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.
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, expanded our regulated services to 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 the majority of our investors from 20% to 5%.
In 2022, we saw a modest decrease in our revenue by 4.4%. We achieved a total comprehensive income of €899 thousand, a significant improvement over 2021’s loss of €1,680 thousand. This comeback was fueled by robust net commission income and other income streams we carefully cultivated.
At the end of 2022, we held €576 million in assets under administration. 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.
We’re excited to share our ambitious plans for growth and expansion with you. This year will 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 AS Mintos Consolidated annual report for 2022 and previous years on our website.