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We would like to inform you that Lendo, loan originator which offers short-term unsecured loans from Georgia on the Mintos marketplace, will decrease its “skin in the game” from 15% to 10% starting January 19, 2017.
Lendo, founded in 2016, has had a very strong growth, reaching more than EUR 10 million in outstanding loan portfolio as at September, 2016. In one year, Lendo has significantly expanded and now issues loans in 40 branches across Georgia’s largest cities – Tbilisi, Batumi, Gori, and Rustavi. All loans are issued face to face at company’s branches. The company has already 220 employees led by the management team with more than 10 years of leadership experience in lending. Since September 2016 Lendo has been profitable on monthly basis.
Taking into account the above, Mintos has allowed Lendo to decrease its “skin in the game” in each loan from 15% to 10%.The change will come into effect starting January 19, 2017 and apply only to new loans placed on the marketplace.
What is “skin in the game”? “Skin in the game” refers to how much of their own funds the loan originator retains in each loan. “Skin in the game” ensures that interests of the loan originator are aligned more closely with those of investors.
Please note that if you use Auto Invest to invest in Lendo loans and want to stop investing following the change in “skin in the game”, please stop or edit the respective Auto Invest settings accordingly.
Lendo loans have been very popular with investors. Average annual net return to investors from investments in Lendo loans on the Mintos marketplace has been 12.7%; to date, EUR 23.8 million in Lendo loans has been funded through the platform.
If you have any questions or clarifications please feel free to contact our investor service team. We will be more than happy to assist you!