Mintos Risk Score updates

The Mintos Risk Score evaluates the risks of investing in Notes on Mintos. It is calculated from 4 subscores assigned to the underlying loans for Loan Portfolio Performance, Loan Servicer Efficiency, Buyback Strength, and Cooperation Structure.

We monitor lending companies on an ongoing basis, and we update the Mintos Risk Score for Notes for each company quarterly. Based on the results and findings, subscores are upgraded or downgraded, which can lead to an upgrade or downgrade of the Mintos Risk Score.

When there are important changes related to specific underlying loans (material improvement or deterioration such as a suspension or default of the loan issuing company), the related subscores and Mintos Risk Score are updated outside of the regular schedule.

Read more about the Mintos Risk Score
 

 

The latest Mintos Risk Score updates

 

Please note that the image above represents only the current Mintos Risk Scores and subscores, with changes made during the most recent quarterly update on 30/06/2022.


 

Overview of the Mintos Risk Score quarterly updates

File with the historic changes in the Mintos Risk Score for the year 2021/2022
 

Disclaimer: Under no circumstances should the Mintos Risk Score be treated and relied upon as a credit rating. It is not prepared in accordance with the methodology and provisions defined by the Regulation (EC) No 1060/2009 on credit rating agencies. The Mintos Risk Score is not investment advice and Mintos cannot be held liable for any losses which may result from basing investment decisions on information and/or analytical materials provided on this website.

Companies below are listed in alphabetical order.

Update: 4 October 2021

At the time of this update, there are no active loan listings or outstanding investments in loans from this lending company. Therefore, the Mintos Risk Score and subscores are currently withdrawn.

From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021 

Loan Servicer Efficiency subscore is downgraded from 9 to 8 and Buyback Strength subscore from 8 to 7. While the company has attracted additional secured funding, we recognized some risk-increasing corporate governance factors: e.g. an international auditor has been replaced by a local audit company.

Update: 28 March 2022

Currently, there are no AlfaKredyt loans available for investment. With this update based on Q4 2021, the Mintos Risk Score and subscores are withdrawn for loans from this entity. From now on, there will be no new updates about this lending company.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

Due to lower issuance volumes and decrease in revenue starting from March 2020, the profitability of AlfaKredyt was under pressure through the year, with the lag in the cost base adjustment that created a prolonged impact on the company’s profitability. This led to a downgrade of the Mintos Risk Score for AlfaKredyt loans from 7 to 6.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

Alivio Capital is one of the largest healthcare lending companies in Mexico, with a focus on needs that are not covered by the umbrella of health insurance. The company launched on Mintos in August 2021 with the following subscores for its loans: Loan Portfolio Performance 8, Loan Servicer Efficiency 6, Buyback Strength 6, Cooperation Structure 7, and the Mintos Risk Score 7.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

The portfolio of Capem has been pledged across different creditors compared to the period before this update. While this increases diversification in funding sources, having a collateralized portfolio decreases the company’s ability to attract additional secured financing. This is why the Buyback Strength subscore is downgraded from 8 to 7, and results in a downgrade of the Mintos Risk Score from 8 to 7.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

CAPEM is a lending company that funds small and medium enterprises in Mexico and supports them with know-how and know-who in the fields of management, finance, and taxes. The lender joined Mintos in August 2021 and was assigned the following subscores for its loans: Loan Portfolio Performance 8, Loan Servicer Efficiency 8, Buyback Strength 8, Cooperation Structure 4. Mintos Risk Score 8.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 25 March 2021

The Mintos Risk Score is withdrawn for all three countries of the lending company Capitalia because the company is winding down its portfolio on Mintos. This means that there will be no new investments in Capitalia’s loans on the Mintos marketplace, and no new loans will be placed on the platform by this lending company. You can read more about this on our blog. From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 27 January 2021

Capitalia has improved consolidated financial results, and the company has reported solid profitability increase in Q3 2020 compared to previous quarters. This has positively affected the Loan Servicer Efficiency subscore for loans issued across all Capitalia countries, with an upgrade from 8 to 9. The subscore upgrade resulted in the upgrade of the Mintos Risk Score for Capitalia loans issued in Estonia, Lithuania and Latvia, all from 7 to 8. At the same time, the Loan Portfolio Performance subscore for loans issued in both Lithuania and Latvia has been downgraded from 9 to 8, as based on the latest numbers, a smaller part of the portfolio is covered by collateral.

Update: 30 June 2022

Mintos has now obtained a pledge over the loan receivables listed on the platform, and the Cooperation Structure subscore is upgraded from 4 to 5.

Update: 28 March 2022

Based on data from Q4 2021, the financial performance of the lending company has deteriorated compared to the previous period. This is why the Loan Servicer Efficiency subscore was downgraded from 8 to 7, directly affecting the Loan Portfolio Performance subscore now downgraded from 7 to 6. On the other hand, a guarantee agreement has been signed with sister company Cash Credit EAD, with an asset value of €8.5 million, and an equity value of €5.7 million. Because of this, the Cooperation Structure subscore was upgraded from 3 to 4.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

CashCredit provided us with additional evidence that supports improvement in the company’s internal processes and risk controls. This has positively affected the Loan Servicer Efficiency and Buyback Strength subscores for these loans, and both are upgraded from 7 to 8. The company’s funding capacity has improved, resulting in an upgrade of the Loan Portfolio Performance subscore from 6 to 7. The changes in subscores led to an upgrade of the Mintos Risk Score for these loans from 6 to 7.

Update: 30 June 2022

The pledge is still not registered under the new Mintos investment firm structure, and this results in a downgrade of the Cooperation Structure subscore for these loans, from 5 to 4. As a result, the Mintos Risk Score is downgraded from 6 to 5. The Mintos Risk Score and subscores will be adjusted as soon as the pledge for investors will be registered.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

Conmigo Vales has a unique business model, partnering with distributors who grant loans to people via vouchers that are then used to purchase goods or services for daily needs. Conmigo Vales launched on Mintos in August 2021 with the following subscores for its loans: Loan Portfolio Performance 5, Loan Servicer Efficiency 5, Buyback Strength 7,and Cooperation Structure 5. Mintos Risk Score 6.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q2 2021 data for loans issued by Creamfinance in Czech Republic, Denmark and Spain.

Latvia:The Latvian entity of Creamfinance has attracted a new funding source for its lending activity, and refinanced its exposure on Mintos. As there are no active loan listings for loans from this entity, the Mintos Risk Score and subscores are withdrawn. From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Poland:Based on an assessment of lending company information during Q2 2021, slight readjustments were made to the Loan Portfolio Performance subscore to account for the occasional information lag in loan statuses from this entity. As a result, the Loan Portfolio Performance subscore is downgraded from 7 to 6, and the Mintos Risk Score is downgraded from 7 to 6.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data for loans issued by Creamfinance in Spain, Latvia and Poland.

Czech Republic: At the time of this update, there are no active loan listings or outstanding investment in loans from the Czech Republic. Therefore, the Mintos Risk Score and subscores are currently withdrawn for this entity.

Denmark: Creamfinance is winding down its operations in Denmark, and there will not be any new investment opportunities in loans from the company’s entity in the Danish market. Consequently, Mintos Risk Score and subscores are now withdrawn for Creamfinance Denmark loans on the Mintos marketplace.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data for loans issued by Creamfinance in the Czech Republic, Denmark, Spain and Poland.

Latvia: Creamfinance Latvia’s stable issuance levels resulted in stable revenue growth, with an overall profitability improvement. This translates into an upgrade of the Loan Portfolio Performance subscore from 6 to 7 and an upgrade of the Servicer Efficiency subscore from 8 to 9 for Creamfinance loans issued in Latvia.

Update: 27 January 2021

Profitability of the whole Creamfinance Group has improved in Q3 2020, as the COVID-19 pandemic-related tensions lowered in all of the Group’s countries. This had a positive impact on the Buyback Strength subscore across all geographies: it was upgraded from 6 to 7 for loans from the Czech Republic, Denmark, Spain, Latvia and Poland.

Update: 30 June 2022

Credifiel, a lending company from Mexico, was launched on Mintos in May 2022. The company was founded 17 years ago as one of the pioneers in payroll lending and has been profitable ever since. On Mintos, Credifiel was launched with the following subscores and the Mintos Risk Score: Loan Portfolio Performance 7, Loan Servicer Efficiency 8, Buyback Strength 6, Cooperation Structure 5, and Mintos Risk Score 7.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

Currently, there are no Credissimo loans available for investment. With this update based on Q4 2021, the Mintos Risk Score and subscores are withdrawn for loans from this entity.

From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

Looking into the extended period of 2 years and more, Credissimo’s EBITDA margin (earnings before interest, taxes, depreciation, and amortization) has decreased, affecting the Buyback Strength subscore that is downgraded from 9 to 8. This results in a downgrade of the Mintos Risk Score from 8 to 7.

Update: 30 June 2021

During the last 9 months, the portfolio issuance levels were more stable, and this is positively reflected in an increase of the Loan Portfolio Performance subscore. New calculation results in a Mintos Risk Score upgrade from 7 to 8.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

Credissimo has increased capitalization level reaching 80%, and with this update, the Buyback Strength subscore for these loans is upgraded from 8 to 9.

Update: 30 June 2022

Currently, there are no Creditstar loans from the Czech Republic, Poland, and Spain available for investment on Mintos, and subscores and the Mintos Risk Score remain withdrawn for these entities. In case when/if there are changes to their activity on the Mintos platform, we will continue reporting on these entities.

When it comes to loans from entities in Finland and Estonia, we see a repeating issue with the lending company’s API connection, which is decreasing transparency when it comes to our insight into the portfolio performance significant for Mintos investors. At the time of this update’s publishing and based on our understanding, we see this issue as something that might remain over the following period when it comes to tracking investments in claims. As a result, we downgraded the Loan Portfolio Performance for loans from both entities: For Estonia from 8 to 6, and for Finland from 7 to 5 to reflect specifically the performance of the loan portfolio on the Mintos platform. The necessary API connection changes are prepared for the Notes setup.

Also, based on the current state of increased pending payments from this lending company, we’re downgrading the Buyback Strength subscore for both entities to reflect this information for the investors' risk assessment. For loans both from Estonia and Finland, the Buyback Strength subscore is downgraded from 7 to 6. These downgrades result in the downgrade of the Mintos Risk Score for loans from both these entities from 7 to 6.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores for Creditstar Estonia and Finland based on Q4 2021 data.

Currently, there are no Creditstar loans from Czech Republic, Poland and Spain available for investment on Mintos. With this update based on Q4 2021, the Mintos Risk Score and subscores are withdrawn Polish and Spanish entities.

(Please note that the Creditstar cashback campaign active at the moment of this update applies to loans from Estonia and Finland only.)

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores for Creditstar Estonia, Spain, Finland, and Poland based on Q3 2021 data.

Czech Republic: Currently, there are no Credistar Czech Republic loans available for investment. With this update based on Q3 2021, the Mintos Risk Score and subscores are withdrawn for loans from this entity.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores for Creditstar Estonia, Spain, Finland, and Poland based on Q2 2021 data.

Czech Republic: Based on the Q2 2021 data, the extension rate for loans listed by Creditstar Czech Republic has increased, causing a downgrade of the Loan Portfolio Performance subscore from 7 to 5. As a result, the Mintos Risk Score for these loans is downgraded from 7 to 6.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

As the war in Ukraine is still ongoing, the resulting sanctions against Russia and the Russian retaliation measures are still in power, there are no changes in the status of loans issued by the companies from these markets. The Mintos Risk Score and subscores for these loans remain withdrawn with the publishing date of this updated report.

Update: 28 March 2022

Due to the war in Ukraine and resulting sanctions for Russia, no new loans from Russia are offered for investments on Mintos. This decision consequently impacts loans from the Russian lending company Creditter. The Mintos Risk Score and subscores are withdrawn for these loans until further notice.

Update: 23 December 2021

As we noted decreased volatility in loan issuance and lower probability of default for the loans issued by this lending company, the Loan Portfolio Performance subscore is upgraded from 5 to 6.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

Creditter’s profitability was affected in Q4 2020, with recognition of higher loan impairment charges. Both loan provisions and write-off of the portfolio increased due to changes in the loan provision model introduced by the Central Bank of Russia and with lower than expected price for the sale of the defaulted loan portfolio. As a result, the Buyback Strength subscore for these loans is downgraded from 7 to 6.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

Due to a change in the loss given default (LGD) that’s reflecting a decrease in the loan recovery success rate, the ULoan Portfolio Performance subscore is downgraded from 8 to 7 for loans from this company.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

It’s important to mention that the local authority in Indonesia has reduced the maximum daily interest rate from the previous 0.8% to 0.4%, starting from 2022. In the long term, this might influence local lending companies' portfolio performance.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

Lending company DanaRupiah is again active on the marketplace from March 2021. A set of subscores for these loans is assigned in an evaluation made based on Q4 2020, resulting in a Loan Portfolio Performance subscore of 6, a Servicer Efficiency subscore of 8, a Buyback Strength subscore of 7, and a Cooperation Structure subscore of 4, resulting in the Mintos Risk Score of 6.

Update: 30 June 2022

DelfinGroup (Banknote): We observed a decreasing trend in the lending company’s issuance volatility, resulting in an upgrade of the Loan Portfolio Performance subscore from 7 to 8. On the other hand, the lending company’s pledge is still not registered under the new Mintos investment firm structure, and this results in a downgrade of the Cooperation Structure subscore, from 6 to 5.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

The operating margin of DelfinGroup has improved in Q2 2021, resulting in an upgrade of the Buyback Strength subscore from 7 to 8.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

We recognized potential for higher value depreciation for movable assets as a collateral for pawnbroking loans issued by DelfinGroup, and there is a higher volatility in the company’s loan issuance volumes. Because of this, the Loan Portfolio Performance subscore is downgraded from 8 to 7.

Update: 30 June 2022

During the past quarter, the lending company was still experiencing interruptions in payments regularity, and the Buyback Strength subscore for its loans is downgraded again, now from 6 to 5, and the Mintos Risk Score is downgraded from 7 to 6.

Update: 28 March 2022

In the latest update, we noticed Dineo Credito’s short-term cashflow problems, which resulted in the increased number of pending days for settlement payments. Because of this, the Buyback Strength subscore is downgraded from 7 to 6.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

In Q2 2021, Dineo Credito improved its debt collection efficiency, reflected in the improvement of the defaulted portfolio recovery rates. Decreased provision expenses have led to improved financial performance, with a higher net margin in Q2 compared to the previous periods. These positive changes caused upgrades of the Loan Portfolio Performance and Buyback Strength subscores, both from 6 to 7. The changes in subscores resulted in the upgrade of the Mintos Risk Score from 6 to 7.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

Improved portfolio performance in Q4 2020 positively affected the company’s profitability. The non-performing loan proportion has decreased, which indicates a more efficient debt collection and improvement in borrower solvency. As a result, the Loan Portfolio Performance subscore is upgraded from 4 to 6, causing an upgrade of the Mintos Risk Score from 5 to 6.

Update: 27 January 2021

Loan Portfolio Performance and Loan Servicer Efficiency subscores for loans from Dineo Credito Spain are upgraded from 3 to 4 and from 7 to 8, respectively. Reason for this are new processes related to the company’s internal reporting, and an update of information related to the management experience. At the same time, the Buyback Strength subscore is downgraded from 7 to 6, due to the weaker financial performance of the company in Q3 2020.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

Due to the increase of the company’s capitalization level, the Buyback Strength subscore for loans issued by Dinerito Mexico is upgraded from 5 to 6.

Update: 30 June 2022

As the war in Ukraine is still ongoing, the resulting sanctions against Russia and the Russian retaliation measures are still in power, there are no changes in the status of loans issued by the companies from these markets. The Mintos Risk Score and subscores for these loans remain withdrawn with the publishing date of this updated report.

Update: 4 October 2021

At the end of last year, DoZarplati introduced a new legal entity (MCC “Sojuz 5”) in addition to its older entity (LLC “DZP-Center”) that has now terminated it’s license and is only servicing its portfolio. Because there are no active loans and investments in loans from this company, the subscores and the Mintos Risk Score are withdrawn and no more updates will be shared in the future.

Update: 30 June 2021

Based on the most recent data, the portfolio issuance levels were more stable, and this is positively reflected in an upgrade of the Loan Portfolio Performance subscore from 7 to 8.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

Historically, legal cooperation was based on two types of structures, direct and indirect. With legal data update and only one structure now being active with pledge covering all outstanding loans on the marketplace - the Cooperation Structure subscore is upgraded from 4 to 5.

Update: 4 October 2021

After the previous update on E-Cash entering the wind down, this August the company transferred recovered funds to Mintos investors and no additional recoveries are expected. No more updates will be made for this company’s loans in the future.

Update: 30 June 2021

The Mintos Risk Score was withdrawn for loans issued by E-Cash in April 2021, when the lending company informed Mintos of its plans to wind down the business. At the time, E-Cash had already missed their regular settlement payments towards investors for 7 days, and the company was suspended from the Primary and Secondary Markets on Mintos.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

Minor change in the ratio of unsecured debt to total debt in Q3 2020 caused a downgrade of the Buyback Strength subscore for these loans, from 4 to 3.

Update: 30 June 2022

As the war in Ukraine is still ongoing, the resulting sanctions against Russia and the Russian retaliation measures are still in power, there are no changes in the status of loans issued by the companies from these markets. The Mintos Risk Score and subscores for these loans remain withdrawn with the publishing date of this updated report.

Update: 28 March 2022

Due to the war in Ukraine and resulting sanctions for Russia, no new loans from Russia are offered for investments on Mintos. This decision consequently impacts loans from the Russian lending company EcoFinance. The Mintos Risk Score and subscores are withdrawn for these loans until further notice.

Update: 23 December 2021

In the observed period of Q3 2021, EcoFinance’s legal position in the Mintos cooperation structure has slightly improved due to the guarantee agreement signed by the legal entity DYNINNO Fintech Holding Limited, a group of companies that provide sales, lead generation, and in-house IT solutions to brands operating in more than 50 markets worldwide. As a result, the Cooperation Structure subscore is upgraded from 4 to 5.

Update: 4 October 2021

Due to slight changes in the assessment of the Buyback Obligation subscore based on data from Q2 2021, it is downgraded from 7 to 6. As a result, the current calculation of the Mintos Risk Score is downgraded from 7 to 6.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

In the Q3 2020, the data about the lending company’s target audience was updated, showing focus on the slightly higher leveraged borrowers type in the company’s portfolio. Loan Servicer Efficiency subscore is downgraded from 9 to 8.

Update: 5 September 2022

No changes are made to the Mintos Risk Score and subscores for loans from Eleving Group Estonia and Moldova based on Q2 2022 data.

Kredo Albania Due to higher recoveries of its portfolio, the Loss Given Default ratio has improved, leading to an upgrade of the Loan portfolio performance subscore for these loans from 6 to 7. The Loan servicer efficiency subscore for these loans has also been upgraded from 7 to 8 due to an increase in budget quality, an improved interest coverage ratio for the group, better underwriting procedures, process automation, and improvements in risk controls. Plus, advances in group-level product diversification, like adding a rent product to the portfolio, improving risk controls, and the group’s interest coverage ratio, led to an upgrade of the Buyback strength subscore for these loans from 6 to 7. As a result, the Mintos Risk Score for these loans has been upgraded from 6 to 7.

Tigo North Macedonia: Due to higher recoveries of its portfolio, the Loss Given Default ratio has improved, leading to an upgrade of the Loan portfolio performance subscore for these loans from 5 to 7. The Loan servicer efficiency subscore for these loans has also been upgraded from 7 to 9 due to its experience in servicing the loan portfolio, plus improvements in its budget quality, interest coverage ratio for the group, underwriting procedures, process automation, and enhanced risk controls. Advances in group-level product diversification, risk controls, and the group’s interest coverage ratio also lead to an upgrade of the Buyback strength subscore for these loans from 6 to 7. As a result, the Mintos Risk Score for these loans has been upgraded from 6 to 7.

Armenia: With enhanced loan portfolio performance, stable borrower payment culture, and sufficient product profit margin, the Loan portfolio performance subscore for these loans has been upgraded from 8 to 9. As a result, the Mintos Risk Score for these loans has been upgraded from 7 to 8.

Belarus: Currently, no Eleving Belarus loans are available for investment on Mintos. Based on Q2 2022, the Mintos Risk Score and subscores are withdrawn for loans from this entity.

Georgia: Budget quality has improved with solid budget preparation and 6-month checks on both group and entity levels. Plus, the debt-to-income requirement for borrowers has improved along with underwriting standards. The interest coverage ratio has also improved on a group level. As a result, the Loan servicer efficiency subscore for these loans has been upgraded from 8 to 9. Furthermore, because of the increase in the interest coverage ratio and product diversification on a group level, the Buyback strength subscore for these loans has been upgraded from 6 to 7.

Kenya: Considering the company has been operating in the market for 3 years, we believe it has collected the necessary experience in servicing these loans in the specific market, its budget quality has improved, and the Group’s financial ratios, such as interest coverage ratio, have improved as well. In addition, the company has improved its underwriting policy and risk controls, and the debt-to-income requirement for borrowers has been lowered, signaling a more conservative approach to loan issuance. As a result, the Loan servicer efficiency subscore for these loans has been upgraded from 6 to 7. Furthermore, because of the increase in the interest coverage ratio, product diversification on a group level, and the new fraud policy, the Buyback strength subscore for these loans has been upgraded from 6 to 7.

Lithuania: Due to improvements in budget quality and an increased interest coverage ratio (at the group level), the Loan servicer efficiency subscore for these loans has been upgraded from 9 to 10. However, as no pledge has been registered in the Notes setup, the cooperation Structure subscore for these loans has been downgraded from 5 to 4.

Latvia: Q2 2022 data shows the company has more experience in servicing its loan portfolio, improvements in its budget quality, and an increase in the interest coverage ratio on a group level. Plus, the company has improved its underwriting standards. As a result, the Loan servicer efficiency subscore for these loans has been upgraded from 8 to 9.

Renti Latvia: Q2 2022 data shows the company has more experience in servicing its rent agreement portfolio, improvements in its budget quality, and an increase in the interest coverage ratio on a group level. Plus, the company has improved its evaluation of the rentee'. As a result, the Loan servicer efficiency subscore for these loans has been upgraded from 8 to 9.

Sebo Moldova: Experience at a management level has advanced, budget quality has improved, and interest coverage ratio on a group level has increased. Plus, underwriting and risk controls have been improved, a contingency funding plan for the group has been implemented, and group-level product diversification is enhanced. As a result, the Mintos Risk Score for these loans has been upgraded from 6 to 7.

Romania: Now that the lending company has more experience in servicing the loan portfolio, improved its budget quality, the interest coverage ratio (at group level) has increased, and underwriting standards are enhanced, the Loan servicer efficiency subscore for these loans has been upgraded from 8 to 10. Due to the increased interest coverage ratio and product diversification on a group level, the Buyback strength subscore for these loans has also been upgraded from 6 to 7. Overall, the Mintos Risk Score for these loans has been upgraded from 8 to 9.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores for loans from Eleving Group Albania, Armenia, Bulgaria, Belarus, Estonia, Kazakhstan, Latvia, Lithuania, Moldova, Poland, Romania, Kredo Albania, Sebo Moldova, Renti Latvia and Tigo North Macedonia based on Q1 2022 data.

Georgia: The Georgian entity’s pledge is still not registered under the new Mintos investment firm structure, and this results in a downgrade of the Cooperation Structure subscore for these loans, from 5 to 4.

Kenya: We observed more stability in the entity’s issuance volumes, marking a lowered volatility trend, which results in an upgrade of the Loan Portfolio Performance subscore for these loans, from 8 to 9.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores for loans from Eleving Group Albania, Bulgaria, Belarus, Estonia, Kenya, Kazakhstan, Latvia, Moldova, Sebo Moldova, Poland, and Kredo Albania, Renti Latvia and Tigo North Macedonia based on Q4 2021 data.

Armenia: An improvement made in the Loan Portfolio Performance subscore evaluation process has added weight to the collateral repossession criteria, leading to an upgrade of the Loan Portfolio Performance subscore from 7 to 8.

Belarus: Although this market is (in)directly related to the war in Ukraine, there is currently no heightened threat for Mintos investors’ exposure in loans from Eleving Group Belarus. This exposure is hedged, and the portfolio situation in Q4 has not worsened compared to previous periods. Eleving Belarus is under the group guarantee umbrella, and the group’s financials are stable. Currently, no new loans from Belarus are listed on the Mintos Primary Market.

Georgia: An improvement made in the Loan Portfolio Performance subscore evaluation process has added weight to the collateral repossession criteria. Considering also stabilized volatility in loan issuance volumes, the Loan Portfolio Performance subscore for these loans is upgraded from 9 to 10. Since the currency is unhedged and with the recent increase in the currency exchange volatility, the Buyback Strength subscore for these loans is downgraded from 7 to 6.

Lithuania: An improvement made in the Loan Portfolio Performance subscore evaluation process has added weight to the collateral repossession criteria, leading to an upgrade of the Loan Portfolio Performance subscore for these loans from 9 to 10.

Renti Latvia loans and subscores will from now on be shown next to Eleving Latvia (ex Mogo Latvia). At the moment, they have the same Mintos Risk Score and subscores inherited from the mother entity, Eleving Latvia.

Romania: An improvement made in the Loan Portfolio Performance subscore evaluation process has added weight to the collateral repossession criteria, leading to an upgrade of the Loan Portfolio Performance subscore for these loans from 9 to 10. Since the currency is unhedged and with the recent increase in the currency exchange volatility, the Buyback Strength subscore for these loans is downgraded from 7 to 6.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores for Eleving Group Belarus, Georgia, Kenya, Kredo Albania, Latvia, Lithuania, Moldova, Sebo Moldova, Poland, Romania, and Tigo North Macedonia based on Q3 2021 data.

Armenia: Based on our assessment, the current regulatory environment in Armenia has stabilized. As a result, the business of Eleving’s Armenian entity has gained more stability, too, allowing the entity to increase its loan issuance volumes. With this update based on the Q3 2021, there is an upgrade of the Loan Servicer Efficiency subscore from 7 to 8. Partially because of the increase in this subscore and more importantly because of the observed larger proportion of secured loans, there’s also an upgrade of the Loan Portfolio Performance subscore from 6 to 7. As a result, the Mintos Risk Score is upgraded from 6 to 7.

Bulgaria: Currently, there are no Eleving Bulgaria loans available for investment on Mintos. With this update based on Q3 2021, the Mintos Risk Score and subscores are withdrawn for loans from this entity.

Estonia: Due to improvements introduced in the underwriting policy of this entity of Eleving, the Loan Servicer Efficiency subscore is upgraded from 8 to 9.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores for Eleving Group Armenia, Bulgaria, Belarus, Georgia, Kenya, Kredo Albania, Latvia, Lithuania, Moldova, Sebo Moldova, Poland, Romania, and Tigo North Macedonia based on Q2 2021 data.

Albania: Eleving Group’s Albanian entity has been sold, and all outstanding and active loans have been repurchased from the Mintos marketplace. The Mintos Risk Score and subscores are withdrawn for loans from this entity and no future Mintos Risk Score updates will be made for these loans.

Update: 30 June 2021

Eleving Group is the new corporate name of Mogo Finance, changed in May 2021. Read more about this on the Mintos blog.

Based on data from Q1 2021, the Group is operating with profitability. Additional shareholders' contribution has been subordinated, and this translates into a higher equity position of the Group. These two factors contribute to the Group's capitalization ratio, which positively affected the Buyback Strength subscore across the Group's entities. While this subscore has been changed for some of the entities, due to rounding, the calculations did not make visible changes for all entities. As a result, while improved on a basic level, no changes have been made to the Mintos Risk Score and subscores for loans issued by the Eleving group in Kredo Albania, Tigo North Macedonia and Poland. The Buyback Strength subscore was upgraded from 6 to 7 for the Eleving group’s entities in Armenia, Estonia, Georgia, Lithuania, Latvia, Romania and entity SEBO Moldova, without impact on the Mintos Risk Score.

Albania: Abovementioned improvements on a group level lead to an upgrade of the Buyback Strength subscore from 6 to 7. The subscore upgrade results in an upgrade of the Mintos Risk Score from 6 to 7 for loans issued by Eleving Albania.

Belarus: With the improvement of Eleving Group’s financial performance, the Servicer Efficiency subscore for the Belarus entity is being upgraded from 7 to 8. The Servicer Efficiency subscore is correlated with the Loan Portfolio Performance subscore, affecting its upgrade from 8 to 9. These changes result in the Mintos Risk Score upgrade from 7 to 8.

Bulgaria: With the improvement of Eleving Group’s financial performance, the Servicer Efficiency subscore for the Bulgarian entity is being upgraded from 7 to 8. The Servicer Efficiency subscore is correlated with the Loan Portfolio Performance subscore, affecting its upgrade from 8 to 9. These changes result in the Mintos Risk Score upgrade from 7 to 8.

Kenya: Based on data from Q1 2021, the group is operating with profitability, and we also observed a significant shareholders’ equity contribution, together resulting in an increase of the group’s capitalization ratio. In the case of the Kenyan entity, this results in an upgrade of the Servicer Efficiency subscore from 5 to 6.

Moldova: Abovementioned improvements on a group level cause an upgrade of the Buyback Strength subscore from 6 to 7. The subscore upgrade results in an upgrade of the Mintos Risk Score from 7 to 8 for loans issued by Eleving Moldova.

With this update, we will be removing Eleving Group Kazakhstan from the Mintos Risk Score updates, as this entity is not an active part of Eleving Group anymore, its score has been withdrawn, there are no active loans from this entity and no outstanding investment in these loans on the Mintos marketplace.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

Esto’s durability, market presence, and successful loans issuance, along with proven management experience, have all reached past one of the thresholds in the calculation of the servicer-related score. Hence, the Loan Servicer Efficiency subscore for these loans was upgraded from 8 to 9.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

Evaluation of performance based on Q4 2020 data showed a decrease in loan portfolio volatility, as the issuance volumes have stabilized together with the market. This change has led to a fractional increase of the Loan Portfolio Performance subscore for loans issued by ESTO. Due to rounding, the result is an upgrade of the Mintos Risk Score from 7 to 8.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

In the observed quarter, we saw a deterioration of the lending company’s financial performance, with a negative impact on the financial ratios such as EBITDA margin, interest coverage ratio, and EBIT/Average assets. In Q1 2022, the company sold its non-performing loan portfolio, which adversely affected the company’s profit and loss statement. Because of this, we downgraded the Buyback Strength subscore for these loans from 8 to 7, which resulted in a downgrade of the Mintos Risk Score from 8 to 7.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

Without full access to the lending company’s budget for the current year, there is no ability to evaluate the company’s long-term sustainability, therefore, the Buyback Strength subscore is downgraded from 9 to 8.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

In the latest evaluation, we observed stability of the lending company’s portfolio quality over a longer term, or a period of 2-3 years. This results in an upgrade of the Loan Portfolio Performance subscore for these loans from 7 to 8.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores for loans from ExpressCredit Namibia based on Q1 2022 data.

Botswana: In this update, we’re adjusting the subscores for these loans based on a higher diversification of creditors for this entity in the past quarter, and lower currency exchange risk as the lending company has attracted funding locally. The Buyback Strength subscore for these loans is upgraded from 6 to 7.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores for loans from ExpressCredit Namibia based on Q4 2021 data.

Botswana: In 2021, the lending company updated its budget procedures, an activity that resulted in a more structured approach to budgeting and following on the emerging deviations over the course of the year. Because of this, the Loan Servicer Efficiency subscore for these loans was upgraded from 7 to 8, further resulting in an upgrade of the Mintos Risk Score from 6 to 7.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores for ExpressCredit Botswana based on Q3 2021 data.

Namibia: In Q3 2021, a continuation of improvement in the EBIT/Average Assets ratio was observed, as the negative effect of the ratio from 2020 continued to decrease, mostly due to the profitability in 2021. As a result, the Buyback Strength subscore is upgraded from 4 to 5.

Update: 4 October 2021

Botswana: Loan issuance volumes have remained stable throughout a longer period, signalling the business has reached a certain level of maturity. The Loan Portfolio Performance subscore is upgraded from 6 to 7.

Namibia: In Q2 2021, an improvement in the EBIT/Average Assets ratio was observed. This indicates a positive financial trend and better efficiency of the company. This has caused an upgrade of the Loan Servicer Efficiency subscore from 6 to 7.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data for ExpressCredit Botswana.

Namibia: Based on the analysis of the audited financial report for the year 2020, and comparison of this report to the information provided in the audited report from the year 2019, the Servicer Efficiency subscore was downgraded from 7 to 6, and the Buyback Strength subscore was downgraded from 5 to 4.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data for ExpressCredit Botswana.

Namibia: Evaluation of ExpressCredit Namibia shows a decrease in issuance volume volatility, which stabilizes portfolio quality. As the portfolio performance has been stable for more than 2 years, the Loan Portfolio Performance subscore is upgraded from 4 to 5.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

In the previous quarter, Fenchurch Legal’s parent company SHP went into administration. Nevertheless, Fenchurch Legal is a separate entity and continues to trade as normal and its obligations towards its parent company are subordinated to its obligations towards investors on Mintos. Nevertheless, due to more responsibility for repayments now being solely on the lending company, the Buyback Strength subscore is downgraded from 8 to 7.

Update: 28 March 2022

The lending company has updated and improved its debt collection management, and portfolio growth data for Q4 is close to the set targets. As a result, the Loan Servicer Efficiency subscore was upgraded from 5 to 6.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

Fenchurch Legal is a UK-based specialist in litigation financing, offering a flexible funding solution to UK law firms to fund small ticket ATE (“After the Event”) claims. The company launched on Mintos in July 2021 with the following subscores: Loan Portfolio Performance 7, Loan Servicer Efficiency 5, Buyback Strength 8,and Cooperation Structure 5. Mintos Risk Score is 6.

Update: 30 June 2022

Financiera Contigo, one of the largest and most well-known microfinance companies in Mexico, launched on Mintos in April 2022. The lending company offers an array of financial products to communities that lack access to the general banking system and has around 200 000 active clients served by 2500 employees in branch offices across the country. On Mintos, Financiera Contigo was launched with the following subscores and Mintos Risk Score: Loan Portfolio Performance 6, Loan Servicer Efficiency 6, Buyback Strength 7, Cooperation Structure 4, and Mintos Risk Score 6.

As of now, the pledge is still not registered under the new Mintos investment firm structure, and this results in a downgrade of the Cooperation Structure subscore for these loans, from 4 to 3. The Mintos Risk Score and subscores will be adjusted as soon as the pledge for investors is registered.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data for Finclusion Kenya.

South Africa: Due to observed reduced costs in Q1 2021 and improved product performance on the unit level, the Loan Portfolio Performance subscore for loans from Finclusion South Africa is upgraded from 5 to 6. As a result, the Mintos Risk Score for these loans is upgraded from 6 to 7.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

Kenya: There is an improvement of profitability and equity of the Group, and an update of information about the company’s market position. Because of this, changes related to loans issued by Finclusion Kenya are made to Loan Servicer Efficiency and Buyback Strength subscores 7 and 6, that were both upgraded to 8. This subscores upgrade resulted in the upgrade in the Mintos Risk Score from 6 to 7.

South Africa: The increase in the interest coverage ratio (ICR) and equity improvement of the group led to an upgrade of the Buyback Strength subscore from 6 to 8. The Loan Servicer Efficiency subscore is downgraded from 8 to 7, due to negative profitability and EBITDA (earnings before interest, taxes, depreciation, and amortization) of the standalone lending company.

Update: 30 June 2021

Information about entities previously found here is listed under the Eleving Group’s “Kredo Albania” and “Tigo North Macedonia”.

Update: 25 March 2021

From March 2021, Finitera Albania and North Macedonia have been listed as Mogo Kredo (Albania) and Mogo Tigo (North Macedonia) in the Mintos Risk Score related content. In the meantime, no changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data. You can read more here.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data. New updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

The establishment of the master trust account for investors in the setup for investments in Notes was not finalized at the time of this update’s publishing, which resulted in the Cooperation Structure subscore downgrade from 8 to 6, and the Mintos Risk Score downgrade from 7 to 6.

The Mintos Risk Score and subscores will be adjusted as soon as the master trust account for investors with the lending company is set up in full.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

GoCredit is a company that operates in the Mexican lending market, issuing direct debit and payroll loans. It launched on Mintos in August 2021with the following subscores: Loan Portfolio Performance 6, Loan Servicer Efficiency 6, Buyback Strength 7,and Cooperation Structure 6. Mintos Risk Score is 6.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores for loans from Hipocredit Latvia based on Q4 2021 data.

Lithuania: An improvement made in the Loan Portfolio Performance subscore evaluation process has added weight to the collateral repossession criteria. Together with stabilization in the issuance volumes, the changes result in an upgrade of the Loan Portfolio Performance subscore from 8 to 9.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores for Hipocredit Lithuania in the update based on the Q1 2021 data.

Latvia: As loan issuance volumes have stabilized over the course of the last nine months, the Loan Portfolio Performance subscore for these loans is upgraded from 8 to 9.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

Lithuania: Hipocredit Lithuania started to issue higher ticket loans for real estate development, which increases the concentration risk and loan issuance volatility in the portfolio. As a result, the Loan Portfolio Performance subscore is downgraded from 9 to 8.

Latvia: For loans from Hipocredit Latvia, improvement of the interest coverage ratio (ICR) is reflected on the Buyback Strength subscore that is upgraded from 6 to 7. The Loan Portfolio Performance subscore is downgraded from 9 to 8, due to the increase in loan issuance volatility.

Update: 30 June 2022

Spain: The pending payments to investors from ID Finance Spain were accumulating over the past weeks. Based on our information, the financial standing of the lending company is sound and there are no indications of risk related to the company’s going concerns. Still, current liquidity issues are reflected in a change of the Buyback Strength subscore, which is downgraded from 7 to 6, resulting in a Mintos Risk Score downgrade from 7 to 6.

Mexico: Similarly to the developments with ID Finance Spain, there are accumulated pending payments for investments in loans from the Mexican entity. Based on our information, the financial standing of the lending company is sound and there are no indications of risk related to the company’s going concerns. Still, current liquidity issues are reflected in a change of the Buyback Strength subscore, which is downgraded from 6 to 4, resulting in a Mintos Risk Score downgrade from 6 to 5.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores for loans from ID Finance Spain based on Q4 2021 data.

Mexico: With the addition of the guarantee by the holding ID FINANCE INVESTMENTS, S.L., the Cooperation Structure subscore for loans from ID Finance Mexico was upgraded from 3 to 4.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores for ID Finance Spain based on Q2 2021 data.

Mexico: ID Finance Mexico has resumed activity on Mintos, with new loans being listed on our platform from August 2021. IDF Mexico was relaunched on Mintos with the following subscores for its loans: Loan Portfolio Performance 5, Loan Servicer Efficiency 7, Buyback Strength 6, and Cooperation Structure 3. The Mintos Risk Score is 6.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data for loans issued in Mexico.

Spain: Due to additional evidence that supports improvement in the company’s internal processes, mainly in internal audit, fraud prevention and budgeting, and the company’s ability to attract additional unsecured bond financing during the market distress, the Buyback Strength subscore is upgraded from 6 to 7. The Loan Portfolio Performance subscore is upgraded from 5 to 6, as a result of the loan servicer’s improved operational efficiency. Overall, upgrades of subscores resulted in an upgrade of the Mintos Risk Score from 6 to 7.

Update: 30 June 2022

Solva: With an increase of the extension rates in the lending company’s underlying portfolio, we’re downgrading the Loan Portfolio Performance subscore from 7 to 6. The Buyback Strength subscore for loans from IDF Eurasia’s Solva entity is downgraded from 7 to 6, due to accumulated pending payments currently showing issues with liquidity. Based on our information, the financial standing of the lending company is sound and there are no indications of risk related to the company’s going concerns.

The cooperation pledge agreement with Mintos within the regulated framework was signed, but it’s still not registered under this structure that’s required by the investment firm setup. The Cooperation Structure subscore is decreased from 6 to 5 to portray the current status and will be readjusted with further developments.

Moneyman: The Buyback Strength subscore for loans from IDF Eurasia’s Moneyman entity is downgraded from 7 to 6, due to accumulated pending payments for its guarantor Solva that’s currently showing issues with liquidity. Based on our information, the financial standing of the lending company is sound and there are no indications of risk related to the company’s going concerns.

The cooperation pledge agreement with Mintos within the regulated framework was signed, but it’s still not registered under this structure that’s required by the investment firm setup. The Cooperation Structure subscore is decreased from 5 to 4 to portray the current status and will be readjusted with further developments. These two subscore downgrades result in a Mintos Risk Score downgrade for these loans, from 7 to 6.

Update: 28 March 2022

Solva: As the loans prolongation percentage decreased in Q4 2021, the Loan Portfolio Performance subscore for loans from IDF Eurasia was upgraded from 6 to 7. On the other hand, we observed a lower capitalization level with a slight equity decrease just below 20%, affecting the calculation of the financial ratios within the Buyback Strength subscore, resulting in its downgrade from 8 to 7.

Moneyman: A lower capitalization level with a slight equity decrease just below 20% is affecting the calculation of the financial ratios within the Buyback Strength subscore, resulting in its downgrade from 8 to 7.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores for IDF Eurasia (Solva) in the update based on the Q1 2021 data.

IDF Eurasia (Moneyman): Short-term loans by IDF Eurasia’s entity Moneyman were additionally introduced to the Mintos marketplace in the previous quarter, with subscores as follows: Loan Portfolio Performance 6, Servicer Efficiency 9, Buyback Strength 8, and Cooperation Structure 5. Mintos Risk Score for these loans is 7.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

As the company has strengthened its fraud prevention processes, the Loan Servicer Efficiency subscore is upgraded from 8 to 9 and Buyback Strength subscore from 7 to 8. In general, the performance of the company’s financials and loan portfolio is solid. The quality of management is proven by the fact that IDF Eurasia Kazakhstan is the market leader in the consumer non-bank lending in the country, and the company was able to raise additional funding during the turbulent 2020.

Update: 30 June 2022

IuteCredit Group has attracted additional capital by issuing corporate bonds at the value of €75 million. The bonds are secured by guarantees and pledges of the Group's subsidiaries, which comes with weight on the available assets and increased debt that comes with more bondholders. This limits the possibilities for additional capital attraction and results in a downgrade of the Buyback Strength subscore for entities in Albania, North Macedonia, and Moldova from 8 to 7.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores for IuteCredit Albania and Moldova based on Q3 2021 data.

North Macedonia: Due to improvement in the financial position, an increase in the share capital, and improvements in the profitability during Q3 2021, the Loan Servicer Efficiency subscore is upgraded from 7 to 8. This upgrade has an impact on the calculation of the Loan Portfolio Performance subscore, which was also upgraded - from 6 to 7.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores for IuteCredit Albania and North Macedonia based on Q2 2021 data.

Moldova: In Q2, we observed an increase in the monthly issuance volumes of this entity, an activity indicating an increase in issuance volatility. A significant increase in issuance can increase uncertainty around future portfolio performance, therefore, the Loan Portfolio Performance subscore is downgraded from 9 to 8.

Update: 30 June 2021

Albania: The latest evaluation of the Albanian entity of IuteCredit shows improved ability when it comes to reaching projected budget targets throughout Q1 2021. At the same time, the management industry experience has improved in the observed period. These developments are resulting in an upgrade of the Servicer Efficiency subscore from 8 to 9.

Moldova: As the loan issuance volumes have stabilized over the past 9 months, the loan portfolio volatility also decreased in this period. Indicators of positive business developments, these improvements also mean a potential for the loan portfolio growth. As a result, the Loan Portfolio Performance subscore for these loans is upgraded from 8 to 9.

North Macedonia: During this evaluation, we noted a positive portfolio development, with a 15% growth on a quarterly level. In addition, the issuance volumes have stabilized over the 9 months, while the portfolio quality has also been improved, along with the improved product performance on a single unit level. Because of this, the Loan Portfolio Performance subscore is upgraded from 4 to 6. As a result, the Mintos Risk Score for these loans is upgraded from 6 to 7.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

Albania: Due to additional and more detailed portfolio reporting provided by the lending company, which enables a more precise evaluation of the loan portfolio, the Loan Portfolio Performance subscore for these loans is upgraded from 6 to 7. At the same time, the Loan Servicer Efficiency subscore is downgraded from 9 to 8, due to weaker financial results in Q3 2020, caused by increasing provisions and special expenses.

North Macedonia: During the review, we identified that a smaller part of the portfolio is covered by collateral, increasing the overall riskiness of the loan performance and recovery. As a result, the subscore for the Loan Portfolio Performance is downgraded from 5 to 4.

Moldova: As the company has provided a more detailed portfolio reporting, enabling a more precise evaluation of the portfolio quality, the Loan Portfolio Performance subscore for these loans is upgraded from 7 to 8. The Loan Servicer Efficiency subscore is downgraded from 9 to 8 due to significant growth in provisions for non-performing loans. This resulted in slightly weaker financial results for Q3 2020, compared to Q2 2020. Changes in the subscores resulted in an upgrade of the Mintos Risk Score from 7 to 8.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

Armenia: An improvement made in the Loan Portfolio Performance subscore evaluation process has added weight to the collateral repossession criteria, leading to an upgrade of the Loan Portfolio Performance subscore from 7 to 8.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

Jet Finance (brand name Jet Car) is one of the front-runners in Kazakhstan’s car lending market. The company launched on Mintos in August 2021 with the following subscores: Loan Portfolio Performance 7, Loan Servicer Efficiency 7, Buyback Strength 5,and Cooperation Structure 6. Mintos Risk Score is 7.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data. New updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 4 October 2021

At the time of this update, there are no active loan listings or outstanding investments in loans from Kredit Pintar. Therefore, the Mintos Risk Score and subscores are currently withdrawn for this entity. From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

Kredit Pintar’s profitability decreased due to adjustment made in the company’s financial statement which is a result of one-off income related to financial investments independent from the company’s core lending business. Kredit Pintar has continued to scale business operations after the first impact of the pandemic, and currently the company has a portfolio of around €55 million. As the scaling requires upfront investments, the company’s profitability and capitalization have decreased, with losses in Q4 2020. This leads to a downgrade of the Servicer Efficiency subscore from 9 to 8, and a downgrade of the Buyback Strength subscore from 6 to 4.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

As the war in Ukraine is still ongoing, the resulting sanctions against Russia and the Russian retaliation measures are still in power, there are no changes in the status of loans issued by the companies from these markets. The Mintos Risk Score and subscores for these loans remain withdrawn with the publishing date of this updated report.

Update: 28 March 2022

Due to the war in Ukraine and resulting sanctions for Russia, no new loans from Russia are offered for investments on Mintos. This decision consequently impacts loans from the Russian lending company Kviku. The Mintos Risk Score and subscores are withdrawn for these loans until further notice.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

Armenia: An improvement made in the Loan Portfolio Performance subscore evaluation process has added weight to the collateral repossession criteria, leading to an upgrade of the Loan Portfolio Performance subscore from 5 to 6.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

LF TECH offers short-term consumer loans and various consumer finance products across different markets. The company launched on Mintos in August 2021 with the following subscores: Loan Portfolio Performance 5, Loan Servicer Efficiency 5, Buyback Strength 6,and Cooperation Structure 6. Mintos Risk Score is 6.

Update: 30 June 2022

As the war in Ukraine is still ongoing, the resulting sanctions against Russia and the Russian retaliation measures are still in power, there are no changes in the status of loans issued by the companies from these markets. The Mintos Risk Score and subscores for these loans remain withdrawn with the publishing date of this updated report.

Update: 28 March 2022

Due to the war in Ukraine and resulting sanctions for Russia, no new loans from Russia are offered for investments on Mintos. This decision consequently impacts loans from the Russian lending company Lime Zaim. The Mintos Risk Score and subscores are withdrawn for these loans until further notice.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

Due to a decrease in the FX volatility from 20% to 9% in Q2 2021 compared to previous period, the Buyback Strength subscore is upgraded from 6 to 7.

Update: 30 June 2021p>

In this quarterly review, we noted that Lime Zaim’s funding sources were less diversified compared to the previous period, and the company slightly lags behind the projected budget set for the observed period. As a result, the Buyback Strength subscore was downgraded from 7 to 6. Subsequently, the Mintos Risk Score for these loans was downgraded from 7 to 6.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

Due to the most recent update of data of EBITDA margin, which shows lower operating profitability than was observed during Q2 evaluation, the Buyback Strength subscore for these loans is downgraded from 8 to 7. The Cooperation Structure subscore is updated from 3 to 4, based on the most current structure evaluation. Historically, legal cooperation was based on two types of structures, direct and indirect. The legal data update leaves only one active structure, with pledge covering all outstanding loans on the marketplace.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data for loans from the Mikro Kapital entities in Belarus, Moldova, Romania, and Uzbekistan.

Russia: As the war in Ukraine is still ongoing, the resulting sanctions against Russia and the Russian retaliation measures are still in power, there are no changes in the status of loans issued by the companies from these markets. The Mintos Risk Score and subscores for these loans remain withdrawn with the publishing date of this updated report.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data for loans from the Mikro Kapital entities in Belarus, Romania, and Uzbekistan.

Moldova: with stabilization of the issuance volumes that indicate more predictable portfolio quality going forward, the Loan Portfolio Performance subscore for loans from this entity was upgraded from 8 to 9.

Russia: Due to the war in Ukraine and resulting sanctions for Russia, no new loans from Russia are offered for investments on Mintos.

This decision consequently impacts loans from Mikro Kapital’s Russian entity. The Mintos Risk Score and subscores are withdrawn for these loans until further notice.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data for entities in Belarus, Moldova, Romania, and Russia.

Uzbekistan: The guarantor of Mikro Kapital’s Uzbekistan entity has shown a solid track record of attracting funding throughout the economic cycle. Based on this, the Buyback Strength subscore for loans from this lending company is upgraded from 7 to 8.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores for Mikro Kapital Moldova, Romania, Russia, and Uzbekistan based on Q2 2021 data.

Belarus: This Mikro Kapital entity has attracted alternative funds for its lending activity and refinanced its exposure on Mintos. As there are no active listings for loans from this entity, the Mintos Risk Score and subscores are withdrawn. From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores for Mikro Kapital Belarus, Romania, Russia and Uzbekistan in the update based on the Q1 2021 data.

Moldova: Stabilized loan issuance volumes during the previous 9 months and related lowered volatility of the portfolio indicate a positive business growth. Because of this, the Loan Portfolio Performance subscore is upgraded from 7 to 8.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data for loans from Mikro Kapital Belarus, Romania.

Moldova: Based on the latest numbers, a smaller part of the portfolio is covered by collateral, and the Loan Portfolio Performance subscore for these loans is downgraded from 8 to 7.

Russia: Because of the pandemic-related fluctuation in issuance volumes during 2020, the Loan Portfolio Performance subscore for these loans is downgraded from 9 to 8.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

We evaluated improved financial results of Mozipo’s entity in Romania, its optimized operational expenditure and decreased interest costs for the intra-group loans. This increase made a positive impact on 12 months cumulative profitability for the last 12 months results on the entity level for Romania, and consequently on the Group’s consolidated results. As a result, the Loan Servicer Efficiency subscore is upgraded from 7 to 8 and Buyback Strength subscore from 6 to 7.

Update: 30 June 2021

Eleving group is the new corporate name of Mogo Finance, changed in May 2021. Read more about this on the Mintos blog.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data for loans issued by Mogo in Albania, Kredo Albania, Armenia, Bulgaria, Belarus, Georgia, Kenya, Lithuania, Latvia, Moldova, Sebo Moldova, Tigo North Macedonia, Poland and Romania.

Estonia: With an improvement of the interest coverage ratio on a group level, an increase in the assigned numerical values of the Loan Servicer Efficiency and Buyback Strength subscores lead to an upgrade of the Mintos Risk Score from 7 to 8.

Kazakhstan: The Mintos Risk Score is withdrawn for loans issued in this country, as Mogo decided to withdraw their Kazakhstan operations due to the company’s growth reassessment. There will be no active investments in Mogo Kazakhstan loans on the Mintos marketplace, and no new loans will be placed on the platform by this entity either. You can read more about this on our blog.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q3 2020 data for loans from Mogo in Armenia, Bulgaria, Estonia, Georgia, Kazakhstan, Kenya, Lithuania, Moldova, Sebo Moldova, Poland and Romania.

Albania: There is a slight change to the Loan Portfolio Performance, which results in a decrease of the Mintos Risk Score for loans from Mogo Albania due to rounding. The Mintos Risk Score is downgraded from 7 to 6.

Belarus: Due to the most recent recalibrating of the data, a slight change affects the rounding of the subscore, resulting in a downgrade of the Loan Portfolio Performance subscore for these loans, from 9 to 8.

Latvia: Based on the most current structure evaluation, there is an upgrade of the Cooperation Structure subscore from 5 to 6. Historically, legal cooperation was based on two types of structures, direct and indirect. The legal data update leaves only one active structure, with a pledge covering all outstanding loans on the marketplace.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores based on Q1 2022 data.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

In Q2 2021, portfolio performance slightly deteriorated and the lending company is operating on the break-even level. This means the income from loans is only covering direct issuance costs. As a result, the Loan Portfolio Performance subscore is downgraded from 6 to 5, causing a downgrade of the Mintos Risk Score from 7 to 6.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

A slight change in the Buyback Strength subscore causes a change in the Mintos Risk Score due to numerical rounding. The Mintos Risk Score for these loans is upgraded from 6 to 7.

Update: 27 January 2021

Because of the additional supporting evidence related to the improvement of the internal procedures of the company, the Loan Servicer Efficiency subscore for these loans is upgraded from 7 to 8.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

It’s important to mention that the local authority in Indonesia has reduced the maximum daily interest rate from the previous 0.8% to 0.4%, starting from 2022. In the long term, this might influence local lending companies' portfolio performance.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

At the time of this update, there are no active loan listings or outstanding investments in loans from Pinjam Yuk. Therefore, the Mintos Risk Score and subscores are currently withdrawn for loans from this lending company. From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

In Q4 2020, Pinjam Yuk made a significant investment in the marketing efforts with an aim to explore new business opportunities and expand the operations. This left a mark on the company’s short-term financial standing, decreasing the capitalization level. Because of this, the Buyback Strength subscore for these loans was affected, with a downgrade from 5 to 4.

Update: 27 January 2021

Because of new supporting evidence about the company’s risk controls that have improved the company’s internal processes, the Loan Servicer Efficiency subscore is upgraded from 6 to 7 and a Buyback Strength subscore from 4 to 5, resulting in a Mintos Risk Score upgrade from 4 to 5.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores for loans from Placet Group Lithuania based on Q1 2022 data.

Estonia: The lending company has provided information about its budget per schedule, and delivered a financial performance closely aligned with the previous budget projections. The Loan Servicer Efficiency subscore was upgraded from 9 to 10. Also, the pledge agreement is signed within the regulatory framework for Mintos as an investment firm. Because of this, the Cooperation Structure subscore is upgraded from 4 to 5.

 

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores for loans from Placet Group Lithuania based on Q4 2021 data.

Estonia: With the increase in loan issuance volatility prolonged from Q3 to Q4 2021, the Loan Portfolio Performance subscore for these loans was downgraded from 9 to 8.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

Estonia: Due to lowered volatility in the issuance volumes of the Estonian entity of Placet Group, the Loan Portfolio Performance subscore is upgraded from 8 to 9.

Lithuania: Based on an assessment of lending company information during Q2 2021, slight readjustments were made to the Loan Portfolio Performance subscore to account for the occasional information lag in loan statuses from this entity. As a result, the Loan Portfolio Performance subscore is downgraded from 7 to 6.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

Estonia: due to a decrease in the loan issuance and increased volatility during Q3 2020, the Loan Portfolio Performance subscore is downgraded from 9 to 8.

Lithuania: No changes are made to the Mintos Risk Score and subscores in the update based on the Q3 2020 data for loans from Placet Group Lithuania.

Update: 30 June 2022

In the past period, we observed lower volatility caused by more stable issuance levels and this results in an upgrade of the Loan Portfolio Performance subscore from 7 to 8. Also, over the last two quarters, the lending company has improved profitability ratios as it operates with profitability, and because of this, the Buyback Strength subscore is upgraded from 6 to 7.

Update: 28 March 2022

Planet42 is a car subscription company that offers a rent-to-buy car subscription service, providing access to a personal car and a path to ownership for people who are otherwise locked out of traditional financing options. Planet 42 launched on Mintos in February 2022 with the following subscores for its loans: Loan Portfolio Performance 7, Loan Servicer Efficiency 8, Buyback Strength 6,and Cooperation Structure 7. The Mintos Risk Score is 7.

Update: 30 June 2022

Currently, there are no Podemos Progresar loans available for investment on Mintos. With this update based on Q1 2022, the Mintos Risk Score and subscores are withdrawn for loans from this entity.

From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

The lending company has diversified its funding structure and attracted more funding in the local currency. There’s also a decrease in the currency exchange fluctuations, and the part of the lending company’s funding in euros and dollars is hedged. Because of this, the Buyback Strength subscore is upgraded from 6 to 7, resulting in the upgrade of the Mintos Risk Score from 6 to 7.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

In the last 6 months, loan issuance volumes have stabilized, positively affecting previously observed issuance volatility. Because of this, the Loan Portfolio Performance subscore is upgraded from 6 to 7.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

As the war in Ukraine is still ongoing, the resulting sanctions against Russia and the Russian retaliation measures are still in power, there are no changes in the status of loans issued by the companies from these markets. The Mintos Risk Score and subscores for these loans remain withdrawn with the publishing date of this updated report.

Update: 28 March 2022

Due to the war in Ukraine and resulting sanctions for Russia, no new loans from Russia are offered for investments on Mintos. This decision consequently impacts loans from the Russian lending company Revo Technology. The Mintos Risk Score and subscores are withdrawn for these loans until further notice.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

As the company continued to improve its profitability ratios and further diversify its funding sources, with this update the Buyback Strength subscore for Revo Technology loans gets an upgrade from 8 to 9.

Update: 27 January 2021

The company has shared more detailed measures and procedures related to fraud prevention, which is reflected in changes in the subscores. In Q3 2020, the company’s financials also have slightly improved and together, these changes affect upgrades of the Loan Portfolio Performance subscore (from 5 to 6), Loan Servicer Efficiency subscore (from 8 to 9), and Buyback Strength subscore (from 7 to 8). The positive changes in subscores result in a Mintos Risk Score upgrade from 6 to 7.

Update: 30 June 2022

As the war in Ukraine is still ongoing, the resulting sanctions against Russia and the Russian retaliation measures are still in power, there are no changes in the status of loans issued by the companies from these markets. The Mintos Risk Score and subscores for these loans remain withdrawn with the publishing date of this updated report.

Update: 28 March 2022

Due to the war in Ukraine and resulting sanctions for Russia, no new loans from Russia are offered for investments on Mintos. This decision consequently impacts loans from the Russian lending company Sojuz. The Mintos Risk Score and subscores are withdrawn for these loans until further notice.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

After receiving the first annual report of Sojuz audited by one of the top international audit firms in Russia, additional values were added to the calculation of the Loan Portfolio Performance and Servicer Efficiency subscores. With this update, both these subscores were upgraded from 7 to 8.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 30 June 2022

As the war in Ukraine is still ongoing, the resulting sanctions against Russia and the Russian retaliation measures are still in power, there are no changes in the status of loans issued by the companies from these markets. The Mintos Risk Score and subscores for these loans remain withdrawn with the publishing date of this updated report.

Update: 28 March 2022

Because of the war in Ukraine, martial law is being implemented in the country and there are big uncertainties related to the lending company’s business. With this in mind, the Mintos Risk Score and subscores are withdrawn for these loans until further notice.

Update: 23 December 2021

In Q3 2021 and compared to Q2 2021 we observed increased creditworthiness for loans from this lending company - a result of continuous profitability improvement and organic portfolio growth that led to stronger equity and interest coverage ratios. As a result, with this update the Buyback Strength subscore is upgraded from 7 to 8.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

The company’s financial position has improved in Q4 2020, and increased profitability is reflected in the improvement of the solvency ratios. Because of this, the Buyback Strength subscore for these loans is upgraded from 6 to 7.

Update: 27 January 2021

As a reaction to the market distress, the company has adjusted its underwriting criteria, which resulted in a decrease of their non-performing loans ratio. This has also improved the company’s profitability and resulted in an upgrade of the Loan Portfolio Performance subscore from 4 to 6, and an upgrade of the Mintos Risk Score from 5 to 6.

Update: 25 March 2021

The Mintos Risk Score is withdrawn because currently, there are no active investments in these loans on the Mintos marketplace, and no new loans are being placed on the platform by this lending company either.

From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 27 January 2021

Based on the data from Q3 2020, there were slight changes in subscore values that resulted in the rounding of the Mintos Risk Score, upgraded from 4 to 5.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores for loans from Sun Finance Denmark, Kazakhstan, Poland, and Vietnam based on Q1 2022 data.

Latvia: Since we still didn’t receive information about the 2020 audited financial statements of Sun Finance Latvia, we downgraded the Loan Servicer Efficiency subscore from 8 to 7.

Mexico: Loans from Sun Finance Mexico are again available on Mintos in Q1 2022, and the previously withdrawn Mintos Risk Score and subscores are re-evaluated as Loan Portfolio Performance 7, Loan Servicer Efficiency 8, Buyback Strength 8, Cooperation Structure 4, and Mintos Risk Score 7.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores for loans from Sun Finance Denmark and Kazakhstan based on Q4 2021 data.

Latvia: An increase in the proportion of the company’s Equity/Assets ratio results in an upgrade of the Buyback Strength subscore from 8 to 9.

Mexico: Currently, there are no Sun Finance loans issued in Mexico available for investment on Mintos. With this update based on Q4 2021, the Mintos Risk Score and subscores are withdrawn for loans from this entity.

Poland: A decrease in the financial positions such as Equity/Asset ratio and an increase in the currency volatility within Q4 2021 result in a downgrade of the Buyback Strength subscore from 8 to 7.

Vietnam: Currently, there are no Sun Finance loans issued in Vietnam available for investment on Mintos. With this update based on Q4 2021, the Mintos Risk Score and subscores are withdrawn for loans from this entity.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

Denmark: At the time of this update, there are no active loan listings or outstanding investment in loans from Sun Finance Denmark. Therefore, the Mintos Risk Score and subscores are currently withdrawn for loans from this lending company.

From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Kazakhstan: Due to a decrease in the capitalization ratio, the Buyback Strength subscore is downgraded from 9 to 8.

Latvia: A large part of the company’s loan portfolio is pledged/assigned to the creditors, which decreases the company’s ability to attract secured financing in the future if necessary. As a result, the Buyback Strength subscore is readjusted, with a downgrade from 9 to 8.

Mexico: A decrease in the proportion of the company’s Equity/Assets ratio both on a group and entity level caused downgrades across subscores: Loan Portfolio Performance from 6 to 5, Loan Servicer Efficiency from 8 to 7 and Buyback Strength from 9 to 8. All of these changes resulted in a downgrade of the Mintos Risk Score from 7 to 6.

Poland: Due to increased FX volatility having a significant impact on borrowing repayments in, the Buyback Strength subscore was downgraded from 9 to 8.

Vietnam: Data from Q2 shows an increase of the entity’s interest coverage ratio, EBIT, and average assets proportion for an extended period. These positive developments caused an upgrade in the Loan Servicer Efficiency subscore from 6 to 7. A decrease of the equity/assets ratio on a group level caused a downgrade of the Buyback Strength subscore for this entity from 9 to 8.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data for loans issued by Sun Finance in Kazakhstan and Mexico.

Denmark: A decrease in issuance volumes in Q1 2021 has caused higher issuance volatility, resulting in a downgrade of the Loan Portfolio Performance subscore from 8 to 7.

Latvia: In Q1 2021, we saw an improved EBIT to average assets ratio, which positively affects the Buyback Strength subscore, now upgraded from 8 to 9.

Poland: In Q1 2021, we saw an improved EBIT to average assets ratio, which positively affects the Buyback Strength subscore, now upgraded from 8 to 9.

Vietnam: Based on the most recent evaluation, the portfolio is performing above the break-even point. This influenced an increase of the Loan Portfolio Performance subscore, now upgraded from 3 to 5. Upgrade of this subscore results in the upgrade of the Mintos Risk Score for these loans, from 5 to 6.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data for loans issued by Sun Finance in Denmark, Latvia and Vietnam.

Kazakhstan: As loan issuance levels continued to stabilize during the Q4 2020, the Loan Portfolio Performance subscore for loans issued in Kazakhstan is upgraded from 6 to 7.

Mexico: As loan issuance levels continued to stabilize during the Q4 2020, the Loan Portfolio Performance subscore for loans issued in Mexico is upgraded from 5 to 6. As the business was scaling up, the revenue grew in Q4 2020, leading to an upgrade of the Servicer Efficiency subscore from 7 to 8. Increase of these two subscores resulted in an upgrade of the Mintos Risk Score for loans issued in Mexico, from 6 to 7.

Poland: The stabilized issuance volumes in Q4 2020 lead to an upgrade of the Loan Portfolio Performance subscore from 6 to 7. On the other hand, slightly lower profitability in Q4 2020 impacts the Buyback Strength subscore for these loans, resulting in a downgrade from 8 to 7.

Update: 27 January 2021

The company has diversified its funding sources and this is reflected in the Buyback Strength subscore upgrade across all geographies as follows: Denmark 7 to 8, Kazakhstan 8 to 9, Latvia 7 to 8, Mexico 8 to 9, Poland from 7 to 8, and Vietnam 8 to 9.

Update: 30 June 2022

The lending company has shown improving financial results in Q4 2021 and Q1 2022, positively influencing the coverage ratio over a historical period of 2 years. As a result, we upgraded the Loan Servicer Efficiency subscore from 5 to 6, and the Buyback Strength subscore from 6 to 7.

Update: 28 March 2022

Partially manual payment processes are causing delays in borrowers’ repayment transactions and affecting the portfolio data shown to investors. In the case of Swell-issued loans on Mintos, this delay in distribution of repayments is reflected in the downgrade of the Loan Servicer Efficiency subscore, from 6 to 5.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

Swell Finanzas en Movimiento, a lending company that offers car loans issued in Mexico for investment on Mintos, was launched on our marketplace in April 2021. On Mintos, it’s launched with the following subscores: Loan Portfolio Performance 8, Servicer Efficiency 6, Buyback Strength 6, Cooperation Structure 5, and finally, a Mintos Risk Score of 7.

Update: 27 January 2021

The Mintos Risk Score is withdrawn because there are no active investments in these loans on the Mintos marketplace, and no new loans are being placed on the platform by this lending company either.

From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

No changes are made to the Mintos Risk Score and subscores based on Q3 2021 data.

Update: 4 October 2021

Due to the EBIT margin improvement observed in Q2 2021, the Buyback Strength subscore is upgraded from 7 to 8.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

Based on the data from Q3 2020, there were slight changes in subscore values that resulted in the rounding of the Mintos Risk Score, upgraded from from 7 to 8.

Update: 30 June 2022

No changes are made to the Mintos Risk Score and subscores for loans of Watu Credit Kenya based on Q1 2022 data.

Uganda: The pledge is still not registered under the new Mintos investment firm structure, and this results in a downgrade of the Cooperation Structure subscore for these loans, from 5 to 4.

Update: 28 March 2022

No changes are made to the Mintos Risk Score and subscores based on Q4 2021 data.

Update: 23 December 2021

Uganda: As Watu’s Ugandan entity performed with satisfactory results based on its budgeted targets and due to a newly gained increase in the equity proportion in the Q3 2021, the Buyback Strength subscore of this entity was upgraded from 6 to 7.

Update: 4 October 2021

Uganda: Watu Credit has broadened its portfolio with the investment opportunities in motorbike loans issued in Uganda. The entity from Uganda launched on Mintos in April 2021, with the following subscores: Loan Portfolio Performance 8, Loan Servicer Efficiency 6, Buyback Strength 6, and Cooperation Structure 5. The Mintos Risk Score for loans issued by Watu Credit Uganda is 7.

Update: 27 January 2021

Kenya:The Mintos Risk Score is withdrawn, because there are no active investments in these loans on the Mintos marketplace, and no new loans are being placed on the platform by this lending company either.

From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 23 December 2021

Loans originated by the Turkish lending company Wowwo were suspended from the Mintos Primary and Secondary Markets in December. The decision is made to protect investors’ interests and based on the evaluation of the macroeconomic changes that are impacting the Turkish Lira exchange rate towards the Euro. As a result, the Mintos Risk Score and subscores for these loans are currently withdrawn.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

No changes are made to the Mintos Risk Score and subscores in the update that’s based on the Q3 2020 data.

Update: 23 December 2021

Currently, no new loans from this lending company are being placed on the Mintos platform. Because of this, the Mintos Risk Score and subscores are withdrawn for loans from this entity. From now on, new updates about this company/entity will only be made if the activity status of the company changes on the platform.

Update: 4 October 2021

Zaim Online with its brand Pay P.S. is one of the first lending companies in Russia to issue consumer loans online, having almost 10 years of experience. The lender launched on Mintos in August 2021 with the following subscores: Loan Portfolio Performance 6, Loan Servicer Efficiency 9, Buyback Strength 8,and Cooperation Structure 6.The Mintos Risk Score is 7.

Update: 30 June 2022

Zenka’s pledge is still not registered under the new Mintos investment firm structure, and this results in a downgrade of the Cooperation Structure subscore for these loans, from 5 to 4.

Update: 28 March 2022

Based on the most recent data, we observe improvements in the underwriting standards as the lending company introduces more control over borrowers’ profiles, along with improvements in the Equity/Asset ratio as a result of the registration of additional share capital. This led to an increase in the profitability ratios and balanced EBIT at the end of 2021. With these good results, two subscores were upgraded: the Loan Servicer Efficiency subscore from 6 to 7, and the Buyback Strength subscore from 4 to 6. Mintos Risk Score for loans from Zenka was upgraded from 5 to 6.

Update: 23 December 2021

Since lower volatility in loan issuance is observed during Q3 2021, along with the lower prolongations rates compared to the previous period, the Loan Portfolio Performance subscore is upgraded from 4 to 5. As a result, the Mintos Risk Score is upgraded from 4 to 5, too.

Update: 4 October 2021

No changes are made to the Mintos Risk Score and subscores based on Q2 2021 data.

Update: 30 June 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q1 2021 data.

Update: 25 March 2021

No changes are made to the Mintos Risk Score and subscores in the update based on the Q4 2020 data.

Update: 27 January 2021

The framework from the Central Bank of Kenya from April 2020 changed the regulation related to the submission of borrowers’ information about non-performing loans to the Credit Reference Bureaus, as part of the consumer protection agenda, reverted in October 2020. This decision negatively affected already irregular borrower repayment dynamics. More loan repayments were extended and for a longer period of time, a practice that had a significant impact on the decrease of recoverability and increase of the non-performing share of the company’s portfolio. With this in mind, we downgraded the Loan Portfolio Performance subscore for loans issued by Zenka, from 5 to 4. The growing share of non-performing loans means more cash flow tied to them, and higher risk of a negative liquidity event, with a negative effect on the company’s profitability position and capitalization. As a result, the Loan Servicer Efficiency and Buyback Strength subscores for loans issued by Zenka are downgraded from 7 to 6 and from 6 to 4, respectively. Downgrades of subscores affected the Mintos Risk Score downgrade, from 5 to 4.