Welcome to a new edition of Mintos affiliate news. Our goal is to provide you with important updates, sneak previews, and other interesting information for your audience. You can use the information provided in this update as an inspiration for your own article.
Mintos consolidated annual report for the year 2022
We’re pleased to share the Mintos Consolidated annual report for the year 2022. The report is designed to provide investors on Mintos and other stakeholders with insights into our performance and developments throughout the year.
The report includes detailed financial statements, key events, and strategic actions taken in 2022.
Financial performance and growth
In 2022, we achieved a total comprehensive income of €220 thousand, a significant improvement over 2021’s loss of €2.50 million. This income was largely the result of stable net commission income as well as other income generated.
At the end of 2022, we held €576 million in assets under administration and expanded to a 58% market share in Europe. In the year, investors invested more than €740 million using automated strategies, accounting for 82.6% of all investments. We also made significant progress in recovering funds from lending companies suspended in previous years, recovering €6.4 million in 2022.
Our milestones and the future
Despite facing formidable challenges in 2022, such as the war in Ukraine and the intricate transition to a regulated setup under MiFID II, we celebrated remarkable milestones. We proudly grew our user base to 500 thousand registered users, worked with 59 lending companies from 23 countries, expanded our regulated services to the vibrant market of France, and made significant strides in recovering overdue amounts from suspended lending companies.
One of our key achievements was launching Notes, loan-backed securities that provide investors with a regulated environment and increased protection. This successful transition, completed in June 2022, was the result of the concerted efforts of our entire team.
Additionally, we brought about positive changes in tax withholding for investments in Notes. We collaborated with Latvian lawmakers and financial institutions over two years to change laws that now reduce withholding tax requirements for most of our investors from 20% to 5%. On average, investors earned a net return of 7.8% in 2022.
We’re excited to share our ambitious plans for growth and expansion with you. In the coming year, we plan to passport to other EU countries, opening up new opportunities for increasing our customer base and accelerating growth. We will also see the inclusion of traditional assets like ETFs, as we aspire to transform Mintos into a multi-asset investment platform. Our goal? To serve as a one-stop solution for passive, long-term investing for investors across Europe.
You can find the Mintos Annual Report for 2022 and previous years on our website.
A recap of Mintos at Finfellas
Earlier this month, we went to the Finfellas 2023 conference. Finfellas took place in Riga, Latvia at the beginning of June. The goal of this event was to bring investors and leaders in fintech and alternative finance together for networking and community-building. In total, we spoke on 2 panels with other industry leaders, and 1 keynote. At Finfellas, we had the opportunity to speak to our investors, we announced our ETF launch at the end of the summer, and announced that we’re launching regulated services in new countries.
Our COO and co-founder, Martins Valters, spoke on the panel Outlook for Platforms: Risks & Defaults, How To Avoid Them? Panelists agreed that investments come with some risk. Valters spoke about the risks at Mintos and how we mitigate risk when it comes to investing. He said we only work with lending companies that have good track records. We stick with the basics and look at performance data to see if the loans will be profitable for our investors.
Our CEO and co-founder, Martins Sulte, spoke on the panel One-Click-Solutions vs. Classical P2P investing. Panelists agreed that once-click solutions are more accessible than classical investing. Sulte added that the choice of one-click vs. classical investing depends on how much time you want to spend, how much knowledge you have, and your portfolio size. Mintos offers both experiences: one-click, in-between, or manual where you can spend time picking and choosing yourself.
At his keynote, Sulte spoke about Mintos, where we are now, and where we will be in the future. Currently, regarding the role of regulation, Mintos is under a well-established regulatory framework, MiFID. MiFID is the cornerstone of financial service licenses in Europe. Regulation protects investors and levels the playing field, so investors can make well-educated decisions. In general, regulated companies come with more investor trust. At Mintos, we do everything we can to maintain investor trust, including introducing regulations and being as transparent as possible.
In the future, we’ll continue offering loans, and we’re working on ETFs which we’re planning to launch this year. We’re also planning to launch bonds, and we’re looking into more asset classes. We want to build well-diversified options for our investors.
A special thanks to all our investors we met at Finfellas, it was a pleasure to hear your Mintos experience.