Mintos Ratings Update, March 2020

We are publishing changes in the Mintos Ratings for a number of lending companies on Mintos, as per decisions made prior to developments caused by the COVID-19 pandemic. 

At the moment, the Mintos risk department is actively assessing all lending companies on the Mintos marketplace in light of the COVID-19 pandemic. The key factors we are focusing on are the direct impact of the pandemic on the lending companies’ operations and the forthcoming funding and liquidity pressures. We are also evaluating any asset quality deterioration that might result from changes in the regulatory policies, as well as revenue pressures caused by lower business volumes. 

The update will be published on the Mintos blog once we assess the critical amount of information, including the implications that changes in the global market could have on individual lending companies.

The changes from the Mintos Ratings update are based on the regular overview and monitoring of the existing lending companies on Mintos. Assessed information is analysed, verified and the potential effects of the positive and negative data are evaluated. If seen as significant, the changes are translated into downgrades and upgrades of the existing loan originators’ ratings. 

The lending companies affected by this Mintos Ratings update are: Aforti Finance, ITF Group, Kredit 24 and Mozipo Group. Due to their liquidation processes, two other affected lending companies are Monego and Peachy.

For all of the abovementioned companies, current ratings on the Mintos marketplace will be downgraded. The risk ratings for the lending companies mentioned in this update will be changed on April 1, 2020.

Please remember that if the following changes to Mintos Ratings affect investing strategies integrated into your portfolio, you can always adjust your portfolio accordingly before the changes take place.

Aforti Finance

Aforti Finance is an SME non-bank lender working in four regions of Poland. The company is part of Aforti Holding, which is listed on the Warsaw Stock Exchange. The majority of borrowers are individual entrepreneurs, seeking a loan for working capital.

Here you can find published information about Aforti Finance-related developments on Mintos.

What has changed?

Aforti Finance’s rating has been downgraded from “C+” to “D”.


In August 2019, Mintos suspended automatic repayments and buybacks for loans originated by Aforti Finance on our marketplace. This decision arose because of the number of overdue transfers of borrower’s repayments to investors on the Mintos marketplace. During the last few months, we’ve been in continuous negotiations with the management team of Aforti, working to secure the best possible outcome out of this situation for the affected Mintos investors. According to the last agreement with Aforti – made prior to the COVID-19 pandemic – the company was expected to start transferring their dues to Mintos investors by the end of March 2020. By the time this Mintos Ratings update was published, Aforti has failed to make these payments in full and also hasn’t provided Mintos with a plan on how this non-payment will be remedied. We are currently evaluating the best course of action to protect the interests of investors.

ITF Group

ITF Group is a non-bank financial institution from Bulgaria, regulated by the Bulgarian National Bank. The company joined the Mintos marketplace back in 2016, offering short-term consumer loans with a buyback guarantee. 

Here you can find published information about ITF Group-related developments on Mintos.

What has changed?

ITF Group’s rating has been downgraded from “B-” to “C+”.


In our view, ITF Group’s current underwriting standards can lead to a risky exposure, with most of the credit underwriting processes being manual. As a result, the company’s portfolio reflects non-performing loan rates above the country’s average. Additionally, the company has a higher-than-peer leverage ratio and marginal profitability. 


Kredit24 is Kazakhstan’s online lender that joined the Mintos marketplace in 2018. The company is a member of Silkway Ventures, an international group of tech companies focusing on consumer finance and financial price comparison in Central and Southeast Asia.

Here you can find published information about Kredit24-related developments on Mintos.

What has changed?

Kredit24’s rating has been downgraded from “C+” to “C”.


During our assessment, we recognised the need for additional efforts from the company in order to reinforce its debt collection processes and assess additional alternative sources of funding. In addition, the operating environment in Kazakhstan is changing this year. Players in the market will be required to obtain a licence for their business efforts, with the new regulation becoming effective from June, 2020. 

Mozipo Group

Mozipo Group was founded in Lithuania in 2007 and the company joined Mintos in 2017. On the Mintos marketplace, Mozipo offers the opportunity for investing in loans from Denmark, Lithuania and Romania. All Mozipo Group loans are covered by the buyback guarantee provided by Kalfo UAB, UAB Moment Credit, Mozipo Aps and Mozipo IFN S.A.

Here you can find published information about Mozipo Group-related developments on Mintos.

What has changed?

Mozipo Group’s rating has been downgraded from “B-” to “C+”.


Mozipo Group’s rating downgrade is based on the company’s higher-than-peer leverage, its high dependence on limited sources of funding, and showing a lack of effort or ability to attract additional capital. The quality of the group’s loan portfolio is below the country and segment averages in Denmark and Romania. Because of this, and due to the significant decrease of the company’s operations, the Group hasn’t reached profitability.

Liquidation and wind down-caused “D” for Monego and Peachy

For Monego and Peachy, the rating “D” is introduced due to the administration process, as both companies have gone into the process of liquidation in Kosovo and the United Kingdom, respectively. Once all repayments to investors on Mintos are made and the liquidation is finalised, these companies will be removed from the Mintos marketplace.


Before Monego’s licence was revoked by the Central Bank of Kosovo (CBK) in December 2019, the company was one of the largest non-banking fast loan providers in the Republic of Kosovo. In the meantime, the CBK has appointed a liquidator for Monego Kosovo. At the end of 2019, Mintos representatives met the liquidator to get more information and to establish the first priority claim for investors on Mintos who had active investments in loans issued by Monego by the time the company’s licence was revoked. Mintos investors as creditors of Monego were due to submit their claims in February 2020.

Here you can find published information about Monego-related developments on Mintos. 

What has changed?

Monego rating has been downgraded from “C+” to “D”.


Monego Kosovo is officially in the liquidation process set up by the Central Bank of Kosovo, as Monego’s licence in this country was revoked. In the liquidation process, investors with claims against Monego are represented by Mintos. By the end of March, the liquidator made first payments to investors on Mintos with investments in Monego loans.


Peachy is a financial services company by Cash On Go Ltd. registered in England and Wales. The company was providing short-term instant loans and was one of the first online lenders that has been certified by the Financial Conduct Authority (FCA). In March 2020, after new regulatory requirements by the FCA were introduced for Peachy, the company informed its clients and partners about the discontinuation of its business in the United Kingdom. Based on this decision, Peachy entered into the administration process for a sustainable wind down. 

Here you can find published information about Peachy-related developments on Mintos.

What has changed?

Peachy’s rating has been downgraded from “C” to “D”.


Rating “D” is the result of Peachy’s voluntary insolvency process and of the administered wind down of the company’s business. However, based on the repayment schedule agreed with the process administrators, investors on Mintos will continue receiving borrower’s repayments as per the usual schedule, with a possible small delay.


About Mintos Ratings 

Mintos Risk team assesses lending companies based on their operations, management, financials, risk appetite, portfolio performance and regulatory environment, as well as activities in the country or countries of operation and on the Mintos marketplace. The Risk Rating Report is a guide we offer Mintos investors, to help them navigate the diverse range of investment opportunities on the Mintos marketplace, while evaluating risks. 

If you want to know more about Mintos Ratings, you can read more here. 

Important note

Please keep in mind that existing Auto Invest strategies do not automatically adjust after the risk rating upgrades. If you want to start or stop investing in these loans, you need to adjust your Auto Invest settings manually.


Have something to share?

Ask questions, share your thoughts, and discuss with other investors in our Community.