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

Posted on September 20, 2017 by Oscar Harrington

Last updated - 27 Feb 2024

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 5 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 cuts a deal with a Russian lender - investors take a 35% loss

Mintos has announced that one of its Russian loan originators, Revo Technology, has exited the Mintos platform, following a negotiated settlement. Payments outside of Russia have been heavily limited by local authorities, which has resulted in many Mintos investors receiving either nil or minimal payments from the Russian lending groups that owe them funds.

Revo Technology presented an offer to Mintos to pay 65% of the balances owed, in return for a ‘haircut’ or write-off of the remaining 35%. Mintos says that this 35% haircut was a requirement introduced by Russian authorities to approve a bulk payment transfer (it would be interesting to know how this 35% windfall gain is being split between Revo and the Russian authorities). While taking any loss is annoying for Mintos investors, in our view this was probably the correct action to take – the alternative would have been an extremely long and uncertain time period to recover more than this amount.

One interesting outcome is that the 35% loss is being applied equally across all Mintos investors. We think this is a lot more equitable than what Mintos has done previously, where they paid out some investors in full, and wiped out others, based on the maturity dates of the loans they held. This never made sense to us and we are glad that they have changed their approach to distributing work-out recoveries.

Mintos updates its ratings

In June Mintos announced the latest updates to its ratings. The changes are not particularly significant – the score changes were fairly minor. We have updated our tables below with the new ratings.

Withholding taxes reduced from 20% to 5% - check your account status

One of the impacts of Mintos moving to a regulated notes structure was that it had to levy withholding taxes at source. This was one of the biggest downsides that we noted when in our post about the changes.

In welcome news, Mintos has announced that it has been able to reduce the withholding tax rate from 20% to 5% for EU and EEA residents. If you qualify, it is important that you make sure that you have provided any information that Mintos require to set you up on the 5% rate, and check that it is activated.

Why is the reduction good for investors? Some investors may have an effective tax rate below the 20% level, and this withholding tax deduction may reduce the amount of tax they pay overall. Even if you pay high rates of tax – the move is beneficial. That’s because more of the interest earned can get reinvested throughout any tax year, leading to higher interest income being earned after tax.

Mintos finally launches its Notes program. Forced to close secondary market

After several delays Mintos has announced that it has launched its notes program. The notes program is designed to replace the current arrangement where it sells participations in loans, and is linked to its move to become a licenced investment platform. Initially there will be 3 companies issuing notes – CashCredit, Eleving and Sun Finance Latvia. While Mintos is highlighting some benefits to investors from notes relating to protections and transparency, there seem to be several downsides. One topic that has understandably upset many investors is the imposition of withholding taxes on interest earnings for the first time. We plan to write a post that discusses this in more detail shortly. Another huge downside relates to the secondary market – Mintos is being forced to close the secondary market in claims by 30 June. While a secondary market in notes will be possible, cutting off the liquidity options for over €670 million of claims that are currently outstanding is a huge negative. We hope Mintos makes investors more aware of the situation as this detail appears to have been lost in their communications.

Check out our new post that discusses the implications for investors of the new Mintos notes scheme – the key benefits, and 4 important downsides to be aware of.

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 originator	Reporting period	Loans	Equity	Profit - latest	Profit - prior year	Profit - 2 years prior	Audited?
Eleving (Mogo)	Dec 2023	320	66	23.4	20.3	7.1	✔
BB Finance	Nov 2023	14.7	5.1	0.4	0.4	1.5	✔
IDF Eurasia Kazakhstan	Dec 2022	155	31.7	3.4	7.5	5.7	✔
Creditstar	Sep 2023	244	57	6.7	8.9	7.1	✔
Capital Service (D)	Dec 2021	18.7	1.7	3.6	-3.8	0	X
Credifiel	Sep 2023	81	43	7.5	5.4	1.6	✔
IuteCredit	Dec 2023	232	63	10.2	17.1	6.1	✔
ExpressCredit (D)	Dec 2020	20.9	4.5	0.1	1.4	-1.6	✔
DelfinGroup	Sep 2023	84.5	21	7.1	6.0	4.2	✔
GoCredit	Dec 2021	10.3	8.8	1.5	1.2	0.32	✔
LF Tech	Dec 2021	37.8	14.1	9.6	4.3		✔
Jet Finance	Dec 2022	4.8	2.2	0.4	0.8	-1.9	✔
Financiera Contigo / CEGE	Dec 2021	74.3	19.5	5.0	1.4	-3.6	✔
Conmigo Vales / CEGE	Dec 2021	74.3	19.5	5.0	1.4	-3.6	✔
Watu Credit Uganda	Dec 2021	15.8	1.2	1.6	-0.4		✔
Capem	Dec 2022	67.3	17.3	1.4	1.1	0.7	✔
Alivio	Dec 2021	11.1	2.0	0.0	0.1	0.1	✔
Finko Dinero (D)	Dec 2019	11.3	1.0	1.2	-1.5		✔
Finko UkrPozyka (D)	Dec 2019	5.0	1.0	-1.7			✔
SOS Credit (S)	Sep 2020	1.0	1.1	0.0	0.2	0.2	X
Planet42	Sep 2023	68	3.0	-0.4	-1.1	0.1	X
DanaRupiah	Dec 2021	1.1	0.9	0.0	0.0	2.5	✔
Monego (D)	Dec 2018	4.1	0.4	-0.6	0		✔
Cashwagon (D)	Feb 2020	27.9	1.0	-5.9	-7.0		✔
Placet Group	Sep 2023	72.3	32.1	4	3.9	3.4	✔
Fenchurch Legal (S)	May 2021	10.4	0.5	0.5			X
Wowwo (D)	Sep 2021	24.9	23.7	3.3	2.0	1.6	✔
Evergreen	Dec 2022	15.5	3.7	0.8	1.3	0.3	X
Creamfinance	Dec 2021	35.0	14.7	3.4	-0.8	0.9	✔
Extra Finance	Dec 2018	4.6	2.0	0.1	2.0	2.0	X
Mozipo Group	Dec 2022	12.2	5.0	0.2	-0.2	-0.3	✔
Finitera Kredo	Dec 2019	10.6	0.2	-1.2	-0.8	-0.2	✔
Creditter (S)	Dec 2020	2.9	1.4	0.5	0.9		✔
Dozarplati (S)	Sep 2020	22.5	6.9	5.8	2.0	0.8	X
EcoFinance (S)	Dec 2020	6.1	2.4	-1.8	-0.3	0.1	✔
GFM (S)	Dec 2022	9.0	7.3	0.3	0.2	0.2	X
Dinerito	Dec 2022	24.0	8.1	0.5	0.5	-0.1	✔
Hipocredit	Dec 2022	10.4	1.6	0.5	0.3	0.4	✔
Debifo	Dec 2018	7.8	0.1	-0.1	0.2	0.0	X
Kviku (S)	Dec 2021	83.3	13.9	10.1	1.7	0.8	X
Rapido (D)	Dec 2018	1.8	-1.7	-1.7	-1.9	-0.8	✔
Peachy (D)	Dec 2018	5.7	-1.4	-0.4	-2		✔
GetBucks (D)	Jun 2019	92.1	-41.8	-51.2	-9.5	-12	✔
Finclusion	Dec 2021	16.7	12.4	0.4	-0.8		✔
Credius	Dec 2022	11.4	11.8	3.1	3.0	1.7	✔
Rapicredit	Dec 2022	11.7	2.9	0.7	0.5	-0.6	✔
Watu Credit	Dec 2021	27.9	4.8	4.5	1.5	0.2	✔
Sun Finance Latvia	Dec 2022	21.6	11.3	3.9	7.1	6.9	✔
Everest Finanse	Dec 2022	105.4	69.2	2.1	6.1	2.2	✔
Sun Finance Group	Sep 2023	191	86	69	66	51	✔
E-Cash (D)	Dec 2019	2.3	0.6	-1.3	-0.6		X
Esto	Sep 2023	47.7	12.3	5.5	3.7	3.3	✔
Mikro Kapital Russia (S)	Dec 2020	17.7	7.7	0.3	0.4	-0.3	✔
Mikro Kapital Romania	Dec 2020	25.6	5.7	0.3	-0.4		✔
Mikro Kapital Uzbekistan	Dec 2020	8.5	0.9	0.8	-0.3		✔
Mikro Kapital Belarus	Sep 2020	31.1	4.9	1.8	0.8		✔
Mikro Kapital Moldova	Dec 2022	31.7	6.9	0.9	0.9	0.4	✔
Fireof	Dec 2018	3.8	0.9	0.0			X
ID Finance Spain	Dec 2022	63.9	18.7	10.4	10.5	2.5	✔
Lime Zaim (S)	Jun 2021	13.9	5.1	1.2	0.0	1.5	✔
Dineo Credito (S)	Dec 2021	7.4	3.0	1.8	3.3	2.2	✔
Dziesiątka Finanse (D)	Dec 2019	9.5	3.4	0.5	0.2	0.0	✔
Novaloans (S)	May 2021	5.0	1.8	0.3	0.3	0.7	✔
Swell	Dec 2021	8.4	3.9	0.3	-1.5	0.0	X
Alex Credit (D)	Mar 2019	3.1	1.3	0.6	-0.3		X
CashCredit	Dec 2022	7.4	3.2	0.3	-0.1	0.1	✔

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.

Lender	Status	Profit	Capital	Size	Disclosure quality	Track record	Score / 100	Last score change	Mintos score
Eleving (Mogo)	Active	15	8	17	17	14	71	0	8.0-9.3
BB Finance	Active	10	11	11	14	12	58		7.5
IDF Eurasia Kazakhstan	Active	11	10	15	12	9	57	+6	5.8-6.2
Placet Group	Active	16	18	15	15	17	81	0	8.3
Planet42	Active	7	4	13	11	6	41	-5	7.4
Creditstar	Active	12	6	17	11	8	54	0	4.4-5.4
IuteCredit	Active	15	12	16	17	17	77	0	7.3-7.8
ExpressCredit Botswana	Active	9	5	10	6	0	30	-3	8.3
GoCredit	Active	13	14	13	14	12	66	0	6.6
LF Tech	Active	14	13	13	7	9	56	+8	5.8
Watu Credit Uganda	Active	13	7	11	10	7	48	+7	7.1
Capem	Active	11	14	14	13	13	65	0	8.4
Jet Finance	Active	8	11	5	12	6	42		6.7
Alivio	Active	7	7	10	13	11	48	0	W/D
Financiera Contigo / CEGE	Active	13	12	14	12	12	63		5.6
Conmigo Vales / CEGE	Active	11	10	12	10	7	50	0	W/D
DelfinGroup	Active	17	16	14	18	17	82	0	8.4-8.7
SOS Credit	Suspended	6	10	4	7	11	38	-8	W/D
Credifiel	Active	15	15	14	11	14	69		7.4
Creamfinance	Active	14	14	13	14	14	68	+6	W/D
Extra Finance	Active	12	15	8	0	12	47	-5	W/D
Mozipo Group	Active	4	8	10	6	7	35	0	8.1
Wowwo	Defaulted	12	13	13	7	14	59	0	W/D
Fenchurch Legal	Defaulted	8	9	11	7	7	42		W/D
Rapicredit	Active	12	9	10	9	11	51	+6	5.3
Evergreen	Active	11	8	11	4	8	42	-7	6.9
Dozarplati	Suspended	14	11	13	5	13	56	+11	W/D
Creditter	Suspended	12	11	8	9	7	47	+14	W/D
EcoFinance	Suspended	5	9	9	11	6	40	+6	W/D
GFM	Active	10	14	10	6	8	46	0	W/D
Hipocredit	Active	9	7	9	10	12	47	+6	7.9
Debifo	Active	5	5	6	0	6	22	-10	W/D
Finclusion	Active	10	13	13	12	3	51	+16	6.6
Sun Finance Group	Active	18	15	16	15	15	79	0	6.6
Lime Zaim	Suspended	11	12	11	12	14	60	+8	W/D
Fireof	Active	7	7	5	0	10	29	-14	W/D
E-cash	Suspended	0	2	5	8	5	20	-3	W/D
DanaRupiah	Active	6	4	1	10	7	28	0	5.6
Sun Finance Latvia	Active	15	12	12	11	13	63	-1	6.6
Credius	Active	15	16	15	14	15	75	+4	7.5
Esto	Active	15	12	13	16	16	72	+1	7.8
Dinerito	Active	10	12	12	13	8	55	0	7.0
Mikro Kapital Russia	Suspended	8	13	12	10	10	53	0	W/D
Mikro Kapital Romania	Active	9	10	13	8	9	49	+6	7.4
Mikro Kapital Belarus	Active	13	6	14	9	12	54	-9	W/D
Mikro Kapital Uzbekistan	Active	11	6	8	10	8	43	0	7.3
Mikro Kapital Moldova	Active	8	9	12	11	11	51	-3	8.0
Kviku (Score W/D)	Suspended						00		W/D
ID Finance Spain	Active	15	8	13	11	6	53	-14	7.3
Dziesiątka Finanse	Suspended	6	10	10	13	13	52	+9	W/D
Swell	Active	11	12	9	10	9	51	+8	7.6
Everest Finanse	Active	8	18	14	12	13	65	+5	6.9
CashCredit	Active	11	12	8	5	11	47	+2	6.5
Novaloans	Active	11	8	9	11	12	51	0	6.5

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: Jan - Feb 2024

New: BB Finance

It's been an extremely new time since Mintos brought a new lender onto the platform. We can't recall any new lenders arriving at all in 2023. BB Finance is a fairly typical type of Mintos lending company. It is based in Estonia, focuses on unsecured personal loans, and is quite small. It seems to be a fairly well run business, and it has made profits in the last 3 years. Balance sheet structure is in line with most other lenders appearing on Mintos. Our initial score is 58

Cashcredit

Cashcredit of Bulgaria has finally released its 2022 results. Who knows when we will get the 2023 results.... In any case not much has changed, other than it has moved from breaking even to making a small profit. It's a very small business with a loan portfolio of only €7m. Clearly this is too small to be able to hire a decent finance team, and the disclosure quality remains poor. We have upgraded our score by 2 to 47, to reflect the improvement in profits.

Score retained: Eleving (Mogo)

One company that definitely is large enough to have a decent finance team is Eleving (formerly Mogo). It has announced an unaudited profit of €23.4m for 2023, which is an excellent result. This marks two consecutive years of strong profits after struggling through the covid period. Q4 2023 results were in line with expectations. The main weakness continues to be the higher than normal leverage of its tangible book equity, however if it continues to generate strong levels of profits this may be addressed in time via retained earnings. Our score remains 71.

Esto

Esto has been active on Mintos for many years now. It is a mid-sized Estonian lending company. It has made very good progress over the years, with consistent growth of its assets and also growing profitability. In its Q3 2023 results it shows that it is on track to generate profits over €5m for the full year, which will be a 50% increase over 2022. We have increased the score by 1 to 72.

Score retained: Creditstar

The key thing we have been waiting to see from Creditstar is an announcement of progress in issuing shares to increase its equity levels. That's because it has a stretched balance sheet which has led to difficulties in raising debt funding, as well as other issues. Unfortunately there was no news on this in its 2H 2023 results. The company flagged the issuance of €12m of bonds in November, however this is relatively small for a business of this size. Profits for 2H 2023 were the same as for the first half of the year, with a total profit of €6.7m (down €2.1m on 2022). Our score remains 54.

Credifiel

Credifiel is a fairly large lending business in Mexico. It provides people advances against their upcoming wage payments, and has arrangements with employers to ensure that the loan is repaid direct to them. It's an interesting business model. It seems to be working, as it has announced strong profits for the first 9 months of 2023, and is on track to grow profit by 50% for the full year. Another thing we like about Credifiel is the conservative balance sheet structure, where loans are funded 50% with equity. Our latest score is up 2 to 69.

Planet 42

In June 2023 we downgraded the score of South African lender Planet42 and after reviewing the Q3 2023 results we have cut the score further. We have two (linked) concerns about the business. Firstly, it seems that the outlook for South Africa as a country continues to deteriorate due to several factors including political instability and mismanagement. We anticipate that levels of bad debts will increase. Over the last 18 months the currency has also depreciated strongly against the euro. We note that the shareholders equity reported by Planet42 has fallen noticeably due to 'FX translation reserves'. This has left it with €3m of equity against €68m of loans which is far too low to be sustainable long term. Our score is down 5 to 41.

Score retained: Placet Group

Placet Group is one of our highest rated lenders. Its loans appear both on Mintos and also its affiliated P2P site called Moncera. It seems to always make profits between €3-4m each year. It has announced profits of €3m for the first nine months of 2023 so that trend seems like it will continue. Boring, consistent results are good results when you are a lender. Our score remains 81.

Score retained: Iute Credit

While some lenders have still not published their 2022 results, Iute Credit has managed to produce their audited 2023 results already. which is extremely impressive. Underlying profits were slightly down on 2022, with some higher funding costs and higher impairment charges. However, the company still generated a profit of over €10m, and has grown shareholder equity to €63mcontinues to provide some of the fastest and detailed financial disclosures of any of the lenders appearing on Mintos. Maybe that's because their results tend to be strong, particularly over the last 2 years. The company made a profit of just over €12m in 2022, and is on track to make the same level of profit this year too. Credit quality is stable, as is their balance sheet leverage. Our score remains 77.

Score retained: Sun Finance

We have two scores for Sun Finance - 79 for the whole group, and 63 for the Latvian subsidiary (as this does not receive a group guarantee).Our scores remained unchanged following their latest results. The Sun Finance Group generated a huge €65m profit in 2022, and it is on track to earn something similar in 2023 based on their Sep 2023 results. The only downside we can see is that the shareholders have been paying out a large amount of the profits in dividends, however this is not too much of a concern if the company continues to perform as well as it has been. The profits of the Latvian subsidiary fell in 2022, but were still more than acceptable and balance sheet remains conservative.

Key updates: Sep - Dec 2023

Eleving (Mogo)

Eleving has been achieving fantastic results after coming through a difficult period in 2020. It posted a profit of €20m in 2022, and is on track to do even better in 2023, after making €19.4m in the first 9 months of the year. The increase in profitability is slowly reducing the over-levered position it had a few years ago. Credit quality of its loan portfolios has remained steady so far this year. Our latest score is up 3 to 71.

Score retained: Creditstar

In our last review, Creditstar had €3m of 'pending payments' owed to Mintos investors, which indicated that it had been experiencing liquidity issues. While it still hasn't announced any equity raises, it seems to be in a better position on the liquidity side, with virtually all of the pending payments now cleared. The financial results published continue to look fine, with a profit of €3.4m for the first half of 2023. If it can successfully raise some new equity, continue to generate strong profits, and keep pending payments low, we will likely increase our rating score for Creditstar. For now, our score remains 54.

IDF Eurasia Kazakhstan

During 2020-2022 we cut the score of IDF Kazakhstan to reflect the increased risks in that region of Europe. In 2022, their profits fell from €7.4m to €3.4m due to a deterioration in the quality of their loan portfolio, with rising levels of bad debts. However, we have reassessed their score taking into account the latest financials and macro conditions in Kazakhstan, and the result is a small increase in score from 51 to 57.

Evergreen

Evergreen is a small British payday lender. We have never been big fans because the quality of the financial reporting and disclosures has been fairly poor. It has disclosed that in 2022 it's profits fell from €1.3m to €0.8m. It's balance sheet continues to remain quite stretched. We have reduced the score by 7 to 42.

Hipocredit

Hipocredit is a small mortgage lender operating in the Baltic region. It's shareholders have links to the Mintos shareholder groups. It went several years without providing any financial information, but has now released its 2022 results. There were no real surprises, it continues to make small profits each year and has a stable balance sheet structure. Our score is up 6 to 47, to reflect a higher disclosure quality score following release of new financial information.

Score retained: Placet Group

Placet Group is a highly rated lender that has loans that appear on both Mintos and also its affiliated P2P site called Moncera. It has been a very steady business - it has made profits of between €3-4m in each of the last 5 years. Following the release of their 1H 2023 results it appears that they are on track to do that yet again, making a €2m profit for this period. Our score remains 81.

Score retained: Iute Credit

Iute Credit continues to provide some of the fastest and detailed financial disclosures of any of the lenders appearing on Mintos. Maybe that's because their results tend to be strong, particularly over the last 2 years. The company made a profit of just over €12m in 2022, and is on track to make the same level of profit this year too. Credit quality is stable, as is their balance sheet leverage. Our score remains 77.

Rapicredit

Rapicredit is a small lender based in Columbia. It has tended to make either small losses or profits each year. It does however seem to be a professionally run business, with good quality analysis and financial information provided. It made a profit of €0.7m in 2022, up from €0.5m in 2021. To reflect its improving track record and profitability, our score is up 6 to 51.

Score retained: Capem

Capem is a mid-sized lender to SME companies based in Mexico. It has announced its 4th consecutive year of increasing profits, growing from €1.1m in 2021 to €1.4m in 2022. That's not a huge profit given the size of its business, but at least the company is stable and consistent. Its lending portfolio seems to have a fairly stable credit quality. We have retained our score at 65

Credius

Credius provides personal loans and point of sale finance in Romania. One of the most notable things about the company is its balance sheet where it has extremely high levels of equity relative to its loan book. It isn't even clear why it really needs to borrow funds from the Mintos platform.... The company announced good profits for 2022 (€3m) which is in line with its 2021 results. Our score is up 4 to 75, to reflect the strengthening track record of the company.

Score retained: Delfin Group

Delfin Group has pretty much everything we look for in a lender. Profitable for the last 6 years. Growing, but not too quickly. Quick to release their results. High quality financial disclosures. Sensible balance sheet structure. Delfin announced record profits for Q3 2023, and looks on track to make a profit of over €7m for the year. We continue to rate them as one of the best lenders available, with a score of 82.

Other companies with scores retained

Following a review of their latest financial statements and management presentations, the following companies had no changes to their existing scores: Dinerito, GFM, Jet Finance, Mikro Capital Moldova, Mozipo

Key updates: July / August 2023

Iute Credit

Iute Credit is headquartered in Estonia but its key lending markets are in Moldova and Albania. These are higher risk countries (see our country risk ratings page). However, the financial performance of Iute Credit has consistent and strong for at least 5 years now, which has been impressive. They also provide some of the highest quality (and fastest) financial reports on their investor relations page. To reflect this, and the continued strong profits in their 1Q 23 results, our score is up 2 to 77.

Esto

Estonian buy-now-pay-later ('BNPL') lender has provided its results for the first half of 2023. The company continues to perform strongly, making a €2.5 profit during that 6 month period. If this trend continues, 2023 will be the 5th consecutive year that it has grown its revenues and profits, since it launched as a startup business. Our score increased by 3 to 71.

Score retained: Placet Group

Placet Group has long been one of our highest rated lenders. Its loans appear both on Mintos and also its affiliated P2P site called Moncera. It has been a very steady business - it has made profits of between €3-4m in each of the last 5 years. That type of consistency and track record is very valuable to P2P investors looking to buy their loans with a buyback guarantee. Another reason for our high rating has been their conservative balance sheet structure - their loans are almost 50% funded with their shareholder equity. Our score remains 81.

Sun Finance Group

Sun Finance subsidiaries and sister companies have been present on Mintos for many years. In 2019 the Sun Finance Group was formed to bring them together. Some subsidiaries (such as in Kazakhstan) receive formal group guarantees, while in others (Poland) it is implied. However, based on the latest published audited results, it seems unlikely any subsidiaries will be running into trouble. The group made an incredible profit of €66m in 2022, up from €51m the year before. It has also been winning several awards, such as Top European Fintech from the Financial Times. To reflect the high profitability and strong momentum of the group, our score is up 10 to 79.

Score retained: Eleving

Eleving (formerly Mogo) has published their latest results, with profits increasing from €5.7m in Q1 23 to €6.7m in Q2 23. Management say that they are focusing on risk management and efficiency over growth - we think that's a good thing for lenders to the company. It seems to have taken a bit of a breather with its growth trajectory, with the balance sheet not growing during the quarter. Lending performance is satisfactory, with fairly stable levels of non-performing loans. Our score remains 68.

Key updates: May / June 2023

Esto

Esto operates primarily in Estonia and offers a buy-now-pay-later ('BNPL') service. While many BNPL operators globally have been struggling, Esto has been performing pretty well, making €3.7m of profit in 2022. Impairment losses remained fairly consistent as a percentage of revenues, even as the business grew quickly during 2022. The overall leverage of the business fell in 2022, due to the retention of the profits it generated. Our score increased by 3 to 68.

Score retained: Eleving

Eleving (formerly Mogo) has continued to announce buoyant operating results, with a Q1 23 profit of €5.7m. This follows a 2022 profit of €20m. While funding costs have been increasing due to rising interest rates, Eleving has experienced a significant reduction in impairment expenses. It seems to have taken a bit of a breather with its growth trajectory, with the balance sheet not growing during the quarter. In the past, Eleving has grown too quickly at times, so this is not a bad thing from a creditors' perspective. Our score remains 68, with the high financial leverage remaining the primary reason why it scores lower than some other loan originators on Mintos.

Planet42

In March we upgraded the score of Planet42, on the basis of the decent results it released for the first half of 2022. Well, unfortunately, it seems that things have not been going that well for the South African lender. After making a profit of €0.7m in the first half of 2022, it went on to make a loss of €1.8m in the second half of 2022, followed by a further loss of €0.5m in Q1 23. The quality of the latest financial reporting is not strong - it is difficult to understand exactly why there has been a reversal of fortunes. It appears partly related to higher funding costs, and partly due to impairment costs. We also highlight that South Africa has also been experiencing currency depreciation recently, and issues with energy supplies. Our score is down 10 to 46.

Score retained: Creditstar

Nothing much seems to have changed at Creditstar - it continues to announce strong profits (€1.9m in Q1 23), but it still hasn't announced any major equity raises. The business has been experiencing liquidity issues, as shown by the €3m of 'pending payments' it owes Mintos investors. However, for some reason, despite the strong profits it has been publishing, it hasn't been able to raise the additional equity it needs to reduce financial leverage and support future growth of the company. Until that happens, we remain very cautious of Creditstar, even though on paper, it is much stronger than most of the lenders appearing on Mintos. Our score remains 54.

Score retained: ID Finance Spain

ID Finance Spain has now announced two consecutive years of excellent results, generating over €10m of profits in both 2021 and 2022. That's a high level of profitability for only a mid-sized lending business. What's strange however is the behaviour of its shareholders, who paid out almost all of the 2021 profits as profits during 2022. That isn't typical behaviour for a business that says it is one of the fast growing Fintech businesses, and weakens the position of creditors such as Mintos investors. The company is more highly leveraged than it appears, when you dig into the detail of its financial statements. For these reasons, despite the high profitability reported by ID Finance Spain, our rating remains at 53.

Key updates: March / April 2023

Score retained: Eleving

Eleving (formerly Mogo) has announced strong results for 2022. Profits have more than doubled to €20m, and the company grew its lending portfolio by 18%. This is fairly high but not too fast to make us worried. Our rating score remains 68. We still believe that the weakness of Eleving is its high leverage. It is one of the few lenders that appear on Mintos that have a credit rating. However that credit rating is unfortunately very weak (Fitch, B-). This weakness is due to the high leverage, and other reasons such as the countries that it operates in.

Dinerito

Dinerito has a business model that we really like. It lends to Mexican borrowers and collects the repayments directly from their salary payments. This type of lending is much lower risk than the normal 'payday' style loans that appear on the Mintos marketplace. The downside of this type of lending is that it has lower interest rates and it can be harder to make profits. Dinerito was on track to make almost €1m for 2022 (based on its latest Q3 2022 financials) and has a reasonable funding structure. We have increased our score by 6 to 55.

Everest

Everest Finanse are a large Polish consumer finance company, with more than 100,000 customers. Their presentations and financial data are usually low quality. However, they are a business that has been profitable for 5 years and are backed by credible investors. While many lenders appearing in Mintos are under-capitalised, that is definitely not the case with Everest. They have too much equity if anything. That leaves them with a low return on their equity, but if you are a Mintos lender, that's not your problem... Our score is up 5 to 65.

Iute Credit

We really wish all the lenders on Mintos provided financial information that was as as regular, and high quality, as provided by Iute Credit. Perhaps they are keen to report regularly because their results tend to be very consistent, and strong. For 2022, their (unaudited) profits were €6.1m, up from €5.2m in 2021. Iute Credit has been one of our highest rated lenders for many years - the biggest issue has been finding loans that are available and offer a decent interest rate. Our new score is up 2 to 77.

Planet42

We have always loved the business model of Planet42. It operates in South Africa, and provides loans to help the under-banked community get access to vehicles. This allows them to earn an income, and Planet42 retains ownership of the vehicle until the loan is repaid. That being said, South Africa is a higher risk country to operate in, and the company has less equity capital than we would like to see. In the first half of 2022, which are the most recent results available, the company made a profit of €0.7m. That's a great result for a small but growing business. To reflect this growth in profitability, we have increased our score by 4 to 56.

Comment: Creditstar

Creditstar had promised to clear its 'pending payment' debts to Mintos investors by the end of March, as it expected to be able to raise funding from various sources. They have made some progress in reducing the amount of pending amounts owed by around half, but there are still over €4m of overdue payments outstanding. It is quite surprising how difficult the company has found it to raise funds. Creditstar has announced (unaudited) profits of almost €9m for 2022, and shareholders equity of €49m. Something doesn't quite add up. Our score remains 54, and we will remain cautious about Creditstar until it is able to demonstrate a stronger funding situation, and/or hire a better finance team, regardless of how much profits it reports.

Farewell to...

Podemos Progresar Mintos love to make big announcements about new lenders but the ones that leave tend to quietly exit. Podemos Progresar is a small Mexican lender that focused on lending to low income women. No issues with the company have been announced by Mintos, so either the company was able to find cheaper sources of funding, or Mintos just decided that they were no longer welcome on the site.

Other companies with scores retained

Following a review of their latest financial statements and management presentations, the following companies had no changes to their existing scores: GFM, ID Finance Spain, Delfin Group, Creditstar

Key updates: January/ February 2023

Comment: Creditstar

Creditstar is an important Mintos lender that has been running a large 'pending payment' position (i.e in default on its obligations to investors). It had previously promised to cover its €8.3m pending payment position by the end of 2022 via a bond issue, but that has not happened. Mintos now says that Creditstar is in the process of obtaining €10-15m of liquidity from a new investor, which will allow it to cover the pending payments. What Creditstar really seems to need is a large injection of equity, which would provide it with permanent liquidity and increase confidence in its financial position. It is unclear why it hasn't been able to do this, give the strong profits it has reported over the last few years. For now, investors should remain cautious.

Comment: ID Finance companies

ID Finance has 3 businesses that borrow from the Mintos platform located in Kazakhstan, Spain and Mexico. Their investor relations team send monthly emails saying how well the businesses are all doing, and growing quickly. The reality however is that each business have had large pending payment positions for some time, and the quality of financial information provided by each company is usually very poor. Fitch Ratings highlighted that ID Finance Spain chose to make a large dividend payment in 2022, shortly before running short of liquidity. That's a sign of a poorly run business. Both Mintos and ID Finance claim that the companies will raise new equity and debt during Q1 2023, which will reduce the amount of pending payments. We hope they are able to do so, but there has to be significant doubts that all the liquidity issues will be resolved during the next two months.

Key updates: December 2022

Delfin Group

Delfin Group has been one of our highest rated loan originators for many years and there were no surprises in their Q3 2022 results. Delfin is on track to make a profit of €5.7m this year, and it has been consistently profitable for many years now. It has been growing its loan-book strongly this year after being quite conservative on lending during the Covid period. Delfin is listed and the company trades at a market cap of approximately €58m. Yes this is small, but it represents a value 240% higher than shareholders equity of the company - clearly shareholders like the high rates of profitability and outlook for the company. We have increased our score by 2 to 82.

Placet Group

Placet Group is another loan originator that has been achieving high scores for a long time. It has had very stable earnings and a sensible balance sheet structure. After many years of profits in the €3-4m range, it looks like Placet Group is going to break through into the €5m region this year based on their latest Q3 results. Balance sheet continues to be very solid with their assets being majority funded by equity. The biggest downside is that available supply (and interest rates) on Mintos are low. To buy loans we would recommend opening an account at Moncera, which is the P2P site operated by Placet. They recently released some new loans at a 10% yield, which is much higher than the 6% available at Mintos. Meanwhile, our score is up 2 to 81

Key updates: November 2022

Comment: Creditstar

In October we downgraded our score for Creditstar by 10 to 54 due to rising levels of 'pending payments' (see below). Since then the company has published Q3 financials which showed profits of €6.9m year to date. The company also notes that it plans to issue a new bond and also do an equity raise. It claims that it could cover the pending payments now but 'this would sacrifice growth and the targets we have set for this year'. This is a very strange statement to make publicly, as it makes the company appear more focused on their objectives than fulfilling their contractual obligations to P2P investors. The more likely reality however, is that until the company is able to issue their new bond, and raise additional equity, the company does not have sufficient liquidity on hand to make the payments required right now to cover the pending payments. We expect that the company will be able to issue bonds and raise new equity, but for now the risk remains higher than in the past for investors in Creditstar loans.

Eleving (Mogo)

Eleving has been having an exceptionally strong 2022 so far, driven by strong interest income growth. This has been achieved from a combination of portfolio growth and higher average yields. At the same time, interest costs have been flat, which has helped to generate a year to date profit of almost €18m. Credit quality also appears to be under control. Impairment losses and NPL ratios did increase during this year, but not more than could be expected given the difficult macro environment. Eleving has always had high levels of leverage, and this continues to be their biggest weakness when analysing their financial profile. However the company is now in a much stronger position than it was in two years ago, and our scores have been increasing to reflect this. Our latest score is up 2 to 68.

Note: Sun Finance

Sun Finance is one of the larger lending groups operating on Mintos. It operates in many countries globally. We have revisited our ratings approach because of changes to the group guarantee arrangements. We now provide a score for the group - 69, that applies to companies who receive this group guarantee. Sun Finance Latvia does not receive this guarantee and receives a score of 64. There are two Polish entities that also do not receive a guarantee. Ducatos (48) has a significantly higher score than its sister company Primastar (19) as Primastar is heavily loss making and has negative equity in its balance sheet.

ExpressCredit Namibia

ExpressCredit is a small lender based in Namibia. It has developed a high level of 'pending payments' in recent months which Mintos has attributed to legal and regulatory complications with the transition to the new notes format Mintos is using. While some complications could be expected with this transition, the high level of pending payments suggests that ExpressCredit is over-reliant on funding from Mintos and has limited alternative liquidity sources. It appears that the company may have re-lent the funds collected, rather than pass them to Mintos investors. Our latest score for ExpressCredit Namibia is 21

LF Tech

We have not increased our scores for many companies recently but the audited 2021 results for the company justified this. The company achieved a profit of €9.4m, which is impressive given that the size of the loan portfolio is only €37m. LF Tech is based in Kazakhstan, which is often considered a higher risk country but its economy has been performing well during 2022 due to strong oil and gas prices. Our score is up 8 to 56

Watu Credit

Watu Credit operates in Uganda. It provides motorcycle finance that then helps its borrowers to generate self employment income. After a loss in 2020, it achieved a profit of 1.2m in 2021. We would like to see it increase its level of capital however, as it is a more leveraged company than most lenders on Mintos. We do like the social benefit aspects of the company and hope it is successful. Our new score is up 7 to 48

Note: Capital Service

Thanks to our reader Filip who spotted that the 2021 financial statements for Capital Service had been published on a government website. Capital Service is currently in default and has been in discussions with Mintos over the terms that the amounts outstanding will be fully repaid. What can we learn from the financials? There are some positive aspects for creditors - the company made a profit of €3.6m in 2021, and now has a (small) positive equity position of €1.7m. The downside for investors is that the loan book was almost entirely being funded by Mintos investors. This heavy reliance on Mintos P2P funding could make it difficult to find a solution that quickly repays investors the funds they are owed.

Cash Credit

Cash Credit is a fairly standard payday lending company operating in Bulgaria. It seems to struggle with profitability - it tends to just about break even, with a small loss in 2021. It is also a small business, with a loan portfolio of only €6m. One positive is that it has a conservative balance sheet structure, with the equity of €2.9m providing a good level of cushion for investors. Our score fell 12 to 45.

Finclusion

The Finclusion group has a bit of a complicated history. It took over some lending operations from a holding company called MyBucks, who had 4 other operations (called GetBucks) that defaulted on their Mintos obligations. While those businesses seem to be in run-off, the Finclusion owned companies are doing better, making a small profit of €0.4m in 2021. The company has an impressive balance sheet structure, with equity of €12.4m funding a loan portfolio of €16.7m. The improvement in the company's profitability, and strong balance sheet led us to increase our score by 16 to 51

Companies with scores retained

Following a review of their latest financial statements and management presentations, the following companies had no changes to their existing scores: Alivio, DanaRupiah, Evergreen, Mozipo Group, Novaloans

Key updates: October 2022

Creditstar

During October, the 'pending payments' (or overdue payments) outstanding on Mintos has reached €8.9m. At the same time, it has been offering customers on its Lendermarket P2P site bonus offers of up to 3% to invest additional funds. It has committed to Mintos that it will cover all pending payments by the end of the year, and will pay investors an extremely high interest rate of 18% until this happens. It seems that Creditstar is finding it difficult to raise funds at the moment, potentially due to difficult conditions in the bond market where it has historically raised funds. It isn't clear how it will raise the needed funds - presumably this can partly be achieved by reducing the size of its loan portfolio. In the meantime we have reduced our score by 10 to 54 to reflect the increased risk level.

IDF Eurasia

IDF Eurasia is another Mintos loan originator that has published strong financial results, yet still seems to be having difficulty with its supply of funding. Its pending payments have reached €15.5m, an average delay of 135 days. This has been attributed to difficulties completing the sale of a new bond that would refinance Mintos investors. The company had committed to paying €11m by October 31 towards the outstanding pending payments but this does not seem to have been achieved by the company and is instead now paying the balance at the rate of €1m a week. We have reduced our score by 12 to 51 to reflect the increased risk level.

ID Finance Mexico

All of the amounts outstanding on Mintos from ID Finance Mexico have a pending payment status. The current amount outstanding in this category is €7.3m. This is very material as the total size of the loan portfolio was only €15.5m in its last financial statements. Mintos has asked the company to repay the funds by the end of the year and is charging interest at the rate of 17.6%. We would like to have received more information from Mintos about what the underlying situation is with this company. In the meantime our new score is down 15 to 33.

ID Finance Spain

ID Finance Spain also has high current levels of pending payments - just under €11m. Again the reason for this has not been explained adequately by them or Mintos - the company reported very strong profits of €10.5m during 2021. Its last fundraising valued the company at €220m. The company has committed to repay the pending payment amounts by the end of the year and pay 17.6% interest until it does. It is not clear what the sources of funding will be to achieve this. Our new score is down 14 to 53.

Key updates: August & September 2022

Eleving (Mogo)

Eleving is the largest lender on the Mintos platform. It announced excellent H1 2022 results, with a profit of €7.4m. Revenues increased by 47% over the same period in 2021. Credit quality remains fairly stable. The biggest concern is that Eleving has more financial leverage than most of the lenders on Mintos. Our score is up 4 to 66

Score retained: Creditstar

Creditstar is an important company in the P2P space and its results are followed closely. It has announced a profit of €3.5m for the first half of 2022. This is a stable profit level compared to its audited profits for 2021. Our score remains 64. To gain a higher score we would like to see Creditstar reduce its leverage ratio

Score retained: Delfin

Delfin has released its Q2 2022 results and they continue to be excellent, with a profit of €1.2m. Delfin receives high scores because of its strong and steady profit levels, a sensible balance sheet structure, excellent reporting and a long track record. Our score remains 80

Cash Credit

Cash Credit is a small Bulgarian lender. Since our last analysis they have increased their capital levels significantly, and also improved their balance sheet structure. Earnings have now been stable for 3 years straight. These positive developments have led us to increase the rating score by 8 to 57

Score retained: Esto

We have been pretty impressed with the small Estonian lender Esto. Since launching as a start up it reached profitability quickly. It has then grown its earnings over each of the last 4 years, reaching a profit of €3.3m in 2021. Our score remains 65

Everest

Polish lending firm Everest disclosed a large loss in Q1 2022. The financial report says that this was caused by a financial transaction the company executed but it did not provide sufficient information for us to analyse the situation properly. We have reduced the score by 9 to 60

Score retained: Placet

Placet Group is one of the highest quality lenders available for P2P investors to purchase loans from. It has a long history of steady profits, and a sensible balance sheet structure. It earned €1.8m in 1H 2022, right in line with expectations. Our score remains 79

Swell

When small Mexican lender joined Mintos it did not have much of a financial record, which is why it only received an initial score of 43. It managed to break into profit for the first time during 2021. It remains small however, and higher risk than many other lenders. Our score has increased by 8 to 51

Note: Wowwo

Wowwo is a Turkish motor dealer and finance company. It has defaulted on its Mintos obligations, which it blamed on losses caused by depreciation of the Turkish Lira against the Euro. In its most recent audited financial statements, the auditors stated that in some areas the company had not complied with accounting standards. The audited results were also significantly worse than the management accounts that had been provided to Mintos. In short, the situation has been a total mess, and the company has lost the confidence of investors. We were quite surprised to see that the company had uploaded management accounts for the period to Sep 2021. This shows quite a different picture, with a very strong equity position of €24m, and a run rate profit of €3.3m. The profit and equity position is very surprising given that the Lira depreciated by over 30% during this period. Since Sep 2021, the value of the Lira has almost halved again in value. This is not good news for Mintos investors, as the company has been running an unhedged FX position, and means that the likely recovery rate continues to fall.

Zenka

When Kenyan lender Zenka was launched on Mintos we gave it a very low rating of 26. That's because it was a tiny startup, loss making and had a negative shareholders equity balance. To give the company credit, it had a great 2021, making a profit of €3m. This, together with an equity injection has helped it plug its equity hole, which is now (positive) €3.7m. The company is now in a much better position than when they launched on Mintos, and our score is up 21 to 47

Note: Fenchurch

Mintos have announced that they will not list any new loans from British litigation financing firm Fenchurch, because its parent company has entered into insolvency. While the insolvency does not directly impact Fenchurch, we can understand why Mintos took this decision. Hopefully the parent company will receive an equity injection, or Fenchurch can be sold to a new owner. The risk for investors is that Fenchurch only has €0.5m of equity. This small equity buffer creates risks for investors if Fenchurch can't quickly find a new owner

Key updates: June & July 2022

Score retained: IDF Eurasia Kazakhstan

IDF Eurasia published its audited results for 2021. Profits were quite strong - up from €5.7m to €9.0m. While the company's finances are currently fine, there are of course significant political risks in the region Kakazkhstan sits. In particular there is a risk that Russia is able to block the country's oil exports, which account for 14% of GDP. Our score remains 63

ID Finance Spain

ID Finance Spain lends to the 'underbanked' population, which is another way of saying high risk borrowers. However their strategy is currently working, with profits in 2021 increasing significantly to €10.5m, from €2.5m the year before. While the company has reasonably high levels of non-performing loans, the interest it generates is sufficient to cover losses. The company's level of leverage is also reasonable. Our score is up 8 to 67

Score retained: Placet Group

Placet Group has now published its results for the second half of 2021 and first quarter of Q1 2022. The company has consistently generated profits of between €3-4m a year for many years now and that trend continued in 2021. The company continues to run with only modest leverage levels, and as a result has one of our highest scores for capitalisation levels. Our score remains 79

Score retained: Planet42

Planet42 is a South African company that leases cars. It launched on Mintos at the end of last year. The company's 2021 results were in line with expectations, based on the figures provided by management when they launched. While car financing is generally a lower risk lending activity, the company has quite a lot of leverage and is only at break-even profitability currently. Our score remains 52

Rapicredit

Rapicredit is a very small Columbian lending company, with a loan portfolio of below €10m. It's not particularly profitable, and doesn't score highly on any of our other metrics. To reflect the company becoming profitable in 2021, and some other improvements, our score increased by 10, to 45

Key updates: May 2022

New: Credifiel

New lender Credifiel specialises in payroll lending. It is based in Mexico and has been operating since 2005. Payroll lending has a lower risk than unsecured lending as the repayments are deducted from an employee's salary packet. This can be seen in the company's P&L, where they generate $3.50 in interest for every $1 of provision cost. Credefiel made a profit of €2.3m in 2021, and has had a consistent profit record since 2017. Overall though the business seems to be performing well and is solidly capitalised. Our initial score is 67

Creamfinance

Creamfinance has published its audited results for 2021 and unaudited results for Q1 22. The business is doing well, making a €3.4m profit in 2021 and doing even better in Q1 22. Prior to 2021 the business had had a fairly weak profit profile, which was the main reason its score was not as high as similar companies. Our score has increased 6 to 68, mainly due to the strengthening earnings of the company

Score retained: Delfin

Delfin has released its Q1 2022 results and they continue to be excellent, with a profit of €1.4m. The company ticks a lot of boxes - steady but growing profits, a sensible balance sheet structure, excellent investor reporting and a long track record. Our score remains 80

Sun Finance Latvia

Sun Finance Latvia has provided new financial information after a wait of almost 2 years. The results are very strong, with a profit of €7.7m for 2021, following a profit of €6.9m in 2020. The balance sheet shows that the loans are almost entirely funded with shareholders equity, and only a small balance from Mintos. Everything looks great - the only (and fairly large) concern is that the numbers are not audited and minimal other information has been provided. Our new score is up 9 to 65. It would be much higher if reporting improved

Note: Kviku

Kviku is a Russian lending group that was quickly suspended from the primary market by Mintos after the outbreak of the Ukraine war and related sanctions against Russia. Interestingly the results they have published for 2021 are extremely strong, with a profit of €10.8m and very strong asset growth. Kviku has been pretty quiet recently, with limited updates on the situation. Over 90% of listed loans now have a 'pending payment' status. This is caused by multiple restrictions preventing the wire of funds out of Russia. We have decided to remove our scores for Kviku until the situation changes

Eleving (Mogo)

Eleving is one of the largest and most important lenders on Mintos. It provides loans secured on second hand cars, mainly in Eastern Europe. It has now released its audited results for 2021. Profits were lower than shown in the previously provided management accounts - €7.1m vs €8.8m. Of this only €2.1m was attributable to the parent company, the rest was attributable to minority shareholders. Both of these factors have led us to reduce our profit score, as the underlying earnings of the parent company were lower than expected.The other continuing area of concern is the high level of leverage being run by Mintos. While the 'headline' shareholders equity figure of €31.3m may look OK, after deducting minority interests and intangible assets, the adjusted figure is only €10.2m. That is a low amount for a company with €322m of assets. Our adjusted score is down 6 to 62, to reflect the audited profit figure and the high balance sheet leverage.

Key updates: April 2022

New: Financiera Contigo

Mintos has announced that Mexican lender 'Financiera Contigo' has joined the platform. It's a brand name of a Mexican lending group called CEGE. CEGE has guaranteed the debts of another (small) lender that joined Mintos last year called Conmigo Vales. Conmigo Vales is not a subsidiary of CEGE but it has overlapping shareholders (known as a 'sister' company). Last year we gave Conmigo Vales a score of 50, noting that we had based our score on CEGE and discounted it because Conmigo Vales itself was very small and also

because a guarantee from a company is not as strong as a direct claim. Originally we understood that ‘Financiera Contigo’ was a sister company or subsidiary, but the Mintos team kindly reached out to us to explain that it is just a brand used by CEGE itself. Based on our review of the latest audited financials for CEGE, and their track record, we have assigned a score of 63 to Financiera Contigo / CEGE.

Score retained: GoCredit

GoCredit published its unaudited 2021 financials. They were in line with expectations, with a profit of €1.5m for the year, slightly up on 2020. The main strength of GoCredit is its strong balance sheet, with very low levels of leverage. It said that it had reduced its cost of funds during 2021 which will further make the business stronger. Our score remains 66

Key updates: March 2022

ID Finance Spain

ID Finance provided a webcast during March outlining its results for 2021. Things are going well, with a €10.5m made by its Spanish business during 2021. It recently raised equity on Crowdcube at a €220m valuation. They have not yet published full financials, but in the interim we have increased the score by 5 to 59, with potential for a further increase once we review the financial statements

Score retained: Iute Credit

Iute Credit announced a 2021 profit of €6.1m, in line with expectations. The company's loan portfolio is performing well, with lower provisioning cost %'s than in 2020. Our score remains 75

Farewell to...

Capitalia and Sun Finance Denmark . Capitalia had been active on Mintos for many years but like many other loan originators, it has now setup its own P2P site. We are not surprised to see Sun Finance Denmark leave, as new regulations have made it difficult to operate profitably in the country.

Farewell to...

Agrocredit and Pay PS . Both lenders seem to have left Mintos without any announcement. In the case of Pay PS that is a lucky thing, as it is a small Russian lender. Estonian lender Agrocredit had been on Mintos for many years but was also small.

Key updates: February 2022

New: Planet42

Planet42 calls itself a 'socially inclusive' car finance company. In practice that seems to mean lending to people in South Africa with thin or poor credit profiles at interest rates above 50%. Still, we think a business model like this could be successful. It has now reached break-even and is growing quickly. In December 2021, it raised $30m in funding. The figures provided do not include this funding, but we have considered it in our initial score, which is 52.

Delfin Group

Delfin Group successfully IPO'd on Nasdaq Riga during Q4 2021 which is a very positive achievement for the company. It raised over €8m and sensibly used the funds to buy back bonds with high coupons. The reporting quality of Delfin continues to be very good, and we expect this to continue now that it is a listed company. Delfin has announced (unaudited) profits of €4.2m for 2021. Our score is up 3 to 80.

Score retained: Eleving

Eleving (formerly Mogo) is one of the most important lending companies on Mintos. It has released its unaudited Q4 21 results. Eleving appears to have made a small loss in Q4 but the overall result for the year was still satisfactory - a profit of €8.8m. Our main concern continues to be that it is operating with high levels of leverage - it really needs more equity if it wants to continue to grow. Our score remains 68.

Creditstar

Creditstar has announced (unaudited) profits of €7.1m for 2021. In December it raised €3.9m of equity, and also issued €10.5m of bonds. These are all clearly positive milestones, and our score is up 3 to 64. Following our review of the 2020 annual report we remain concerned about some of Creditstar's accounting practices and our score reflects some adjustments we have made to reported equity values and profits.

Farewell to...

Alfakredyt is a small Polish lending company that has now left Mintos after 'moving to a different funding model'. It had not provided any financial information since 2018 so we had been expecting it to depart for some time. All investors have been fully repaid.

Key updates: January 2022

Zenka

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

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

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

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1,125 thoughts on “Who are the most solid lenders on Mintos? Our Mintos lender ratings”

Christian November 22, 2019 Reply
Just realized that Sun Finance has no group guarantee (as opposed to Mogo or Banknote/VIZIA), so keeping them separate seems like a more reasonable way forward then, right?
- Oscar Harrington Post authorNovember 22, 2019 Reply
  Hi Christian. Given that there is no group guarantee our initial thinking was to keep separate. Just hope they dont try to just publish consolidated information in future if they dont want to give Mintos investors a group guarantee. It also seems there are a few new subsidiaries we may need to take a look at. Happy to hear from all our readers on this and we will listen…
- Oscar Harrington Post authorNovember 25, 2019 Reply
  Christian they actually confirmed today that they plan to offer a group guarantee next year, and will then just provide consolidated financials for Sun Finance. Not that combining 4 or 5 struggling loan originators together is going to make them the next JP Morgan, but will be interesting to keep an eye on.
Christian November 22, 2019 Reply
Hello there 🙂
Mintos just announced this: https://blog.mintos.com/sun-finance-unifies-its-loan-originators-under-one-group/
Any idea how to best incorporate that here? Keeping the different LOs from Sun Finance separate? Or do it like with Banknote / VIZIA (speaking of which: they seem to belong to a larger group of LO that also include Varks, ExpressCredit, Peachy, etc)? I guess this depends on whether or not they continue publishing individual financial statements, or just overall Sun Finance consolidated statements in the future.
Similarly, now that Lendo has been bought by Varks, what is your strategy here?
Tough questions, a happy weekend nevertheless and keep up the exceptional work! This community here is really developing nicely, and I am happy to be a part of it.
IgorJ November 18, 2019 Reply
Update on Aforti Finance: While an ‘IT glitch’ is preventing the company from servicing its listed loans, latest financial report reveils that Aforti Finance has no problem servicing its shareholders. “It is worth mentioning that in the fourth quarter the company paid a dividend on the profit for 2018 to its shareholders – including to the parent company: Aforti Holding S.A.” (source: Aforti Holding S.A., Report 3Q 2019, page 40). Link: https://aforti.pl/wp-content/uploads/2016/10/Aforti_Holding_SA_Report_3Q2018_ENG.pdf
- Oscar Harrington Post authorNovember 20, 2019 Reply
  Hi Igor. Thanks for providing everyone the link to that document (Q3 2019 Aforti results and balance sheet). What’s interesting is that up to one third of the assets declared by Aforti could potentially / likely have no value…. The sum of intangibles, goodwill, investments in ‘affiliated undertakings’, deferred tax assets, receivables from ‘affiliated undertakings’ and investments in stocks and shares of ‘related parties’ is PLN 64 million. Which is 33% of total assets. Some people might suggest that Aforti is being used as an entity to extract large amounts of cash from by related parties and affiliates.
Rimvydas November 18, 2019 Reply
Oscar,
It seems that we have an Bino financials update. Could you update your page?
https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/1C7972E2-E5CD-5490-666D-4E40092C66BE.pdf
- Oscar Harrington Post authorNovember 20, 2019 Reply
  Thanks Rimvydas – now updated.
Jbl November 17, 2019 Reply
So my account is now 5000+ with idle euros, and more to come when mogo buys back a fair share. I lowered my standards to include also B+ with a a rating over 50, as well as lower my interest to 9%. Lower than that I will not accept.
Do you guys think the pool will improve soon?
Also, where is my free cash? In the event of Mintos default, is it protected? I don’t find this info anywhere. I did ask Mintos and the answer was short (it’s separate from Mintos) and not convincing.
- Ido November 17, 2019 Reply
  What answer were you expecting? Your uninvested cash is kept separately from Mintos’s assets, so it should not be affected in case Mintos collapses.
  - Jbl November 17, 2019 Reply
    I don’t know what answer I’m expecting. But if you for example are using a roboinvestor on the fund markets, it is always clearly stated with respect to regulations etc that the funds are in an account separated from bla bla.
    With Mintos nowhere mention at all where and how free cash is handled. No even on Investor protection or If Mintos folds page.
    - Ido November 17, 2019 Reply
      It’s stated at least 3 times in the user agreement:
      Page 1
      Mintos Account/-s
      Mintos bank account/-s, account/-s opened with payment institutions or electronic money institutions
      indicated on the Platform, to which, pursuant to the present Terms and Conditions, the User transfers
      funds to add them to the User’s Virtual Account and which is held separate from other property of Mintos.
      Page 3
      4.4. Funds transferred by the User for adding funds to the Virtual Account pursuant to the present Terms and Conditions
      shall be kept on any Mintos Account and Mintos shall ensure that they are segregated from Mintos own funds
      Page 4
      4.6. The funds transferred by the User to Mintos in compliance with the present Terms and Conditions shall be regarded
      as funds necessary for conducting of transactions in the meaning of Section 2307 of the Civil Law of the Republic of
      Latvia. The relevant amount of money in bank, in essence, is a claim (towards the bank) that Mintos has acquired on
      behalf of and for the User only to perform the task assigned to the authorized person. Accordingly, the respective funds
      are segregated from the Mintos own funds and shall not appear on the financial statements of Mintos as its own funds
      or as creditors claims.
      https://assets.mintos.com/DC83292C-BF80-630E-2128-C3E4D1571124.pdf
  - Daniel November 25, 2019 Reply
    Hey, thank you so much for your work and the information you are providing on this site.
    I do however have 3 questions, which I hope you will have the time to answer. Thanks a lot in advance!
    1. Until which rating should I actually invest? At the moment I am invested in all LOs with rating >25 with equal sizes of max. 5% of my portfolio. I know, it depends on my personal risk acceptance and you can’t give consultation, but until which rating would you personally be comfortable investing and until which rating would you classify the LO as risky or highly risky?
    2. Have you considered possible connections between (probably defaulting) Metrokredit and Dinero&Sebo (two LOs you rated quite good, 39 and 53 respectively). How does the default of Metrokredit affect the two others? Would you still invest in them or would you consider them too risky now?
    3. What are your thoughts about the SunFinance-Connection? How should I set my AI regarding these, as some are quite good, some others quite badly rated?
    - Thomas November 25, 2019 Reply
      Which LO you include into your portfolio and with what diversification is in my opinion really personal and has to be done yourself.
      I can tell you how I did it.
      I made a Risk Score from 1-15 where all LO got classified in (based on own assessment and ratings here). 15 was low risk, 1 was high risk
      I finally came down to 24 LO where I want to invest. Each had it’s own Risk Rating. How much I invested was to use the Risk Rating divided by the total Risk Rating.
      My total Risk Rating was 196. The Rating for iute for example is 15. Thereof 15/196 = 7.65%. I invested 7.65% of my funds into Iute Credit
      To implement that, I only had one AI running in which I set up a manual diversification based on above calculation. It looses the possibility to just the interest rate for each LO, but it made the diversification much easier/quicker. (Some are recommending an AI for each LO. But for me it was not so important to get the last interest % out of it. It was more important to have a continuous running AI with a solid Risk diversification behind it which I do not have to take care very other day)
      Hope it helps a bit to build up a system that works for yourself.
      - Daniel November 25, 2019
        I do like this idea. At the moment i still have one AI per LO, but i might consider your suggestion in the future. The problem is, that you dont always get all the LOs you would want filled, unless you accept for example interest rates of <10%
    - Oscar Harrington Post authorNovember 25, 2019 Reply
      Hi Daniel. On 1) – that’s really a personal decision about how much risk you want to take. There is an argument for having a higher average rating with less lenders/diversification but there’s no right answer. On 2) – which disclosures have you seen about this link? 3) Mintos confirmed today that there is a plan to offer a group guarantee next year. For now we think it makes sense to look at each lender on their own merits.
      - Daniel November 25, 2019
        Hey, thanks for your quick reply!
        On 1) so you think there is no absolute point limit, below which you would consider it too risky to invest? For example: your statement “Peachy has received a small upgrade from 17 to 22 however we still consider this a high risk lender on the Mintos platform. ” indicates to me, that 22 is still a highly risky investment in your opinion. Just some idea, how good each range of points is would be great. And yes, i know, that P2P per se is a quite risky asset class by itself already.
        On 2) In this post (and the one it links to): https://www.p2p-kredite.com/diskussion/viewtopic,p,128883.html#128883 you can read about the possible connection. Its in german though. If you cant read it, just tell me. I´d be glad to translate it for you.
        On 3) Well, group guarantee or not. Doesnt this connection automatically lead to some problems for the other LOs of this group, if one of them makes losses? (As f.e. they try compensate losses of one of those LOs by profits of another one, leading to a bad financial situation even for the profitable LO).
Christian November 17, 2019 Reply
Updated numbers for Peachy: https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/ACC887B2-FB8C-657A-EF73-D187892B640E.pdf
- Oscar Harrington Post authorNovember 20, 2019 Reply
  Hi Christian! Thanks as always for your close eye on all the updates – we’ve just updated today for Mogo, Peachy, Dinerito & Bino. LF Tech is now the last lender with no updates since 2017.
Hugo November 16, 2019 Reply
New company – https://www.mintos.com/en/loan-originators/dinerito/. Weird way to report their results, but they don’t look too bad.
- Gian Piero November 16, 2019 Reply
  No interest on late payments? Mogo can get away with that! No Dinerito for me.
Christian November 15, 2019 Reply
Another one from Mexiko:
https://www.mintos.com/en/loan-originators/dinerito/#details
Looking better than Dineria I think, what are your thoughts?No interest for delayed payments, though (at least for now)
Also, Mogo published the unaudited results for the first 9 months in 2019:
https://mogo.finance/wp-content/uploads/2019/11/FINAL_Q3_2019-FINAL-EN.pdf
Svetlin Sabev November 15, 2019 Reply
Hi Oscar,
Svetlin from Stikcredit here.
We are happy to be part of the list and I Just wanted to make a few clarifications, which I hope will have a positive effect on Stikcredit’s rating. Stikcredit’s financial statements are in fact audited as this is a statutory requirement in Bulgaria, we are also currently at 4.0m EUR loan portfolio and we’ve worked on improving transparency and disclosure to investors.
For this purpose we’ve created a corporate website with up to date information and presentation that can be accesses at https://stikcredit.com and a twitter account at twitter.com/stikcredit.
I’d be happy to address any of your requests in the event you have any.
Best,
Svetlin
- Oscar Harrington Post authorNovember 20, 2019 Reply
  Hi Svetlin – thanks for contributing! Would be good to see more LO representatives here. The corporate website is very helpful and look good. 2 requests – can you provide your audited financials (even if in Bulgarian). It would also be great to see cumulative default curves by cohort so investors can track lending performance.
Matteo November 13, 2019 Reply
Hi. I see that financial statement of CreditStar is audited, but you report is not audited. Is a error?
Here the report: https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/93DEADD9-BE5D-9025-BD9E-E81B6D9F5054.pdf
- Oscar Harrington Post authorNovember 13, 2019 Reply
  Hi Matteo. Thanks we’ve now updated. Although we had read that new report recently we hadn’t updated results from Q1 to Q2 in the table yet.
Dmitri November 12, 2019 Reply
This is sooo good… please keep this info up. You guys are rock stars!
Harri November 12, 2019 Reply
Why does Zenka count subordinated debt as equity on their financials?
Isn’t their actual equity negative.
- The South Sea Company November 12, 2019 Reply
  There’s no public detailed info about Zenka’s debt instruments AFAIK, so we can’t check, but that accounting treatment may be correct. Subordinated debt that is puttable at a price that depends on the company’s assets is classified as equity under IAS 32 (under certain conditions).
  In terms of assessing safety of P2P lending we should definitely consider it equity, since it is part of the buffer that will be consumed before P2P investors take losses.
Błażej November 10, 2019 Reply
Hello! Great for sharing all info and news – thanks to it I’ve sold all my Metrokredit loans a couple of days ago but still I have about 10% of Peachy in my portfolio and their score is quite low. Are there any other information about their activities? Thanks in advance
ThePoorInvestor November 10, 2019 Reply
Hi Explorerp2p,
How have you gained access to all those financial statements?
When i try to google my view to financial statements i am left with empty search results
Best regards,
ThePoorInvestor
- Svetlin Sabev November 15, 2019 Reply
  They are all publicly available on Minto’s paltform. You have to go to the webpage with all loan originators here: https://www.mintos.com/en/loan-originators/ and then click on the particular LO. You’ll find the most recent financial staments under the “About” section.
  Best
  Svetlin
  https://stikcredit.com
Richard November 10, 2019 Reply
I had some loans in Metrokredit
And due to the very low rating I sold all those loans. A few days later Mintos came with the post
“Metrokredit no longer issues new loans”
I guess we all know such messages are the beginning of the end of an LO
Thank you ExploreP2P for the research.
- Oscar Harrington Post authorNovember 10, 2019 Reply
  Thats great Richard – thats exactly the goal of this analysis. Glad it worked out for you and all the others who we have heard from in the last few days.
Gatto421 November 10, 2019 Reply
Very interesting and very helpful! Thanks a lot.
Olof Almqvist November 9, 2019 Reply
This is am amazing post. Thanks for keeping it updated.
Marco November 9, 2019 Reply
Metrokredit has been excluded from the State Register of the Microfinance Organizations of the Russian Federation.
https://blog.mintos.com/metrokredit-no-longer-issues-new-loans/
Pingback: Mintos lenders are defaulting - here's 5 things you should know
Jbl November 8, 2019 Reply
Just curios. I received the email from Mintos about Metro credit at 20:48 CET, and you already had the article updated. When did you, and others receive it? Not that fair :/
BTW. I had a few loans in Metro from Invest&Access trial that had been on unsold for a while, kicked them out with a discount now. God, that’s a bad product!
- Oscar Harrington Post authorNovember 8, 2019 Reply
  Hi Jbl. We were doing research for a post we are about to publish and it was up on their blog already. Our new post will also discuss invest&access!
Pingback: Rapido Finance on laiminlyönyt maksunsa sijoittajille Mintoksessa - Matkalla vaurauteen
Thomas November 4, 2019 Reply
Call me paranoid but:
Since the Aforti case I am reducing my portfolio by not reinvesting the received principle since already couple of weeks. However for me the outstanding amount on Creditstar did not get substantially less.
So I had a look at the statistic page and I saw within short-term loan (not personal loan):
10 Mio loan outstanding whereof
2 Mio Current/Grace
0.3m 1-15
2.4m 16-30
5.3m! 31-60
Could this mean?
1. The loan performance is really that bad (worrying?)
2: Creditstar tries to keep the lowest interest rate as long as possible and thereof not repays based on the actual lender (not fair, shady)
3. Liquidity problem to repay bonds due 10mio EUR 17Nov19, 15mio EUR 01Dec2019? (no sure, but found it on cbonds.com, –> keep the cash ment for mintos to repay the coming bonds?)
4. ????
I don’t know but it seems abnormal to me. What do you think?
I not want to take any risk and I have sold all my loans of creditstar already on the secondary market.
- Oscar Harrington Post authorNovember 4, 2019 Reply
  It is a strange one Thomas. Of all the Mintos lenders Creditstar do produce some of the best quality, frequently updated audited financials which shows that the overall business is doing well. Their impairment charges for Q1 and Q2 2019 were stable, and their personal loans on Mintos have a low overdue percentage. A lot of payday/short-term loans get ‘rolled over’ and the statistics must have either something to do with this, or it is possible they have repurchased some of their performing loans recently due to cheaper funding costs etc. In any case worth asking Mintos for a comment if you have a big investment in these ones.
- Petr November 4, 2019 Reply
  Great note. Thanks
- Gian Piero November 5, 2019 Reply
  Hi Thomas, you are not paranoid at all. My Creditstar loans also show an impossibly bad performance. Current loans only 16%, Grace 2%, 1.15 days late 7%, 16.30 days late 42% and 31.60 days late 33% !!! Clearly they are withholding reimbursements and getting a 60 day extension on as many loans as possible. There is no other explanation, such a sudden bad performance would mean that their scoring systems stopped working. It is beyond belief that they used to have about 25% late loans and now suddenly they have about 75% late loans. I also find very curious the timing of Mintos’ introduction of the 60 day extension idea. This is very dangerous because it will hide this kind of manipulation.
  - Petr November 5, 2019 Reply
    Maybe, only maybe, they are ending to place short term loans on marketplace. Personal current loans value of 76% seems normal. What do you mean by extension ides? Do you mean prolongation of the loan? It should be only use when client will ask LO for longer term.
  - Gian Piero November 5, 2019 Reply
    Hi Petr, my current Creditstar loans are 16% not 76%. All the rest, 84% are late. That is not normal.
  - Ido November 8, 2019 Reply
    I’m sorry to say that there is nothing sudden about it. I have noticed Creditstar’s horrible short-term loan performance a few months ago.
  - Oscar Harrington Post authorNovember 9, 2019 Reply
    Gian Piero one thing that has recently happened is that Creditstar have just launched their own P2P site (Lendermarket). It’s possible that the statistics shown on Mintos might relate to them moving their loans away from Mintos, and the impact of putting much fewer new loans onto the platform. Not confirmed but given their very good audited results there is a strong chance it could relate to that. Their Q2 2019 figures didn’t show any big increase in bad debts or provisions.
- Jose November 12, 2019 Reply
  Hi Thomas.
  Might this be Cream Finance trying to make as much money as possible out of the customers and offering them loan extensions.
Joaquín November 4, 2019 Reply
And now it’s official, Rapido Finance has defaulted.
Petr November 1, 2019 Reply
Hello P2P investors,
I have question related to your point of view at the fact, that Mintos related loan originators represents 25% of total outstanding loans value on Mintos and that TOP 10 loan originators by outstanding loan value represents 55% of total outstanding loans value.
No such a big diversification at the end.
Best Petr
- Gian Piero November 1, 2019 Reply
  You are absolutely right! The problem is that whether or not you are invested in Mintos and its related originators you are not remotely paid for the risk. Mogo at 8% with 4 days grace and NO interest on late payments is really less than 7,5%! If you invest outside companies that control Mintos, Mogo, Banknote etc etc you will be running big currency risks (Russia, Indonesia, Africa…) for a very low interest. I had more than 60000 € in Mintos, I am under 30000€ and still reducing. I plan to be at zero in 6 months time.
  - Petr November 1, 2019 Reply
    On the other side it was most of the time like that, Mintos was build around Mogo.
    - Gian Piero November 1, 2019 Reply
      Yes, but you have the same risk for less interest than 2 years ago. For car loans the risk is greater today than 2 years ago.
      - Petr November 2, 2019
        Yes, that is for sure. Me personally also reducing. I am little bit disapointed by all the bloggers, which are praising Mintos, mostly without any sceptical view at it.
  - Jbl November 3, 2019 Reply
    Interesting. That is a significant investment. How come you have decided to pull out now and where are you moving it? Since how long have you been with Mintos?
    - Gian Piero November 4, 2019 Reply
      Hi JBL, I am risk averse and therefore my case is probably rather rare in crowdlending. I have been with Mintos for a couple of years investing only in Oscar’s over 60 scores, trying to avoid long grace period, no interest on late payments and many non €uro risks. With these criteria in the past I could diversify and still earn about 10%. I was very happy with that. Nowadays with these tough criteria I cannot be diversified anymore (defined as spreading risk over at least 15 originators) and earn more than 8%. Some of the top originators are at less than a real 8% (Credissimo this morning is at 5,5% with 10 days grace!) Yes, Kredit Pintar or Varks are at 11% again, but both run a serious foreign exchange risk, I have small positions in them to try to bring my average interest up. I feel Mintos is not serving anymore those like me that want a reasonable risk. I can get 7,5% with Crowdproperty in fully secured UK real estate or 7% with Crealsa in Spain in insured (by a real insurance company, not some buyback…) invoice financing. Investments in Crowdproperty and Crealsa can be properly diversified (for example I am financing about 600 different borrowers in Crealsa), therefore have virtually no volatility and are managed by serious professionals. I was also unhappy of Mintos’ very poor communication in both the Aforti and the Rapido cases. I feel that running so much more risk for 1 or 2% more interest is not worth my while. I will still keep a very small investment in Mintos, because they are the market leaders.
      - Alex November 20, 2019
        Hi Gian,
        I share your point of view, even now Varks reduced their interest zu 8.8%. I checked Crealsa Spain and they told me, that they do not want international/EU investors. Are you from Spain or how did you manage to make business with them?
Christian October 27, 2019 Reply
Hey guys,
please take a look at one of the lowest rated originators, metrokredit, and their updated financial report: https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/BCD76C61-967A-42BA-01ED-C2CBE6D65650.pdf
Lendo finally has the 2018 results:
https://s3.eu-central-1.amazonaws.com/mintos-prod-public-files/076F1184-1FB8-A22F-7638-B6E0A9BC1645.pdf
Both not looking good, is it?
- Oscar Harrington Post authorOctober 28, 2019 Reply
  Thanks Christian. Agree both don’t look good. We had updated Metrokredit a little while back. We have now updated Lendo, and added comments. We were expecting them to be bad and they delivered……
Christian October 27, 2019 Reply
Oscar, could you maybe add a column for “Related party to Mintos according to IAS 24” so we have an overview of those LO that are more directly connected to Mintos? We can help filling the list if too much work for you, but I think it might be a good idea.
JBL October 27, 2019 Reply
Did anyone else realize that Aasa has no current loans on the primary market? I have some from my terminated Invest and Access trial and those are all late too.
- Gian Piero October 27, 2019 Reply
  Yes and according to Mintos they are still rated B+. I started selling my Aasa as soon as Oscar downgraded them a few months, I have nearly finished. Thank you Oscar!
  - JBL October 27, 2019 Reply
    I tried to sell my loans (all late now) at par for a while, also up to 5% discount. Nobody bite. So I decided to just eat it and put it at 10% discount. Somebody’s Autoinvest took it right away.
    I have no confidence in Mintos anymore. They downgrade from A- without mentioning all loans are late. Did they suspend Aasa too without breaking the news? I doubt every single borrower are late at the same time.
Jbl October 26, 2019 Reply
I must say, very good site and important up to date overview. I however don’t understand why you remove the rating on Aforti and now Rapido. Leave the numbers but put a red highlight on the row. I think it is very important post mortem information.
Craig Beck October 26, 2019 Reply
Thank you guys, very helpful
Matteo October 25, 2019 Reply
Thank you very much for saving use from rapido finance, your ratings are my primary and only criteria which I use to select lenders on Mintos. Keep it up! I may even decide to do a small donation for your great efforts put into this. More profits for me, more donations for u! 🙂