 are very good, with a profit of €4.2m. That's very high given that their loan porfolio is only €22m in size. Our new score is 48. We will reassess this once new audited numbers become available

New: Jet Finance

Jet Finance is actually the former Mogo Kazakhstan business that has been taken over by the local management team. The fact that Mogo decided to abandon Kazakhstan doesn't fill us with much confidence in the prospects of Jet Finance. Still, they managed to make a profit of €0.5m in 1H 2021 after heavy losses in 2019 and 2020. The quality of the management presentation is very good for such a small company. Our initial score is 42. This will go up when there is more evidence that the turnaround is successful and the company gets bigger

Eleving (Mogo)

Eleving had a very difficult 2020. It made a big loss in the first half of the year and started to run very tight on capital. It's loan book also started to deteriorate quickly due to Covid impacts. However it now seems to have turned the corner. It has announced a profit of €7.8m for 1H 2021, and falling levels of non-performing loans. It still remains over-leveraged in our view, but this is less of a concern if it can continue to make strong profits. Our score is up by 3 to 68


Kviku is based in Russia but now has lending operations in six countries in Europe and Asia. It appears on many P2P sites and recently started its own P2P site. It has started to show really promising signs in the last 12 months, with strong growth and increasing profits. It announced a profit of €3m for 1H 2020, and is generating some of the highest returns on assets we have seen recently. The main negative for Kviku is that it is still fairly small, but this is offset by a good track record and sensible balance sheet structure. Our score is up 5 to 62

Score retained: Creditstar

Creditstar has announced an (unaudited) profit of €2m for Q2 2021, up from €1.7m profit in Q1. Everything published looks good - steady growth, strong profits, and the issuance of new bonds to investors. The key thing many investors are focused on is the publication of audited results. Creditstar have promised the release of 2020 figures audited by KPMG later this month. We are looking forward to seeing these, and will reassess our score when they arrive. For now, our score remains unchanged at 72

Note: Capital Service

The Capital Service sitaution has been frustrating for Mintos investors. It blamed Covid and new laws in Poland for defaulting in 2020. It tried to use this as an opportunity to force Mintos investors to accept a big 'haircut' to their claims. This was rightly rejected however there is still a lot of uncertainty about when and how the company will be able to repay most of the amounts due. The company disclosed a loss of €3.9m for 2020, leaving it with negative equity of €1.5m. That's not as bad as expected, and shows that the terms of their initial proposal to investors was not justifiable in any way

Key updates: July 2021


Everest is a Polish lending company. We downgraded the score of Everest last year because of the introduction of new laws that hurt its business model, and also because it has an old fashioned approach that relies on 'face to face' meetings with borrowers that would be impacted by Covid. Everest announced a 75% fall in profits for 2020. However we noticed that their Q4 results seemed to be very strong and that it feels confident that its business model is now sustainable. Their balance sheet remains strong. We have increased our score from 58 to 64


Swell is another lending company that we have been fairly bearish about, as it is based in Mexico and lends to small businesses (high impact from Covid). It made a large loss in 2020 (relative to its capital base) but it seems to have turned the corner. Cost cutting has helped it to make a small (unaudited) profit in the first 5 months of this year. Swell will never be one of the best lending companies on Mintos, but even so, we have increased our score from 36 to 43


Credius is a fairly small Romanian lending company that appears to be very well managed. It announced an increase in (audited) profits in 2020 from €1.1m to €1.7m. It did this while cutting lending in response to Covid, and also significantly cutting its operating costs too. That seems like a very impressive outcome and the sort of management response to Covid we would hope to see. The Credius balance sheet remains one of the most conservative of all the Mintos lenders. Our score is up from 68 to 71

Score retained: Placet Group

We have long been fans of Placet Group because it is so consistent. It announced first half profits for 2021 of €1.9m. It has generated audited profits of between €3-4m for the last 3 years and it looks like 2021 will be the same outcome. Its balance sheet remains conservative, with around half of loans funded with shareholders equity. We recommend that investors check out Placet Group's own P2P site Moncera, where rates and loan availability are usually better than on Mintos. Our score remains 79


Wowwo is a Turkish company with a similar business model to Mogo/Eleving. It recently published its audited accounts for 2020 and a Q1 2021 update. A few things definitely jumped out at us when we reviewed the figures. First, the audited profits were only half as big as had been published in their uploaded management accounts. We would normally expect to see some variation of audited results but not a difference that large. We have asked Mintos to obtain an explanation from the company for the big

difference. Second, the auditor had given a qualified opinion. Although it only related to one specific topic it is not something we would expect to see and raises questions about the quality of the finance team at Wowwo. Finally, the company reduced the size of its loan portfolio materially during Q4 2020 and made a small loss (according to its management accounts). Wowwo says it has made an (unaudited) profit of €2m in Q1 2021 but for now we are a little skeptical about any of its management accounting numbers, and await an explanation about what happened in 2020. Our new score is down 13 to 59

New: Fenchurch Legal

Fenchurch Legal is a subsidiary of a new specialty finance company in the UK. It provides loans to law firms that are used to fund various small size lawsuits in the UK. The loans are secured against the litigation proceeds and also the value of any insurance payouts in the event that a claim is not successful. In theory it sounds like a pretty interesting niche with only limited risks. One thing that has not been disclosed is how many clients Fenchurch Legal has, and how diversified their lending portfolio is. Law firms can and do close down and

the lack of disclosure around this is disappointing. Fenchurch says that it made a profit of €0.5m in the year to May 2021. Its parent, SHP Capital provides a group guarantee. The company started in 2019 and only provides very limited, unaudited financial information. We think litigation finance is an interesting space. However our preferred exposure (for those who like to take risks) would be via AxiaFunder. They have already settled 5 out of 12 funded cases so far and investor returns / IRRs have been on average 55% which is phenomenal. As for Fenchurch Legal – our initial score is 42

Score retained: Iute

Iute has achieved some of our highest scores because of their high quality financial reporting, a long and profitable track record, and a sensible balance sheet structure. Their Q2 21 profits grew strongly to €1.9m, up from €1.1m in Q1. The proportion of non-performing loans continued to fall. Our score remains at 77

Podemos Progresar

Podemos Progresar is an unusual Mexican lending business. It focuses on lending to women only, and it obtains guarantees from people linked to the borrower to reduce the cost of bad debts. When it launched on Mintos in 2020 it did not provide full financial information or historical results and our scores reflected this. It has now published audited results showing a strong result for 2020 - a profit of €1.6m, up 40% on 2019. The main negative is its small size, with assets of less than €10m. We have increased our score from 47 to 57

Key updates: June 2021


Cream announced a loss of €0.8m for 2020. That's not terrible given the circumstances and the size of their business. We have been told that they have returned to profitability in 2021 although this is not verified. Cream have €9m of intangible assets in their balance sheet, which is a lot given that they have only €11m of capital. Our score is down 8, to 55

New: Mikro Capital Uzbekistan

Mikro Capital has several subsidiaries that list loans on Mintos, some with group guarantees and some without. It's Uzbekistan subsidiary is now active and has a group guarantee. It is a small but profitable business. Our initial score is 43. Our score does not attribute any value to the group guarantee but we acknowledge that in some situations it may have value for Mintos investors

Dana Rupiah

Indonesian lender Dana Rupiah has provided proper financial disclosures for the first time. It shows a business that was profitable during 2019 and then broke even in 2020. In response to Covid-19 it dramatically shrunk the size of its business last year. It is now extremely small - less than €1m of loans and equity. Following our review of the financial statements their score increased slightly, but remains low at 28

Score retained: Placet Group

Placet Group has been at the top of our ratings for a while, and its results in Q1 2021 gave us no reason to change our views. It made a profit of €1.1m for the quarter (up 12% on Q1 20). It continues to have a very conservative balance sheet structure, with a 50/50 funding split between debt and equity. It has been growing its loan book, but not too quickly. Our score remains at 79

Key updates: May 2021


Mogo really struggled during 2020 but it seems to have turned the corner. It made a profit of €3.5m during Q1 21 compared to a €2.5m loss in Q1 20. Mogo also announced a €5.3m capital raise. This was done via a subordinated debt issue. It's not clear to us why shareholders are not willing to inject funds via a share issue.

We think the subordinated debt is a weaker form of equity injection and we have given less credit to it in our capital scoring than if ‘real’ equity was injected. High leverage remains Mogo’s biggest weakness. Mogo’s loan portfolio seems to be performing fine, with stable NPL ratios. Our new score is 65, up 4

Score retained: Delfin

Delfin announced a Q1 profit of €0.8m for Q1 21. That's slightly down on previous quarters but still a good result. Credit quality in its loan portfolio remains very stable. We saw no reason to change our previous score of 77

Score retained: Iute

It's a very similar story for Iute, another high rated lender. It announced Q1 21 profits of €1.1m. Its balance sheet was very stable and loan quality improved, with the net NPL ratio falling from 16.6% to 13.1%. Our score remains at 77

Lime Zaim

Lime Zaim was badly hit by Covid in the first half of 2020, which resulted in losses caused by increasing bad debt provisions. However, it seems to have had a very strong recovery during Q4 20, which led to the company breaking even for the year. This improved performance led to our score increasing by 5 to 52

Farewell to...

Kredit24, Acema and Swiss Credit have left Mintos. In the case of Kredit24, the company ceased operations but investors have now been paid back in full. Mintos announced that Acema and Swiss Credit are leaving because the companies did not provide enough loans to Mintos investors (which makes sense to us). All investors have been repaid.

Score retained: Creditstar

Creditstar has announced a (unaudited) profit of €1.7m for Q1 2020. That's a 25% increase on the previous quarter due to growing revenues and lower impairment charges. Creditstar has announced that KPMG are currently auditing their 2020 results, which will be released "during the summer". If there are no issues, our current score of 72 is likely to increase


EcoFinance is a small Russian lender. It's not doing very well, and made a loss of €1.8m in 2020. So why are we upgrading the score? It received an equity injection of €2.4m during Q4 2020, sufficient to cover the loss made. Our score increased by 8 to 40

Mikro Kapital Moldova

Mikro Kapital Moldova performed fairly well in 2020, making a profit of €0.4m. However we noticed that it made a loss during Q4 20, and also increased its balance sheet leverage. This led to its score falling by 3 to 51


Kviku offers loans on Mintos as well as its own P2P site where rates are currently up to 12%. It is a fairly 'average' mid-sized lender operating across 6 countries. It increased it's profitability quite significantly during Q4 20, leading to a profit of €1.1m for the year. Our score increased by 2 to 57

Updates: April 2021

New: Swell

Swell is a fairly small lending business based in Mexico. It focused on lending to small businesses in the country. We were not that impressed by the company's presentation - it doesn't seem to have any technology or strategy to differentiate itself. The balance sheet structure is fine, but it doesn't seem to have a profitable business model, and is loss making. Our initial score is 36


Esto is a lender based in Estonia. It has been growing steadily since it joined Mintos a couple of years ago. It performed well during 2020, announcing a profit of €1.5m. We just hope it doesn't increase leverage too much further from current levels. Our score increased by 3 to 65


Kviku is a mid-sized Russian lender that is active on Mintos while also having its own P2P platform. Its results to September 2020 indicate that its profit for the year should be stable relative to 2019&18. The area of focus remains leverage - it has a relatively small amount of equity for the size of its lending operations. Our score increased by 2 to 55

Note: Mozipo

Mintos recently uploaded an excerpt of Mozipo's 2019 audited financial statements. Frankly, it is not clear what the situation is at the company. In 2018 the company disclosed a large negative equity position.The new figures show 'restated' figures for 2018 that look much better, and €4.9m of equity as of Dec 2019. Our view remains however that this company is best avoided, with a score of 35

Updates: March 2021

Score retained: Placet Group

Placet group announced an (unaudited) profit of €3.3m for 2020. That's a strong result given the challenges faced by lenders during the year, and slightly higher than 2019. While monthly profits fell a little during Q4, they seem to have rebounded in January and February. Their balance sheet structure remains conservative. Our score remains at 79

Note: IDF Eurasia

We have decided to alter our scoring approach to IDF Eurasia. We had previously provided data and scores for the holding company. However following discussions with Mintos it has become clear that the holding company was unlikely to provide sufficient financial information in the future for us to make an assessment. As the only subsidiary

active on Mintos is the Kazakhstan subsidiary, we are now presenting financial information and scores just for this entity. The quality of information available about this entity is better than average, particularly because it recently published a prospectus as part of a bond issue. Our initial score is 63.

Score retained: Wowwo

Wowwo is a car finance and retailing business based in Turkey. Wowwo released very strong results for Q3 2020. The strong results were during a period of depreciation of the Turkish Lira. Since then Lira has been volatile but it is currently trading at similar levels to last September. Our score remains at 72, supported by strong profitability and over €16m of shareholders equity.

Score retained: IuteCredit

IuteCredit published audited financials showing a profit of €5.2m for 2020. This is lower than 2019, mainly due to higher bad debt costs and some FX losses. The company was successful in cutting costs to offset some of the challenges that Covid-19 caused. Overall, the company has been performing well. It has strong growth plans - we will be monitoring to make sure this does not create too much leverage of their balance sheet. Our score remains 77.

Score retained: Delfin

Delfin group announced an (unaudited) profit of €3.6m for 2020. While this was slightly down on 2019, that is a very credible result given the impacts from Covid-19. One of the things we like about Delfin is that they have to comply with leverage covenants under the terms of their bond program. Delfin's leverage is well inside the covenant level. Our score remains at 77, one of the highest on Mintos.

Farewell to...

Stikcredit. Bulgarian lender Stikcredit has decided to quit Mintos to focus on starting up its own brand new P2P site, Afranga. The company has released new results for 2020 and they were very good given the circumstances. Stikcredit is offering very high interest rates at Afranga - 18% (maybe too high)? You can find the latest financials and our updated rating score for Stikcredit here.

Farewell to...

Aasa. We are pleased to see European lending group Aasa leave Mintos because they were a company that we were never able to get comfortable with. The information they published was inadequate, confusing and hinted at big problems.

Updates: February 2021


In November we cut the score of Mogo following a Q3 loss of €3.5m and a decline in its capital base. Mogo has announced a significant Q4 profit of €9.1m. However, €6m of this comes from revaluing portfolios that the company acquired only a few months prior. This seems like a strange accounting approach. Putting that aside, the underlying results were however still a significant improvement on Q3.

We were also pleased to see that the company is (finally) taking steps to reduce its FX risk. Mogo has also announced that they are hoping to obtain an equity injection from new investors. That’s a good idea, because the company currently feels a little over-leveraged right now.

To reflect the turnaround in performance, our score is up 8 to 61.

Score retained: Iute Credit

Iute Credit's Q4 results were in line with expectations, resulting in a €5.2m profit for 2020. Iute seems to have done a good job of managing the challenges of 2020. While impairment costs rose significantly, the company was able to charge higher fees and heavily cut operating costs. Iute remains one of our highest rated loan originators, with a score of 77.

Score retained: Creditstar

Creditstar has been one of the most discussed LO's in the last 12 months. There has been 3 main criticisms from some investors - high levels of pending payments on Mintos, the lack of a big 4 / credible auditor, and the need to refinance several bond issues. These were all valid concerns. However, they are areas that the company seems to have made good progress recently.

The company had promised to clear the pending payments in the new year, and they have achieved that, with only a minor amount remaining at the end of January. The company successfully issued €20m of bonds in December (although admittedly at quite a high yield of 13.5%). The next issuance is planned in May 2021. On the audit side, the company has committed to using ‘an internationally recognised accounting firm’ (thought to be KPMG) to audit the 2020 results.

The audit of the 2020 results by a major audit firm will generate a lot of confidence among investors. That’s because based on the results provided to us, the company performed well during 2020. It has announced preliminary results for the year that show a profit of €5.7m. The underlying earnings during Q4 improved significantly compared to Q3, due to strong growth in net interest income and falling loan impairment charges. We would like to see Creditstar raise some equity during the first half of 2021 – it 

has always operated with a fairly stretched balance sheet. It seems to have strong growth plans, and it is going to require an equity injection if it wants to do this while retaining the confidence of its creditors. Our score remains 72.

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.

All information published on ExploreP2P is subject to important disclaimers contained on our legal page here. No liability is accepted for the accuracy or otherwise of any information, scores or views published, and any direct or indirect losses are expressly disclaimed.

1,003 thoughts on “Who are the most solid lenders on Mintos? Our Mintos lender ratings

  1. Pingback: We've picked the best and worst P2P loans for June 2020

  2. Christian Reply

    Hi guys,

    thanks for the update today! A couple of more updates you missed, however :-). Would be great if you could take a look also!
    1. I don’t find any mentioning of the suspension of Capital Service, any reason?
    2. Cashwagon numbers are available until Febr. 2020: https://assets.mintos.com/D7F4FD15-AF1F-FE5D-6150-1A4C98F47D52.pdf
    3. Lime Zaim update: https://assets.mintos.com/FC4AB25B-9096-8B0C-EB38-F7D4A50DCA70.pdf
    4. For SOS Credit, I only see the end of 2019 report on Mintos, yet you mention a newer one in your table? Mistake or genuine?

    • Oscar Harrington Post authorReply

      Hi Christian. Thanks as always. Capital Service – good spot, we’ve added that label. Cashwagon – updated. Lime – we think that report actually relates to Dec 2019 and had updated it. SOS – they provided an updated Feb 2020 balance sheet in their management presentation, that’s where we got those figures from. The profits are from the 2019 report you have seen.

  3. José Henrique Reply

    More IDF Eurasia emails.

    And indeed, I have notices in my account statements some principal credited – *not* interest – (and those loans appear on the “finished” list on Portfolio, and if you click on them, they are sill active). This might help people to have an idea of the values involved in their accounts (those are my estimates, not minto’s, and could be some other thing, I’m just sharing my rationale)

    Strangely, it also occurred on a Watu loan today, so it is probably a mistake on Mintos side…
    An update on a recent fix of IDF Eurasia pending payments

    Hello (Investor),

    You are receiving this email as one of the investors who might see some alterations in your Mintos account as we fix the error. We thank you for your understanding and patience while we evaluated all aspects of the situation.

    The update

    In mid-April this year, we shared an update regarding an error identified within the systems – integration between ID Finance system and Mintos (or API exchange) was not built to account for the government imposed measures we are currently seeing. As a consequence, loans extended due to these measures were being shown as “pending”.

    ID Finance and Mintos have taken steps to fix it and currently are in the last stage before finalizing the process to eliminate any further possible system issues and avoid future confusion in investors’ portfolios. The last stage includes possible alterations in your account regarding the investments made into the loans issued by IDF Kazakhstan.

    While identifying the full scope of the consequences the error caused, we found out some investors have received funds that were mistakenly transferred to their accounts for investments in loans that were not yet repaid. As a result, Mintos will need to deduct these funds from the affected investors’ Mintos accounts. We will do this operation soon after sending out this email.

    Comments from IDF Eurasia’s Co-founder, Boris Batine

    “As it was communicated earlier on 14 April, there was a problem with pending payments calculations due to the states of emergency in the countries (resulted in the so-called “credit holidays”, “moratoriums”, “loan extensions”) and the downsides of IT systems integration that did not account for such unprecedented situations. Please kindly see the full explanation on Mintos blog.

    In this communication, I am happy to inform you that together with the Mintos team (many thanks to them!) we managed to resolve the issue in principle as was promised before.

    The majority of pending payments are currently being fixed by investing the principal from the loans that were mistakenly repurchased into the loans that were placed on Mintos after the repurchase. These are in fact the same loans, but with an extended schedule. IDF Eurasia (Kazakhstan) continues to promptly settle accrued interest on pending payments. IDF Eurasia (Kazakhstan) and Mintos team continue joint efforts to resolve the issue completely and we expect further adjustment of pending payments in the upcoming weeks.

    Another very good news is that after the state of emergency in Kazakhstan was lifted on 11 May, the economy had started reopening from the rather strict lockdown (probably one of the most severe in the world as due to COVID-19). Our offline branches are back “on” and we see material catch-up in demand for credit together with normalization of the cashflow as the newly issued loans are not subject to potential credit holidays.

    Thank you for your understanding, support, and patience.”

    Boris Batine, Co-founder of IDF Eurasia

    For more information, you can always send your questions to [email protected].

    • Oscar Harrington Post authorReply

      Thanks Jose. We were promised IDFEurasia results ‘end of May’. Hope to see these soon so we can see how they looked going into the COVID period.

    • Centrino Reply

      Thank you Jan.
      I was not sure about investing in Cashcredit…

    • Oscar Harrington Post authorReply

      Thanks Jan – we did a big update today and included these. Thanks for pointing them out.

  4. Daniel Reply

    Hey there,

    I want to thank you so much for doing all this work…it helps me so much to make more informed investment decisions.

    Why is banknote not in the list anymore? I can see that you write about a rating change but Vizia/Banknote is in neither table. Am I missing something?

  5. John Reply

    To anybody who was surprised to see new loans issued by IDF EURASIA in your account,
    It’s probably because a moratorium on loans was introduced by Kazakhstan government.

    Example of today in my account,
    5 loans issued by IDF EURASIA were bought back due to buyback guarantee, 60d+ delay.  (149.63 EUR in total)
    Then I found 5 newly invested loans in my account which were issued by IDF EURASIA. (152.976 EUR in total. each loan were quite similar amount but all slightly higher)

    I was surprised to see new investments in my account because I haven’t invested manually for a month, I disabled auto invest last month. (I never used Invest and access)
    They could have done it different way or at least Mintos could have notified investors how it would be done so people wouldn’t have to worry or spend time to figure out what was happening.

    • Leo Reply

      They sent an e-mail detaling this process roughly 2 weeks ago to everyone investend in IDF Eurasia loans. You can even find this e-mail right here if you scroll down a little through the comments. It was also mentioned in several blog posts that this was being prepared to accurately reflect the status of loans extended due to the moratorium.

  6. José Henrique Reply

    As usual, information that should be made public privately sent via email…

    IDF Spain

    Mintos email quoted below:
    (by the way I did not understand the two marked parts – “Schrödinger pending payments” that accumulate and do not accumulate)


    Subject: Why pending payments for ID Finance Spain have recently increased

    Dear (Investor),

    With Spain being one of the European countries most affected by the COVID-19 pandemic, the current state of emergency and corresponding restrictions have affected tens of millions of people through the month of April, recently extended into May. Along with the restrictions, the government of Spain has also implemented a moratorium to borrowers, introducing credit holidays until the situation in the country comes back to normal, read more on our blog.

    **** **For the duration of the state of emergency**, ID Finance is providing borrowers credit holidays in line with the issued Royal-Decree Law 11/2020. Given that Mintos cannot technically reflect such extensions within the platform, **these loans are in or will go into buyback and accumulate pending payments**.

    For investors on Mintos, this means the payments of the triggered buybacks appear as pending in their portfolio. The majority of these pending payments are there since the moratorium was put into action.

    The pending status will be resolved as soon as the state of emergency in the country is lifted. Correspondingly, ID Finance Spain will update loan statuses on their end and payments that are due to investors will be made. In the meantime, as communicated before, ID Finance Spain continues to pay interest on pending payments.

    ID Finance Spain and Mintos are closely monitoring developments in Spain and the decisions regarding the moratorium. Until then, ID Finance Spain continues to transfer the received borrower repayments.

    During the changed market dynamics many lending companies on Mintos continue to issue loans under a more stringent review of borrowers to whom the loans are being issued. ID Finance Spain is one of them, having applied a revised credit policy for all newly issued loans.

    **** For all ID Finance Spain loans currently available for investment, **buyback will be ensured without delays irrespective of moratorium status**.

    See the latest comment on ID Finance Spain operation here. (link to announcements page, no “bad” information whatsoever)

  7. José Henrique Reply

    As usual, information that should be made public privately sent via email…

    IDF Eurasia

    Mintos email quoted below:

    Subject: About your investments in IDF Eurasia Kazakhstan loans
    Loan extension issue identified, pending payments should decrease

    Dear (Investor Name),

    You are receiving this email because you have invested in loans issued by IDF Eurasia in Kazakhstan.

    Recently IDF Eurasia experienced a technical issue with loans the company intended to extend. Due to a wrong API command being sent to the Mintos system, these loans were repurchased instead of extended. This unintentionally led to a situation where IDF Eurasia accumulated additional pending payments for its investors.

    The issue is currently being fixed by investing the principal from the loans that were mistakenly repurchased in the loans that were placed on Mintos after the repurchase. These are in fact the same loans, only with an extended schedule. This process will happen automatically in the next 24 hours. As a result, you should see IDF Eurasia’s pending payments decrease.

    You will receive remaining interest on pending payments within a week after loans are extended.

    Thank you for your patience as we investigated the unexpected increase of pending payments from IDF Eurasia.

    Kind regards,
    Your Mintos team

  8. Andrzej Reply

    Does someone know why lime zaim has negative equity? It looks like a mistake in statements.

    • IgorJ Reply

      You are right, Andrzej. Everything on the liabilities side is shown as a negative value, even total borrowings. Maybe because the assets and the liabilities are both shown in the same column. Lime Zaim does actually have 5,4 million euros of positive equity.

    • Oscar Harrington Post authorReply

      Andrezj thanks for linking all the LO updates – we’ve updated all the info. Regarding Lime – it’s a strange presentation but sometimes credits are just shown as negative figures so that’s what they must have had in mind. But it’s a bit unusual/confusing for sure!

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  10. Centrino Reply

    Thank you for your update!
    Could you briefly explain for what reason Everest decreased -16?
    As I sometimes confuse them with Evergreen, and seen that they now have a similar rating, if you had to choose one of them for investing securely, which one would you pick, and why?

    Thank you again for your fantastic work ! 🙂

    • Oscar Harrington Post authorReply

      Hi, we provided some commentary on the page – but essentially it’s because their business model is heavily impacted by COVID-19. They rely on in-person collection of loans, and they are also subject to various new laws in Poland that will affect their business model. So even though they are well capitalised, their outlook for profitability is much worse than previously.

  11. Pingback: P2P-Anlage.de » Meine P2P-Renditen im ersten Quartal 2020 (Mintos über 100%)

  12. Pingback: Mintos Review 2020 • P2P Guarantee

  13. Gherardo Reply

    Come back to my old comment and i recomended Dozarplati ( i have around 2k on mintos on this originator) and i can confirme that i receive every day money from principal and interest. For me Dozarplati still the best choice for russian lending ! Stats update on mintos -outstanding loan Dozarplati 12,292,803 and pending payment 183,658 ( around 1.5% ) . My advice in the interest of all investors and this p2p industry is to continue supporting the good loan originators who are respecting their contracts! We have to invest in the primary market and support these companies. Other originators that I recommend a lot based on my mintos experience are : Everest Finace, Mogo, Esto , Sun Finance and Caswagon

  14. Marco Reply

    Varks lost its lending licence and all transactions are blocked on Mintos platform. So how is it possible that current loans increased by 2 millions Euro since last week (from 8691163 to 10481600)? Can anyone help me to understand this phenomena?

    • Dennis Reply

      Varks extended the loans. As a result of this extension, the loan apparently becomes ‘current’ again. If I’m correct lenders are allowed to extend the loan max. 6 times, not sure what the max. extension period is. It should be on Mintos’ website.

  15. Jack Reply


    Hello guys I am sorry for being uneducated till the point where I can make assumption on my own knowledge. On the dozarplati site there is visible document about their financial situation in 3 quatre. I tryed my best to understand those numbers and translate, but so far I am only recognising that their profit after taxation is decreasing slowly over time. Based on those numbers (23 columne , page 3) I am having hard times to predict if it is bad sign or good sign if they were not able to increase their profit during good times. I admit that I am aware of other indicators that I should focus on but without further doing I cant find them in those pages due to my lack of russian language and company knowledge. If there would be someone who could tell me if this report is positivie and in what way I would gladly appreciate it. Even telling me to focus on specific columnes in this document would help. All the best in upcoming weeks.

    • Oscar Harrington Post authorReply

      Hi Jack, thanks to our reader Igor J, who sent us a translation, we’ve updated the tables with the latest results. You are right – their profit is going down versus 2018, but their return on assets is running at pretty similar levels to most other Mintos lenders, so it could be worse.

  16. erik rasmussen Reply

    Please a date to all your news and updates. It is very confusing to read the page since it is impossible to evalute the news for relevance.

  17. Pingback: Come verificare il rischio del prestatore su Mintos - SMIPweb

  18. Gherardo Reply

    Hello , i’d like to know why you lowered the score of Dozarplati , Kviku , Ecofinance and Everest Finance in your last update . In the last month I can say that they are among the few loan originators who are paying with a few delays and ensuring a continuous flow. Can i know your feedback ? thanks

    • Davy De Groote Reply

      Russian federation and Poland.
      Look at the first figure on this page.

    • Mike Reply

      The Lime Zaim, I feel, should be lowered as well (LO with Russian presence), also their financials are not really that great and it’s too small for my liking, but currently at score 65 (with name “Lime Zaine” though).
      Your work is highly valuated Oscar, big thanks!

  19. Gregor Reply

    Christian: All of Wowwo’s statements / presentations I have downloaded are in Euro (EUR). However, if you have other documents, then TRY probably stands for the currency of Turkey. The country’s currency is the Turkish Lira and the currency code / abreviation for the Turkish Lira is TRY.

  20. Christian Reply

    Oscar:I think the Wowwo PDF is just a bit misleading, it does say “INCOME STATEMENT YEAR END 2019 (TRY)”, the 2019-4 may just be the 4th version or iteration or something of financial reports? What the “TRY” stands for, who knows? Hopefully not the literal meaning 🙂

    • Oscar Harrington Post authorReply

      That’s really strange. They uploaded Sep 2019 figures before and these now seem to be April 2019 ones…?

      • Thomas Reply

        I asked Mintos and they confirmed that its the 2019 Year End accounts. The 04 stands for 4th Quarter as they submit their accounts on a quarterly basis. The currency is Turkish Lira.

      • Tommy Reply

        Mintos have recently posted 2020-Q1 financials for Wowwo. What’s your take on this as I dont see that you have updated Wowwo information for a while.

  21. Pingback: How to Set Up Auto-Invest on Mintos | Jean Galea

  22. R. Dekker Reply

    sorry for using the wrong topic, but I think it’s important to mention that probably new P2P scam is developing.
    It seems Grupeer list loans from projects what didn’t received any money.
    Multiple blogs report this like https://colminey.com/grupeer-critical/

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