Mogo Group, one of the largest used-car financing companies in Europe, has expanded its presence on Mintos once again by adding car loans from Belarus. With this development, Mogo Group now offers investment opportunities from 10 different countries on the marketplace.
Mogo Group was founded in 2012 in Latvia and joined the Mintos marketplace in 2015, originally offering loans for investment from Latvia. Since then, Mogo Group’s presence on the marketplace has grown substantially and now places loans on the marketplace from Bulgaria, Estonia, Georgia, Latvia, Lithuania, Poland, Romania, Moldova, Armenia and now Belarus.
Mogo Belarus: Strong, profitable and Sustainable
For its operations in Belarus, Mogo Belarus was founded in 2018. Since its inception, the company has issued EUR 7.8 million worth of loans, as of June 30, 2019, and has a net loan portfolio of EUR 7.0 million, as of the same date. Mogo Belarus is already profitable on a monthly basis after forex. For the Group as a whole, Mogo has disbursed EUR 405 million worth of loans.
“In 2018 Mogo Belarus launched their activities. Since then the company showed exceptional but sustainable and profitable growth and Mogo Group’s strategy for successfully launching into new markets was proven once again. Because of that, it was decided to launch Mogo Belarus as a loan originator and share the company’s success with Mintos investors. I also hope that investors will notice the strong but sustainable growth of our loan portfolio, payment discipline of Mogo Belarus as well as the Mogo Finance group guarantee and Fitch B- (Stable outlook) rating. Taking all of that into account I am sure that it will be multi-beneficial cooperation for all the parties involved.” said Ivan Lagutin, the CEO of Mogo Belarus.
Mogo Belarus on Mintos
Mogo’s Belarus-issued loans on Mintos are listed in the Euro (EUR) currency and range from EUR 50 to EUR 15 000, with a maturity from 1 to 84 months. You can expect a net annual return of up to 12%.
For all loans placed on the marketplace, Mogo Group will retain 5% on its balance sheet, to ensure its interests are aligned with our investors. In addition, all Belarus-issued loans from Mogo Belarus come with a buyback guarantee, so if a loan is delinquent for 60 days or more, it will be repurchased.
Because of the Mogo Group’s long–standing solid financial performance and the fact that Mogo Finance guarantees the obligations for all its entities on the marketplace, the rating for all Mogo Group entities is A. As of June 30, 2019, Mogo Group had a net loan portfolio of over EUR 160 million across its operations. Mogo Group also saw a significant uptick in its client base of around 53,8% from December 2018 until the end of June 2019. Some of the equity investors in Mogo Group and Mintos overlap.
To obtain exposure to Mogo Belarus loans, investors will be able to invest in loans issued by Mintos Finance to Mogo Belarus, where repayments depend on the borrower’s payments. Each loan issued by Mintos Finance to Mogo Belarus will be pegged to a respective loan issued by Mogo Limited to the final borrower. Mintos Finance is a Mintos group company. A detailed description of the new structure is available in the Mintos Finance loan agreement and assignment agreement.
Don’t miss out on this great opportunity to diversify your investment portfolio and invest in Belarus-issued loans with a Mintos Rating of A! If you use Auto Invest, be sure to update your settings accordingly.
