Non-bank car loan provider Mogo continues strengthening its presence on the Mintos marketplace by adding Mogo car loans issued in Bulgaria to its offering to investors. Bulgaria is the sixth Mogo Group market represented on Mintos.
Mogo is one of the top loan originators on the Mintos marketplace. Mogo joined Mintos in March 2015, and has since funded car loans worth EUR 56 million through the marketplace. To date, the average net annual return offered for Mogo loans has been above 12%.
The new loans Mogo will place on the Mintos marketplace will range from EUR 500 to EUR 10 000, with a repayment period of up to 72 months. The average net annual return to investors will range from 8 to 14%.
Loans with and without the buyback guarantee will be offered. Mogo Group has committed via a Letter of Comfort to provide additional intragroup funding to Mogo Bulgaria, if its needed to meet obligations to investors.
To retain its skin in the game, Mogo will keep at least 5% of each loan placed on the Mintos marketplace on its balance sheet.
With a total of more than EUR 300 million in loans originated since the company was founded in 2012, Mogo Group is the largest non-bank car loan provider in the region, with operations in Latvia, Lithuania, Estonia, Georgia, Poland, Bulgaria and Romania. Mogo started operations in Bulgaria in March 2017. To date, car loans worth EUR 800 000 have been issued.
The typical Mogo customer is an economically active person with a stable income for whom comfort, mobility and time are important factors in their daily life.
The aggregate net loan portfolio of Mogo Group was EUR 80 million as of June 2017. It has EUR 12 million in equity and EUR 90 million in assets. Mogo Group has demonstrated consistent profitability. Last year, it generated EUR 6 million in net profit and projects to generate about EUR 10 million in net profit in 2017. Mogo Group is audited by PwC.
Mogo Group currently employs more than 200 people, while the number of active customers exceeds 35 000. See more information about the performance of Mogo Group in this presentation.
If you use Auto Invest on the Mintos marketplace and want to invest in Mogo loans issued in Bulgaria, make sure to adjust your Auto Invest settings accordingly.