We are excited to announce that the nonbank lender Creamfinance has joined the Mintos platform. Unsecured short-term loans, originated by Creamfinance in Georgia with the CreditON brand, are available for investment on the platform. These are great news for our investors, as they will have even broader opportunities to diversify their investment portfolio on the Mintos marketplace.
Creamfinance will originate loans of up to EUR 600 with a term of up to one month. The average expected net annual return on these loans will be up to 14%. Investors will also gain additional security, as we have agreed with Creamfinance on a buyback guarantee for loans that are delinquent for more than 60 days. Investments on the platform will be in euro.
Creamfinance brings a great tech-focused lending experience in 6 countries – Latvia, the Czech Republic, Poland, Georgia, Austria and Slovakia. The Austria based IT department of the company has developed world-class technology by using machine-learning algorithms, which enables rapid delivery of high-quality customer identification, scoring and retention management. Creamfinance was founded in 2010 and since the launch has issued more than 500 000 loans. Company currently employs more than 200 people across its offices and issues more than EUR 5 million a month in loans. Creamfinance group’s total outstanding loan portfolio as of August 31, 2015 was EUR 22.8 million. Recently, Creamfinance attracted EUR 5 million from Flint Capital, a venture capital fund that previously among others has also invested in Lending Club, the world’s largest peer-to-peer lending marketplace.
Georgia, located at the intersection of Europe and Asia, has the population of 4.3 million. It is widely expected to maintain steady growth for the years to come thanks to the broad-based and diversified GDP structure, which is well positioned for sustainable growth.
More about Creamfinance: https://www.creamfinance.com