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

Last updated - 14 January 2020

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. 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. 

Below we discuss some of the recent loan originators that have defaulted, or are likely to. Check out our new post where we discuss this trend, and the 5 things Mintos investors should know.

Iute Credit and Monego lose their lending licences in Kosovo

On 6 December 2019 Mintos announced that Iute Credit and Monego both lost their lending licences in Kosovo. The Governor of the Central Bank of Kosovo has cited high interest rates, and a deviation from business plans, as the reason for revoking the licences.  In total there are currently €16 million of Kosovo loans outstanding from these two lenders. Mintos suspended trading in both the primary and secondary markets for these loans.  

Since then there have been some interesting developments. Mintos has confirmed that Iute Credit have been honouring the buyback guarantees for all loans falling 60 days in arrears (which it was required to do under the group guarantee provided). We had expected Iute to be able to fulfil its obligations (as Kosovo is a small part of Iute Credit’s operations, and is a profitable company) but it was good to see  this confirmed. However we note that based on feedback from our readers, and reviewing the Mintos statistics, that there are now many 60+ Iute Kosovo loans that have not been repurchased. Mintos support have told investors that they cannot confirm when this will happen, which is slightly concerning and surprising.

Mintos made another announcement relating to Monego that is great for Mintos investors, but raises a lot of questions about what is actually going on in the background. A mysterious company called Finitera, was planning to acquire Monego, but did not do so prior to them losing their licence. Regardless, Finitera is planning to ‘cover scheduled borrower payments to investors having investments in Monego loans once these payments are delayed for 60 days‘. Clearly this would not normally happen in this situation if the two companies were not related in some way. As of 3 January, €228k of 60+ Monego loans had not yet been repurchased. However Mintos announced they have received a payment from a third party to cover the 60+ loans in December 2019, and are also in discussions with the liquidator of Monego. 

Loss of licence

Latest default - Rapido

The latest lender to default on Mintos is Rapido. Unlike the case of Aforti (see below) Mintos has issued a notice of default (see their announcement here) which indicates to us that they see zero chance of the company avoiding insolvency and liquidation.  We must say that the behaviour in respect of Rapido by Mintos raises a lot of questions. On 22 October it announced that it was downgrading Rapido from B- to C because of a business strategy change that had affected profits. However it must have been aware at the same time that there were fundamentally bigger issues taking place at the company because on the very next day it announced a suspension of Rapido loans because the lender had stopped sending repayments to Mintos (i.e it had defaulted on its obligations). We have asked Mintos to explain how it came to give a minor downgrade to a lender the day before it was suspended, and will publish their response.

In any case, we hope very few of our readers were investors in Rapido loans, or the Invest & Access product that likely contained Rapido loans. Our rating of Rapido was 16/100, one of our lowest scores. Why? The business had been consistently loss making over three years, had negative equity, and a very small loan portfolio. We expect the final losses on Rapido loans, as a result, to be at least 75%, likely higher. Thankfully, the amount of loans outstanding on Mintos is reported to be relatively small, so this should not affect most investors too heavily – around €0.5 million of loans appear to be affected by this default.

Unclear, yet bad situations - Aforti and Metrokredit

On 8th November Mintos reported some concerning news about Russian lender Metrokredit. It seems that the business had lost its licence to lend to new customers, and the existing portfolio will be put into run-off. Mintos stated that they had downgraded Metrokredit from B- to C because of their new ‘limited competitive position’ which seems to us quite a mild assessment of the actual situation the business seems to be in. We had given Metrokredit a score of 11/100, one of the lowest on our tables. Since then, Mintos disclosed that Metrokredit is part of the Finko lending group, which owns several other lenders appearing on Mintos and that ‘some of the Finko and Mintos equity investors overlap’. We suspect that this is why Metrokredit has been able up to now to continue to buyback all 60+ loans. Management of Metrokredit said in November that it was looking to regain its lending licence, but there has been no announcements since then. However newly issued loans are now appearing on the primary market, which suggests that it potentially has been able to do so. 

On 7th August 2019 Mintos announced that it was suspending primary and secondary market loan purchases relating to Aforti Holdings of Poland due to non-payment of collections to Mintos. You can read the statement here. The latest statement can be read here. Frankly, very little progress has been made since August, and Mintos have confirmed that they are receiving very few payments now from Aforti. We don’t really understand the reluctance of Mintos to declare a default and make a claim against the company, if they are receiving very little cashflow and Aforti management are not co-operative. We consider these events to represent a default, with €2.1m of loans outstanding, all of which are now 60+ days in arrears. 

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 Sep 2019 170.8 24.8 6.8 2.6 Yes
ID Finance Holding (Kazakhstan) Dec 2018 86.3 9.5 7.9 3.7 Yes
Creditstar Jun 2019 95.3 21.3 2.4 2.8 Yes
Capital Service Mar 2019 27.6 3.3 -0.5 -1.4 Yes
Kredit Pintar Dec 2018 4.8 8.6 5.9 Yes
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
Sun Finance (Simbo, Denmark) 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
Sun Finance (Tengo, Kaz.) Sep 2018 4.1 -0.4 No
Cashwagon Sep 2019 25.4 3.9 -4.2 -7.0 Yes
Placet Group Dec 2018 32 15.9 3.5 3 No
Akulaku Dec 2018 62.4 96.3 -36.2 -21.8 Yes
AgroCredit Dec 2018 5.2 1.8 0.2 0.1 Yes
Acema Mar 2018 46.1 17.5 2.8 2.0 Yes
Invescore Sep 2019 20.7 12.6 2.8 1.7 No
Wowwo Sep 2019 46.5 19.1 5.0 1.6 No
BB Finance Group Dec 2018 14.2 4.9 -1.1 0.8 Yes
Evergreen Oct 2019 4.2 1 0.9 0.2 No
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 3.3 -4.8 -2.5 -1.7 Yes
Aasa Dec 2018 73.2 -2000 -2000 -2000 No
Kredo.al Dec 2018 2.8 0.1 -0.8 -0.2 No
Aforti (In Default) Dec 2018 27.1 1.7 0.1 0.3 Yes
Creditter Sep 2019 6.7 0.7 -1000 No
Finko (Dinero, Ukraine) 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 0.1 -0.1 Yes
Credilikeme Dec 2018 0.4 1.1 0.1 -0.7 No
Finko (Lendo, Georgia) Dec 2018 9.8 -2.6 -2.0 -8.8 Yes
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
Dinerito Sep 2019 10.3 3.6 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 (In Default) Dec 2018 1.8 -1.7 -1.7 -1.9 Yes
Tigo Dec 2018 2.1 -0.7 -0.8 -0.3 Yes
Peachy Dec 2018 5.7 -1.4 -0.4 -2 Yes
GetBucks Jun 2019 80 -46 -55 -14.7 Yes
Finko (Varks, Armenia) 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
Finko (Sebo, Moldova) 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
Sun Finance (Bino, Latvia) Dec 2018 7.5 1 -0.7 -1.5 No
Everest Finanse Sep 2019 93.6 63.9 6.7 7.2 Yes
Sun Finance (Kuki, Poland) Dec 2018 72.7 5.2 -6.9 No
Stikcredit Jun 2019 3 2.7 0.8 0.5 Yes
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 Oct 2019 7.4 3.1 0.0 No
Finko (Metrokredit, Russia) May 2018 5.5 -4.9 -11.8 No
Finko (UkrPozyka, Ukraine) Nov 2019 3.0 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
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 - January 2020

New: Invescore

We are the first to admit that we don't have a strong knowledge of the Mongolian financial services industry. Mongolia ranks 81/190 in the World Bank report on ease of doing business. There's actually a lot about Invescore that we like. It's stock is listed, with a $50m market cap. The business has strong capital levels following its IPO in 2019, and the share price has been rising. Invescore appears to have a strong and deep management team and board. The business is profitable and is growing strongly, but not too quickly. One of the better recent additions to Mintos. Our initial score is 68. Update: Mintos say that Invescore will very launch soon - seems that they uploaded information a little too early, and have temporarily taken them off the site.

New: Ukrpozyka

Ukrpozyka is a startup Ukrainian lender, that is part of the Finko group. It's not clear why they set up this lender as they already own Dinero, which operates in this country. Frankly almost no financial information has been provided. Importantly, both Dinero and Ukrpozyka now have received parent guarantees from a company called EAG Finance. Mintos have not provided any information about this company so we currently assign zero value to this guarantee, and are not able to provide a rating for Ukrpozyka. Unfortunately, Mintos does not let investors select Dinero only loans in their auto-invest settings, and there is a risk that some investors will pick up loans from Ukrpozyka unexpectedly.

Sun Finance - Simbo

The Denmark government have recently announced measures to cap interest rates at 35%, and to also ban marketing of any loans with interest rates greater than 25%. The average rate of Simbo loans appearing on Mintos is over 200%. We therefore think that there is a high risk that Simbo may have to close down operations. In the meantime, we would exclude any Denmark loans from a Mintos portfolio. We have cut the profitability score of Simbo to zero in the meantime, as we don't see any ability for the company to operate profitably in the future within a 35% rate cap.

Creamfinance - Danish loans

In addition to Sun Finance, we note also that Creamfinance, which is a multi-country lender, has also listed some Danish loans on Mintos (although none are currently listed on the primary market). We recommend caution relating to these loans too.

Farewell to...

Nexus. The lender who operated on Mintos for only 3 days. It seems like we will never learn what actually happened, but all loans have now been repurchased or repaid, and Nexus no longer exists as a Mintos LO.

Latest rating changes - December 2019

New: Evergreen

Evergreen is a fairly small British 'payday' lender. It has been operating for 4 years and has been making small profits since then. It has a reasonable level of capital given its small size. Our initial score is 51.

New: Wowwo

Wowwo is a rapidly growing Turkish business that sells second hand cars, and provides loan finance to its customers. It has a similar business model to another large Mintos lender, Mogo. The business is well capitalised, with €19m of equity. Business at Wowwo seems to be going well, with strong profits since 2017. We think that the combination of strong financial position, plus the security of loan collateral makes Wowwo one of the better new loan originators to join Mintos this year. Our initial score is 70.

New: Creditter

We hope that Creditter is better at lending than producing management presentations and financial statements. The information available from Mintos is very thin. What do we know? They are a small payday lender from Russia, with a loan book of €6.7 million and equity of less than €1 million. OK, but is it profitable? How good is the lending performance? Unfortunately neither Mintos or Creditter have decided that information is not important for any investor to know. Our initial score is 25.

Everest Finanse

We are still trying to fully understand the accounting disclosures that Mintos have been providing for Everest Finanse. For 2018, they provided statutory figures (that showed losses), and 'pro-forma' figures, that showed profits. Mintos have now provided updated results to June 2019 on a pro-forma basis. They have been reviewed by auditors Grant Thornton. We are going to trust Mintos that these are the most relevant and appropriate figures (for now). Our rating score has now increased to 69, primarily due to the annualised profit reported for 1H 19 of €6.6m.

Akulaku

Akulaku is an Indonesian digital lender that has been backed with huge amounts of VC funding (mainly from China). On paper the P&L doesn't look good, but they are clearly investing in growing the business dramatically. As of the end of 2018 it held almost €100m of equity, following another big capital raise. Our score has increased by 3 to 57.

Cashwagon

We are big fans of the reporting provided by Cashwagon. They provide monthly financial information, as well as audited financials and management updates. In the last few months we can see that the business is heading towards break-even, and lending performance is stable. Their score is up 5 to 42, and we expect it to go up further.

Nexus

Mintos quietly removed Nexus from the platform only 3 days after launching the new loan originator. We were told there would be an announcement about why, but this never happened. When we followed up we were told that it was removed because 'After publishing the announcement about Nexus joining the marketplace additional aspects were identified....that needed to be addressed'. This is extremely vague but clearly something has gone very wrong here. Mintos have almost completely removed Nexus from their site (including the announcement of them joining). The only record of them ever existing is the statistics page which shows that €563k of loans were purchased before Nexus was suspended.

GetBucks

The parent company of GetBucks, MyBucks SA, is a publicly listed company. The company has been a financial disaster, with their shares falling 95% from the peak. MyBucks has recently announced 'preliminary, unaudited' results for the year to 30 June 2019. In short, they expect a gigantic loss of €55 million, leaving a negative equity position of €46 million. The debtholders in the business are being forced to convert their debt into equity, to avoid a bankruptcy to MyBucks. This is good news for other creditors, as it will repair the balance sheet of MyBucks. However, until there is a sign that MyBucks can stop generating huge losses, this remains a high risk situation.

Latest rating changes - November 2019

New: Dinerito

Overall we think Dinerito is an interesting addition to Mintos. They provide a product that many investors will not be familiar with - payroll credit. The reason we like this is that the repayments are deducted from salary payments by their clients, which are mainly government institutions, making defaults very low. Our overall score is 53, the main negatives being lack of profitability. However the business is growing and we would expect the score of Dinerito to improve in the next review.

New: Nexus

[Note: Nexus is no longer active on Mintos, see comments above].
The business model of Nexus makes sense on paper. It lends to smaller and mid sized Russian companies to allow them to fund the working capital involved in fulfilling projects and tenders. The risk is therefore mainly down to the creditworthiness of Russian government entities and large corporations. However we note that Nexus is still very small and not all investors will be keen to take this type of bet on Russia. Our initial score is 45.

Mogo

Mogo released its 3Q 2019 results (click the arrow above for link). Mogo is a very important lender on the Mintos platform. We are pleased to see that 2019 results continue to improve, and we have further increased its score to 79 (after reaching as low as 71). Mogo appears to have stopped stretching its balance sheet, and has made improvements to profitability, while keep loan defaults stable. A good turnaround performance.

Sun Finance - Bino

In September we significantly downgraded Bino because it still had not released its 2018 results. Their score has now increased from 9 to 28 following the audited results they have just published. On the plus side, Bino received a €2.8m capital injection during 2018. Negatives continue to be their very small size and history of losses.

Rating re-affirmed:

Creditstar published their 1H 2019 results. Overall no big surprises, with profits stable. We do note however that leverage is creeping up. No change to our overall score of 79. Creditstar have also launched their own P2P site now called LenderMarket. Check out our special offers page for details of their bonuses for new investors.

Peachy

Peachy has received a small upgrade from 17 to 22 however we still consider this a high risk lender on the Mintos platform. Both management and their auditors note that there is a 'material uncertainty' about whether the business can continue as a going concern. The business also holds negative equity. Is this a sensible company for P2P investors to lend money to? Probably not. So why the upgrade? The company provided audited financials, and the level of losses had reduced.

Farewell to...

Efaktor, and Lendrock appear to have left Mintos, without any announcements being made.

Latest rating changes - October 2019

Lendo

Lendo has finally published its audited 2018 figures. There are 3 things we thought important to highlight:
1. The figures previously provided by Lendo had indicated that it was profitable, with positive equity. We don't understand the basis for this because the audited results show heavy losses in both 2017 and 2018, and negative equity.
2. The auditors have qualified their opinion, as they were unable to verify assumptions used to calculate the loss provisions - the real picture could be even worse . Unsurprisingly they also noted that there were risks the company may not continue as a going concern
3. During 2019 Lendo was sold to another (better rated) lender, Varks.

Rapido

Rating has been changed from 16/100 to 'Default' (see comments above)

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

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

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, 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

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.

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.

Aforti

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

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

Kredit24

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.

Alfakredyt

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.

Dozarplati

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.

Kviku

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.

Rapicredit

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.

Debifo

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.

Simbo

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.

Credius

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

Fireof

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

Aasa

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.

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

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

  1. Christian Reply

    Regarding ID Finance in Spain, news from Mintos today: https://blog.mintos.com/id-finance-spain-reports-solid-financial-results-in-may/

    I however also agree that the ratings for ID Finance, or generally all companies operating in different countries without group guarantees, should be rated independently, because they are somewhat independent entities. On the other hand, it would be very bad for the reputation if one country fails and investors lose money, I guess investors would then withdraw money for all other countries also because of this, so even without a group guarantee there might be a motivation to prevent a crash as much as possible.. Thoughts?

    • Oscar Harrington Post authorReply

      All good points raised by everyone here surrounding ID Finance. We’ve only had a couple of days since the disclosure of the split of the company into different regions. We’ve been hesitant to provide intra-group ratings up to now but it appears that the 3 different ID Finance geographies have differing risk profiles as the implicit group guarantee does not seem to exist any longer. We will consider how best to reflect this. The Spanish results seem to have improved very significantly in Q1 2019 according to their latest report, so the situation seems stronger than reported as of 31 Dec.

    • Oscar Harrington Post authorReply

      We have now split ID Finance into 3 separate units (Holding/Kazak, Spain, Mexico) to reflect the different risk profiles following the demergers of the different companies recently announced. Thanks for suggestion.

  2. The South Sea Company Reply

    That’s correct, and this is a big oversight on the part of Oscar and his team. The Spanish and Mexican operations never had a group guarantee, so it was never fair to give them the same rating, and indeed Mintos itself gives them different ratings. Worse, if you read the financial statements carefully, you’ll find they are no longer even in the same group! The shares of the EU/LatAm business have been distributed to ID Finance’s shareholders; in other words, the two ID Finance groups are now unrelated. (You can also see that the original parent retained most of the cash, making it clear which side is the risky one.)

    To be fair, Mintos provides financials for all of the separate companies: all links are on the loan originator page. Both the Spanish and the Mexican company have negative equity. The latter one is particularly precarious due to its large losses and huge negative equity. Financially, these two companies are maybe on par with Metrokredit or Tengo, yet a cursory look at ratings on this page would make you think they are among the safest on Mintos. Ouch!

    The loans issued in Kazakhstan do have a group guarantee by the “real” ID Finance, which has very solid financials. Note however that it is now a smaller company, having shed its “Western half” in the split.

    I think the rating for ID Finance Spain and Mexico should be withdrawn or very dramatically reduced.

    • The South Sea Company Reply

      Note, my comment above was in response to Thomas about ID Finance. For some reason it is not shown indented properly.

  3. Pingback: Crowdlending comparison (update July 2019) - Investing small

  4. Thomas Reply

    Do I understand this right
    On Mintos ID Finance has loans in Spain – IDFinance Spain, S.L., Kazakhstan – MFO OnlineKazFinance LLP (Kazakhstan) and Mexico -IDF CAPITAL, S.A.P.I DE C.V., SOFOM E.N.R.

    In the audit report I find that ID Finance Spain S.L. is mentioned as “Discontinued operations”. In Note 4 there is Discontinued operations – EULATAM with the financial statement.
    The operating loss is pretty huge. Only due to “Gain on revaluation of non-cash assets distributed to shareholders ” there is finally in income instead of a loss.

    As there is no Group Guarantee for Spain/Mexico shouldn’t there be a different Rating for ID them?

    • Oscar Harrington Post authorReply

      Thanks Roddy we’ve been waiting a long time for those ones now… We’ve updated the page.

  5. Janis Reply

    Great article! Could you please give a brief explanation why Peachy is rated so low in your ranking?

      • Janis - investingsmall.eu Reply

        Thanks, Hugo, I got a reply from Mintos when asking for a comment on this:

        “In the framework of cooperation with Cash On Go Ltd, company’s other funding source’s security was ranked as second tier (or “claim rights over the security of the company’s other funding source were ranked as second tier”), prioritizing claim rights of Mintos investors. This way “subordinated” debt could be treated as quasi capital which in turn positions company in line with B Mintos rating.”

        Do you have any comments on this? Sounds like they have more info on securities than there is on the balance sheet.

  6. Gian Piero Reply

    Hi Oscar,
    Thank you for your quick answer. You say that you have audited financial statements instead of a company presentation.
    Yes, the numbers are not as great, but they are audited.
    The great news is that EBV is now audited, I would have thought that this should improve their rating, not reduce it.

    • Oscar Harrington Post authorReply

      Hi Pietro & Gian. Rating change followed receipt of EBV’s 2018 figures. The company is slightly more levered, and is less profitable than the previous figures we had available which came from a company presentation rather than audited financial statements.

  7. Gian Piero Reply

    Hi Oscar, thank you for this great work you do. It helps me a lot. Could you perhaps make some comment on EBV that appears to have been slightly downgraded?

  8. Pingback: Mintos meets Data Science #3 — The Coin Magnet

  9. The South Sea Company Reply

    What’s your source for, or what method did you use to calculate, the equity value for Monego? Your table shows 4.8 while my numbers are at 0.4, a very significant difference. Thanks.

    • Oscar Harrington Post authorReply

      Thanks for pointing this out – it looks like Mintos have just uploaded the audited 2018 financials. We had previously relied on figures contained in a presentation provided, it is not clear why there is a discrepancy in the equity figure. Regardless we have updated the tables with the audited figures.

    • Oscar Harrington Post authorReply

      Thanks for the question – agree with the 0.4 figure, and we have updated table. It may have simply linked to the wrong data source, apologies.

  10. Rimvydas Reply

    There is new load originator – Alexcredit, please update your table. It seems that financials of this loan originator are also not bad. Please, update your table.

    • Oscar Harrington Post authorReply

      Thanks for finding this Michael – we’ve updated the tables. Seems to be performing much better, one to keep an eye on…

  11. Julio Reply

    I would like to be notified by email every time there would be an update of this article. I find it very useful. Is there a way to suscribe or something to be notified when updated?

    • Oscar Harrington Post authorReply

      Great idea. We will look into this, it should be possible.

  12. Pedro Reply

    Hi Oscar.

    Kredo has published its financial statements. bad news

    Kind regards,

  13. Pingback: How to Invest 10.000 EUR in P2P? 15 Bloggers Reveal Their Best Ways!

  14. Petr Reply

    Hi, as Christian wrote, your time and effort is greatly appreciated.

    ExpressCredit also published financials for Botswanian entity https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/8F87750E-F73C-580F-FC3B-BECF750B655A.pdf

    Also two presentation published:
    Botswanian: https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/F5A6222B-F21C-C5E8-C460-9CB41E1BC0B8.pdf
    Zambian: https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/0B456298-1D1A-B96C-8231-CC2D79DAF123.pdf

    Its weird, that Zambian entity is profitable durign 2018 in presentation, however it’s loss making in financials.

    Also little side note, this thread is too long. Isn’t there any more practical solution?

    • Oscar Harrington Post authorReply

      Thanks Petr. We always try and use the financial statement numbers if they are available. Often the numbers in the presentations are better than the financials, or don’t tie out at all…. Both ExpressCredit companies had poor numbers for 2018 as you saw, and negative equity. We’ve updated the tables and ratings today to take this into account. Regarding the size of comment thread we will try and address it.

      • Petr Reply

        Yes, agreed, that is alwat better to use numbers from FS. Just wanted to point that out.

  15. Christian Arnold Reply

    Could you please take a look for the December 2018 audited Credius report, which can be found here: https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/26A87D3F-2B09-E216-52B0-088B90B0A47B.pdf.
    Temporary troubles or alarm signs, what do you guys think?

    Also, AASA seems to be in trouble, see https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/1D5CE6F5-BBDC-8D2B-FC89-EE6A0A161216.pdf for a presentation for the Q4 reports in 2018. Why they are still rated as A is beyond my understanding in light of this, particularly after the Mintos Rating update from today (please also update this, see https://blog.mintos.com/upcoming-mintos-rating-update-on-4-july-2019/). Thanks!

    • Roddy Reply

      The AASA report indeed does not look well, but the report focus is on AASA business in Finland and Estonia, whilst the loans issues on Mintos are from Poland and Sweden. Would need to get figures from that though to make an assessment.

      • Oscar Harrington Post authorReply

        Roddy & Christian – we decided today to remove rating for Aasa. The disclosures about the Poland subsidiary are just not good enough. Combined with the big problems you are referencing with other entities in the group and we just don’t feel it’s possible to understand what’s really going on.

  16. Marc Reply

    Hi Oscar. Would it be possible to add a column to your table stating the date of the last change of scores for every loan originator? For my investments I’m maintaining an Excel sheet that uses your data as well so I would be happy if i could see at first glance which loan originator was last updated so i can update my list too.

    • Osmium Reply

      Yes! A proper changelog at the bottom of the post like “20.06.19 Varks 58 -> 62” would be nice to notice changes at first glance. Keep up the excellent work.

    • Peter Reply

      Hi Oscar, Marc and Osmium,

      I agree. It would be really helpfull not to have to go through the whole list to see, if something has changed.

      Keep up the good work.

      • Oscar Harrington Post authorReply

        Hi Peter – we’ve just added a new section below the tables highlighting latest rating changes following several rating updates today. Hope this helps!

    • Oscar Harrington Post authorReply

      Thanks Hugo we have updated. Car crash results. Loan losses were somehow 10 times the interest income. Really find it difficult to understand on what basis companies like Tigo qualify to receive public funding on Mintos. It is more suitable for Angel / startup / VC style funding given the risks.

  17. Steven Reply

    Hi Oscar,

    I noticed that the scores are wrong for CashCredit and for PimPay. For CashCredit it should be 37 instead of 35 and for PimPay it should be 15 instead of 18 according to the individual points given by you.

    I also spotted that the declared Mintos ratings are wrong for Mogo, Aasa and Placet Group. For Mogo it should be A instead of A/B, for Aasa it should be A/B instead of B and for Placet Group it should be A/B instead of A-.

    Another minor difference is that Varks.am is only called Varks and Cream is called Creamfinance on Mintos.

    Would cherish it if you could update the table.
    Anyway, I appreciate the effort you’ve put into this site!

    • Oscar Harrington Post authorReply

      Hi Steven. We’ve actually just removed Pimpay because they have no loans on Mintos any longer. The Cashcredit score of 35 is correct as we reduced the profit score from 6 to 4. We have updated that field now. Will update the ratings – those were not announced but we’ve now implemented some monitoring of key Mintos pages to try and pick up these changes quicker.

  18. Ian Reply

    Thanks for that that Oscar,
    Another question, if I may, I don’t fully understand the risk difference, if any, between the ‘Direct and Indirect’ investment structure. If there is a BuyBack guarantee on the loan will it make any difference?

    • Oscar Harrington Post authorReply

      Ian that is quite a complex topic to discuss. Best you chat with Mintos support. Direct is considered more secure. There will be no difference to you under either structure unless a lender defaults. Recoveries are likely to be more complex and uncertain under the indirect structure.

  19. Ian Reply

    Hi Oscar, do you have any info on Dziesiatka?, it’s not on your list.

    • Oscar Harrington Post authorReply

      Hi Ian – we’ve now added it, thanks for picking it up. Main downside is that it is very small, but similar to many other lenders on Mintos

    • Hugo Reply

      I’ll leave the translations here. Starting from page 6, you have numbers associated to each account. 15 – total assets 23 – total liabilities 30 – total capital (all of which grew). On page 8 you have the P&L, 1 is turnover and 61 is net results which was 40kk rubles ~ 500k€, little less than the last year. Sales doubled but profit stayed the same, which might be considered a “not that good” sign.

      • Oscar Harrington Post authorReply

        Thanks Hugo and Pedro – we’ve updated the Lime Zaine figures.

    • Oscar Harrington Post authorReply

      Agree Pedro. We’ve updated table now, Gracias.

  20. Vitek Reply

    Hi
    I would like to thank you for amazing job.
    I would have a proposal, would you consider changing names in Lender column to match names on Mintos page (https://www.mintos.com/en/loan-originators/#overview) in loan originator combobox?
    You can remove “Leaselink (Pragma)” no longer available among mintos loan originators.
    You can add data for “CashCredit”, “Dziesiatka Finanse”, “Eurocent”, “VIZIA”

    This would simplify comparison Mintos and your statistics.
    Vitek

    • Oscar Harrington Post authorReply

      Hi Vitek. Check out the updated table – hopefully you will be happy. Note – we exclude Eurocent because it is insolvent. We combine Vizia and Banknote as they are part of the same group.

Leave a Reply

Your email address will not be published. Required fields are marked *