When we onboard a loan originator, we first go through a thorough due diligence process where we determine the quality of the company’s loan portfolio, financial stability, management’s track record and other areas. If the loan originator is up to our high standards, then they are launched on the marketplace.
However, sometimes the situation with our loan originators change, causing them to leave Mintos. Today, we would like to give you an update on some of the loan originators who have left the marketplace recently and why. Firstly, it is important to mention, that each loan originator has fulfilled all of their obligations towards Mintos investors by repurchasing all outstanding loans.
InviPay was launched on Mintos in February 2018 and offered its Poland-issued invoices for investment. However, due to a decline in their financial condition, Mintos terminated the agreement with InviPay, in order to protect our investors.
GetBucks Poland departed the marketplace because its parent company, MyBucks, has gone through a group recapitalisation, in which the company expects to convert around EUR 53 million of loans into equity.
As a result, MyBucks has decided to discontinue its European lending activities and instead focus completely on the African market. Investors still have the opportunity to invest in GetBucks’ loans issued in numerous countries on the African continent.
PimPay, a loan originator that has been part of the marketplace since the end of 2017, has also left the marketplace, however, this is likely to be only a temporary separation due to the company’s ongoing restructuring.
ID Finance Georgia (Solva LLC)
ID Finance has refocused its attention to the Latin America region, Spain and Kazakhstan. As a result, its operations in Georgia has changed the nature of its business activities in the country.
Because of this, Solva LLC no longer offers its personal loans issued in Georgia on the marketplace. Investors still have the opportunity to invest in ID Finance’s loans issued in Spain, Kazakhstan and Mexico.