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Due to failing to make timely settlement payments for investors on Mintos, we have made a decision to suspend loans originated by the lending company Alexcredit from the Primary and Secondary Markets on Mintos, until further notice.
Alexcredit missed their settlement payments on March 18 and March 25, which has resulted in accumulated pending payments for investors. While the company has agreed to make payments towards decreasing the balance, the exact timeline for when the full amount of pending payments will be paid is not yet clear.
We are working with the management of Alexcredit to resolve the situation.
At this point, Alexcredit is put on negative ratings watch as we review the possibility of a Mintos Rating change. Resolution of the negative ratings watch depends on the company’s ability to address the company’s liquidity constraints under current market conditions in Ukraine.
AlexCredit is a lending company from Ukraine, offering its clients short-term loans with amounts from € 50 to € 325 and a maturity of 25 days. Established in 2017, AlexCredit now has a team of 60 people. The current amount of AlexCredit loans funded by Mintos investors is € 4 438 821. There are 38 716 investors with active investments in AlexCredit loans, with the average investment per investor being € 89. The current amount of pending payments is € 1,107,285.
More updates will follow as soon as we have more information.