Dindin and BIG leave Mintos marketplace

29.11.2018

mintosblog

Over the past few months, loan originators Dindin and BIG have decided to exit or wind down and close their lending business. As a result, they have also exited the Mintos marketplace and have repurchased their outstanding loans.

For both loan originators, this was done in an orderly manner. On August 14, 2018, BIG repurchased GEL 1.44 million (around EUR 473 499) worth of loans. On September 25, 2018, Dindin repurchased EUR 186 000 worth of loans.

For the loans that were repurchased, all investors received the remaining principal and accrued interest for these loans. Altogether, investors have earnt GEL 124 613 (about EUR 40 975) by investing in loans issued from BIG, with an average net annual return of 17.45%. For loans issued by Dindin, investors on Mintos earnt EUR 44 261 with an average net return of 11.1%.

This is a clear example of how investors still reaped the benefits from investing on Mintos, even when things didn’t go exactly to plan. Before adding a loan originator to Mintos, our risk management team conducts a thorough due diligence process which assesses the loan originator’s loan performance and financial stability.

Once a loan originator joins the marketplace, we continue to monitor the quality of their loan performance and financial stability. This monitoring, coupled with robust legal agreements and close communication with the loan originator, helps to resolve these situations in a manner favourable to investors, as was the case with BIG and Dindin.

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