Non-bank car loan provider Mogo is expanding its presence on the Mintos marketplace!
Mogo will now offer car loans issued in Poland on the platform. The loan originator will offer investment opportunities in Polish zloty (PLN).
Mintos will host Mogo Poland loans from PLN 2 500 to PLN 35 000, with a repayment deadline of 6 to 48 months. The annual net return to investors will range from 8.5% – 11.5%. Mogo will offer a buyback guarantee for loans that are delinquent for more than 60 days. The loan originator will retain at least 5% of each loan placed on the Mintos marketplace.
The Mintos marketplace already hosts Mogo loans issued in Estonia, Latvia and Lithuania, both with and without buyback guarantee. To date, the average net annual returns for Mogo loans have been around 12%. More than EUR 27 million have already been invested in Mogo loans on the Mintos platform. The most active investors are from Estonia, Latvia, and Germany.
The typical Mogo customer is an economically active person with a stable income for whom comfort, mobility and time are important factors in their daily life.
“We are very pleased with our cooperation with Mintos, which has allowed us to fund more than EUR 27 million in loans in the Baltic countries. Mintos investors have valued the diversified investment opportunities that Mogo offers – variety in loan terms, LTV, and returns, as well as loans with and without buyback guarantee. Mogo is able to successfully cover the needs of Mintos investors,” says Mogo Finance CFO Maris Kreics.
Over the last several years, Mogo has experienced rapid growth. With a total of EUR 150 million in loans originated since the company was founded in 2012, Mogo is the largest non-bank car loan provider in the region, with operations in Estonia, Georgia, Latvia, Lithuania, Poland and Romania. Mogo Group currently employs more than 200 people, while the number of active customers exceeds 33 000.